A Property Management Guide for Landlords

If you’re a landlord on the hunt for a property manager yourself, rest assured we’ll be standing close-by and rubbing our hands together with glee. We know the property management world like the back of said hands, and have acres of experience and knowledge to impart. Having been in the biz since 1927, we’ve seen it all. From those taking on too many properties, to wildly underestimating the paperwork involved. We know the easy mistakes that can cause huge heartache later on. Which is why we’re here to shine a light down that corridor of red tape and tenants – spare key set and all…

Failed to prepare? Don’t despair!

It’s no walk in the park, property management, nor a stroll down a freshly carpeted hallway. Keeping on top of those should-be-insured spinning plates can be a downright nightmare, if you don’t have the appropriate systems in place. Avoid a living room of broken china and utilise a property management software, while investing in shatterproof dinnerware perhaps (should you be offering a fully furnished apartment). We’d recommend seeking support from experienced property managers who can assist with automating tasks such as rent collection, tracking maintenance and organising important documents. No more negligent Nigels with a backlog of repairs to see to!

What’s your (tenant) screen time?

Never mind that you spent 17 hours yesterday on Insta (we can circle back to this worrying revelation later). What about how long you spend screening tenants? While you might assume the goal is to get bums on seats, or renters on sofas as it were. The priority is not the speed at which you rent, but the type of tenant you approve. It is imperative to ensure you carry out the necessary checks and find responsible renters who will respect the property, pay rent on time (would be handy) and let you know of any issues in good time. This involves a number of background checks including rental history and credit checks. While making sure there is no discrimination and Fair Housing Laws are not violated. We can help you write a comprehensive tenant screening policy when it comes to it – we write them in our sleep. Sometimes quite literally.

Woah there, greedy guts

While more is definitely more sometimes, when it comes to managing property, you’ll need to start slow. Adding to your portfolio too quickly and across too many boroughs or even cities, is a rookie mistake. It’s all fun and games until multiple tenants start ringing and your hands are too full to pick up the phone. Be sure that you have enough resources and staff in place to deal with extra properties LONG before you expand your portfolio.

Let’s go steady…

… with your contractors. When it comes to building maintenance, don’t give in to the urge  to pull a quickie with the cheapest option available each time. Rather than cutting corners to find the best deal as and when an issue arises; you’re better off building a long-term relationship with contractors who come highly recommended and who you can trust to do the job well. It’s not worth the few pounds you’ll save using a different vendor each time. You’ll thank us for this wisdom in the long run. Especially when you’re off to the West End with new bestie builder Steve. Who also happens to love Les Mis even more than you do. “Master of the house! Keeper of the Keys!” Oh, what fun you have.

Come on Pam, plug in

As we’ve already established, you love a marathon Insta scroll and so do your potential tenants. A large proportion of renters are the millennial and Gen Z-ers. Meaning their eyes are well and truly square and glowing blue. These web-dwellers are tech savvy and won’t trust (/can’t be bothered with) a physical document that needs hand signing and hand posting for example. The majority of renters these days want the option to get in touch via email or through online forms. Rather than trapping down to an office in person or speaking on the phone, god forbid. They also prefer carrying out reference checks and paying rent remotely. Which saves a lot of time and hassle on your side too. Get with the picture Pamela, and get online!

Starting with these guidelines will help you maintain happy tenants, property owners and a profitable business. There’s a lot to think about and keep on top of. But don’t let our wise words deter you from pursuing property management. Stay organised and switched on, and you’ll be well on your way to success. For more property guides and insights, check out more blog posts, or why not drop us a line for more pearls of property wisdom.

Contact us:

alex@daviesdavies.co.uk – Lettings Director (contact for lettings and property management)

mark@daviesdavies.co.uk – Sales Director (contact for sales, new homes and chartered surveying)

Davies & Davies Estate Agents, 85 Stroud Green Road, London, N4 3EG

Article & images by Barefaced Studios

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