For those considering setting up a property management business there are several skills that you need to have, as there are for any business owner. You need some marketing, customer service, administration, legal and finance skills, contacts for maintenance contractors and a good understanding of landlord responsibilities. A strong, successful property management business is developed over time. However, there is basic property management advice and then there are some extra tips that will help you really make your mark.
- Get regular rental valuations for the property (as well as prior to renting it out) enabling you to set your monthly rent in line with the current market.
- Don’t forget that the clearer you are within your tenancy agreements, the less surprises there are which results in happier tenants e.g. not just saying ‘regular rent reviews’ but ‘yearly rent reviews, each February’
- Opportunities for additional income are available from complementary services such as consultancy fees and commission on insurance policies.
- If you going to run a property management business from your home, hold appointments at external locations and include SAEs for tenants to sign and return paperwork easily, it speeds things up and looks more professional.
- ARLA provide training courses and qualifications, undertake these to gain accreditation and credibility
- Extra little touches often do the marketing for you – birthday cards, Christmas and wedding cards sent to tenants, rental anniversaries recognised with a small gift, quick and efficient repairs. Tenants will recommend your landlord services and future vacancies will be filled fast!
And here is some property management advice from the experienced landlord and tv personality Phil Spencer when he was interviewed for The Telegraph:
“Losing tenants because you did not look after them can turn a good yearly return to nothing. Tenants like to feel they can pick up the phone and talk to someone who has direct contact with the landlord.”
“Young professionals might not expect the garden. But they will want the basics in terms of furniture, which should be, if not trendy, at least not unfashionable.”