There is a huge rise in the demand for the Property Management companies in UK. The demand is high as the responsibilities undertaken by them is huge and leaves the owner of the property stress free.
When it is said that they take care of the full responsibly of the space, so let us see what all exactly include their responsibilities –
- Evaluation of Property – The very first to maintaining or managing any house or office would know the exact value of it. They undertake a detailed inspection not just the exteriors but also the interiors of the space along with photo documentation. Then they also offer full guidance for repairs and improvements that might be needed. They also consider the overall data of the rental prices in the local area to get a better idea.
- Discussing the details – when an owner gives away a property for renting, then it is the owner’s full rights to put up conditions and let the property with conditions like if pets are allowed, if the house is a smoke free zone, how many maximum people can accommodate at one time and so on. The manager should get into the detailed discussion about all this immediate after the physical evaluation of the space.
- Marketing the property – One of the very crucial steps is to advertise about the property that is being let out. This involves creation of customised ads, getting any repairs work done in the property and also improvising upon the landscapes to attract visitors. It also includes making the rental forms available to the potential tenants and getting them filled and its collection. They even assist the customers for a see through of the space.
- Screening of Tenants – after short listing and see through by the customers it is also important to screen them. Collect and gather the complete data about the tenants, perform a background check and the rental history as well if available.
- Assist in Moving in – When the tenant has been finalised the managers generate the lease agreement and get it signed. Perform a move in verification with the tenant and get the required documents signed. Collect the first rent and also the deposits that have been agreed upon.
- Regular rent collection – Yes the managers are responsible for the monthly collection of rents and getting it deposited into the owners account. Finding out reasons for late payments if any and taking required actions of issuing quit notices or pay outs.
- Removing the tenant – If the tenant is not found capable of paying rent or is found guilty of any other prohibited activity, it will be the responsibility of the manager to get them evicted. And yes of course again bringing in new court.
- Check the property – regular and scheduled inspections of the property is a must to keep a close watch on the tenant and the condition of the space.
Above are the most important activities that these companies undertake apart from other maintenance activities as well.