Property Management Checklist

by Mark Alexander

8:54 AM, 20th August 2014
About 5 years ago

Property Management Checklist

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Property Management Checklist

I have created this property management checklist to document the tasks you will already be doing if you are managing your buy to let properties effectively:-

  • Visiting your property, taking particulars.
  • Setting up a system to store your documentation securely, preferably online so that it can be accessed at any time wherever you are
  • Advertising your property on the major property portals, Rightmove, Zoopla etc.
  • Organising block viewings
  • Referencing tenants and guarantors
  • Getting an inventory and schedule of condition prepared by an AIIC or APIP qualified inventory professional
  • Using the correct Tenancy and Guarantor Agreements
  • Taking meter readings on check in and check out and informing utility companies of tenancy change over
  • Protecting deposits and serving prescribed information and tenancy deposit certificates within 30 days of the commencement of each new tenancy
  • Arranging annual Gas Safety Certificates
  • Checking rental payments are received on the due date and taking appropriate action if they are not
  • Issuing the correct notices at the correct time and in the correct way as necessary
  • Responding to and dealing with maintenance issues quickly
  • Performing periodic inspections of your properties
  • Organising Rent Guarantee insurance
  • Check Out at the end of the tenancy
  • Timely return of tenants deposit
  • Negotiating with tenants and dealing with ADR (Alternative Dispute Resolution) or Court cases if necessary

Some of this costs money, all of this takes time.

Just suppose that ALL of the above could be outsourced?

LettingSupermarket.com charge just 5% for full management (6% for properties inside the M25)

Letting costs are £100 per tenant (£150 inside the M25). There are no fees payable by tenants and there is no additional charge at all for tenancy renewal.

For an additional £10 a month plus VAT per tenant (guarantors are not charged) rent guarantee and legal protection insurance is also included. With this additional protection, if your tenant falls into arrears the insurance will pay your rent until the tenant is evicted. The insurance will also cover all costs associated with eviction.

Is it really worth the hassle of letting and managing a property yourself for that price?

I found out about this service late 2012 and wrote an article about it here at Property118. LettingSupermarket.com is ARLA bonded for client money protection and also has professional indemnity insurance. You will not find them on the High Street but they do have agents in virtually every major town and city in the UK.

I immediately started to refer landlords to the company and the feedback I’ve had has been exceptional. By May of 2013 my business partners realised that the company offering this service was about to take off so a deal was done to acquire 26% of the shares.

There were several doubting Thomas’s but the business has been a fantastic success and 100’s of Property118 members have told us that they are delighted with the services provided.

If you are already doing everything in the above list and you enjoy doing it then by all means stick to that. However, if your time is worth more to you and you would prefer to ousource everything to a agent who you would have recourse to in the event of a mistake then you really ought to get in touch with LettingSupermarket.com.

One final point, if an agent who handles clients money has no Client Money Protection stay well clear. Always ask to see a copy of their Professional Indemnity Insurance and Client Money Protection policy documentation.

Contact LettingSupermarket.com



Comments

Elliot Stephens

11:11 AM, 7th September 2016
About 3 years ago

Found it very useful!

Bernsan

21:48 PM, 28th September 2019
About 3 weeks ago

What is the charity rental property process?

Old Mrs Landlord

9:43 AM, 29th September 2019
About 3 weeks ago

I know this is just a thinly-veiled advertisement for LettingSupermarket but I am amazed that there is no mention of the critical matter of ensuring your tenants are given and sign for gas safety certificate and all the other up-to-date prescribed information at the time, or preferably before, the the tenancy agreement is signed, because of the repercussions on your ability to serve a Section 21 notice if you cannot prove this was done.

WP

13:00 PM, 29th September 2019
About 3 weeks ago

Reply to the comment left by Old Mrs Landlord at 29/09/2019 - 09:43
Agree! Get this done at the start! In my contract at the end I have a tick and sign part which lists the Gas Cert, EPC, etc along with all the meter reads. The tenants signs for the lot in the one hit! Once bitten twice shy...
What I would like to know is what is included in the 'referencing' part - what checks exactly? How much of this can be some if a tenant is receiving benefits? Will an agent use this checklist for benefit tenants or do they use another one? Interested...

Neil Patterson

11:09 AM, 30th September 2019
About 3 weeks ago

Quite correct.
This article is pre the Tenant Fees act and the Dregulation act.


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