Properties need to be managed properly in order for the aims of the individual or organisation to be met. This will depend on many factors such as objectives, timescales and the state of the economy.
A good property manager will have skills in organising, directing, control and monitoring. They will be proactive and have the foresight to anticipate problems and opportunities. They are competent to manage finances and they have a good legal know how which enables them to understand leases and the vast array of legislation surrounding them. They deal with people, tenants, landlord and contractors and service providers and have strategic goals which are set with the client. Good record keeping underpins what a manager does and ensures the client knows everything they need to about their property.
Expertise
Property Managers have knowledge and awareness and a vast range of skills in property management. There are several different qualifications in the property industry. Our Property Managers are members of the Institute of Residential Property Management in respect of residential block management and either Associates or Members of the RICS in respect of commercial property management.
Efficient Use of Time
Engaging a property manager allows the landlord to devote their time and skills to their own business.
Benchmarking
A property manager has the skills and knowledge to be able to bench mark and analyse against other properties to ensure you get the best service.
Arms Length Relationship
It may be appropriate to limit the direct contact the landlord has with the tenant, especially at times such as lease renewal or rent reviews.
Economies of Scale
In the case of owners of a property portfolio, it may be more cost efficient for a property manager to manage an entire portfolio rather than just one or two properties. Buying power for services such as insurance or cleaning for example may be increased. Volume drives better bargains.
Someone to be Liable
PI Insurance offers a client a route of redress in the hopefully unlikely event of negligence. When there are issues with management, the property managers can deal with the calls, saving you the time. There is a profusion of legislation, including health and safety which property managers undertake continuing professional development to keep abreast of and keep clients safe from allegation.
Protection of Funds
RICS’ rules state that firms regulated by RICS shall preserve the security of clients’ money entrusted to them. In the extremely unlikely event where money has been misappropriated and, as a means of last resort, the RICS Clients’ Money Protection Scheme can be utilised. This gives tenants and landlords reassurance that their money is completely safe.
Protection of Deposits
If you do still happen to have a retained property which is let out on an Assured Shorthold Tenancy (AST) then you can be assured that Michael Parkes Surveyors are members of an approved scheme that meets the requirements of the Housing Act 2004.
