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Property management is the part of the landlord life-cycle where the landlord is managing a property and tenancies.The property management phase is by far the longest. As a landlord, you may be in a commercial relationship with your property and its various tenants for 25 years. A lot of newcomer landlords think that you buy a property (conveyancing process takes 2 months) and then rent it out and sit back and watch the rent roll in. Rather than being the end, it's the beginning of a process that has to be respected and taken very seriously.It is vital to remember that tenants are not a rent payment, they are people who you have a legal obligation to and where health and safety should never be compromised because - literally - lives could be at stake.The management phase means not only ensuring compliance, but also managing tenants, attending to maintenance, repairs, solving problems, etc. With significant fines for non-compliance, high standards of property and tenant management have never been more important.Good property management has the following outcomes:> Maintains your asset value> Ensures you achieve the highest possible rents> Minimises voids as the property shows well to prospective tenants> Minimises the costs of repairs, as matters are dealt with promptly and are not allowed to escalate.> Encourages tenants to stay longer. When starting out, newcomer landlords could significantly reduce risk by having their property fully managed by a professional agent, and there are many different options to choose from.Being a property agent is different from being a property manager – finding a tenant is not the same skill as managing one.
Being a property investor is also different from being a manager, so portfolio landlords may like to outsource this part of the process.Property Tribes met with Adam Joseph, CEO of the Happy Tenant Company, to discuss property management from the newcomer landlord perspective:
Property Tribes and The Happy Tenant Company** believe that, what all tenants want is for all repair and maintenance matters to be dealt with urgently, and to be treated as customers rather than annoyances.Visit The Happy Tenant Company website**The Happy Tenant Company is a commercial partner of Property Tribes.Property Tribes would like to take this opportunity to thank HTC landlord Neil for the kind use of his stunning London flat for the filming.SEE ALSO - Smart landlord property management optionsUP NEXT - What tenants want ... it's not rocket science.DON'T MISS - How to vet a lettings agent ... 12 questions to askNOW WATCH:
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
Its true - Buying is easy - Selling is easy
The hard slog is the 25 years management in between
Makes me want to flip sometimes -
( double meaning intended )
Jonathan Clarke. http://www.buytoletmk.com
Some newcomers, particularly those who find their way into property via "wealth creation" marketing funnels, get revved up about the buying and then the selling, and all the money they will make. They are not made aware of the hard slog in between.This is why Nick set out Property Tribes' stance on property education once and for all.
It is a huge slog and should never be under estimated.
You will encounter real human problems and you will have to deal with them
My own experience arranging a funeral for a tenant makes you realise how serious life can be for a landlord
Learn Change and Adapt ?????
All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.