Celebrate the Property Management Team
Autumn brings with it a whole range of issues that Property Managers need to navigate, from the left over pesky pests from a relatively warm summer to the obvious boiler breakdowns that result in no heating and no hot water.The autumn rain and wind also trigger a whole raft of “damage” , which include leaky roofs, blown down fences and other weather related matters. Whilst the valuers and negotiators land new business, in the background property managers oversee the resolution of issues that come to light daily - 24/7, 365 days a year.
The relationship with clients is based on longevity; the agent hopes to keep the client for the duration of the investment which could be anything from 5 years upwards. The aim — to maximise the potential for the client landlord, whilst ensuring at all times that the landlord is taken care of, stays compliant. But it is not as simple as it sounds. There is no let up especially when both landlord and tenant have whole range of expectations.
The Property Managers (PMs) are not often involved in negotiations with the landlords, yet they oversee and manage the day to day running of the portfolios. They have an in-depth understanding of the way that properties, whilst providing an income for the landlord, must also be looked after and not allowed to deteriorate. The PMs are pivotal to the smooth running of a letting agency often dealing with the more challenging aspects of lettings and management.
Navigating very key pieces of legislation to ensure that the landlord must adhere to - the Landlord & Tenant Act 1985, the Homes (Fitness for Human Habitation) Act 2018, the Housing Act 1988 (1996), the Housing Act 2004 - HHSRS, the Consumer Protection Act 1987, Deregulation Act 2019, the Furniture and Furnishings (Fire) (Safety) (Amendment) Regulations 2010, the Gas Safety (Installation and Use) Regulations 1998, the Energy Performance of Buildings (England and Wales) (Amendment) Regulations 2014 and so so much more. The PMs are aware of the penalties that landlords could face, so at the core of what they do is ensuring that risk is at a minimum. As a result, property managers, who spend countless hours tracking and verifying contractors, running reports for EPCs, HMOs, Gas Safety Certificates, Electrical Certificates, Property Inspections and sometimes, even rent arrears, are juggling so many balls.
The regulatory environment in the private rented sector is dynamic and complex, especially with so much change over the last few years and whilst landlords find staying ahead of the constant shift in national laws and regulations a challenge, excellent property managers stay ahead of the curve. The consequences of non-compliance can compromise the reputation of an agency’s brand, the wellbeing of its properties, its bottom line and most importantly, the safety of its tenants. And so by focusing on their core responsibilities the result is happy tenants, stress-free investors and extremely well- managed properties.