There are specific responsibilities you will expect of the landlord when moving into your shiny new place. These include things like ensuring that the property is safe and habitable before you get the keys to your new pad.
The landlord is also expected to arrange maintenance and be your first port of call should there be any issues. However, sometimes landlords employ the use of a property manager to handle the day-to-day runnings on their behalf.
If it's your first time living in a home that is professionally managed, you may just find yourself asking "what exactly does a property manager do?". Well, good renter, worry not. In this article, we're bringing you the lowdown on everything related to property management.
What is a property manager?
A property manager is someone who acts on the landlord's behalf and manages the home during your tenancy. The landlord will pay for their services, and the property manager – rather than the landlord – will become your primary contact.
In theory, a property manager professionalises everything to do with your tenancy. This should result in a smoother living experience, as you can rely on a property management company to handle everything, including repairs around the home.
Sounds great! Why don't all landlords use a property manager?
Good question. Some landlords enjoy taking a hands-on approach, and they're great at what they do – whether it's responding quickly to your queries or arranging maintenance repairs promptly.
There's also the question of cost. Property management fees can cost anywhere between five and 15% of annual rental income. So if you're paying a landlord £15,000 per year in rent, and the landlord pays the managing agent seven percent, it means that just over £1,000 goes to the property manager.
It might not sound like much, but with services charges, potential mortgage repayments and other costs, some landlords prefer to manage the home themselves.
What does a property manager do?
Essentially, a property manager handles the day-to-day running of your tenancy. They will be responsible for arranging the tenancy and giving you the keys, all the way through to checking you out and taking those same keys back when you decide to move home.
Property manager responsibilities include:
- Acting as a liaison between the landlord and the renter
- Performing property checks during the tenancy (these usually occur halfway through the contract)
- Ensuring all maintenance and repairs are carried out throughout the property (though the landlord still pays for repairs and has the final say)
- Arranging the check-in and check-out
- Preparing the inventory and cross-reference against it at the end of the tenancy
- General compliance, making sure that the landlord knows if EPCs, gas certificates and electrical certificates are up to date
- Taking general enquiries from the tenant and ensure they have a smooth in-life tenancy
How do I know if my home is professionally managed?
The majority of property managers form part of a letting agency, and the letting agent you used to rent your home will probably manage the property too. Therefore, they will tell you if they will manage the home or if the landlord will be responsible during the renting process.
Some property management companies work independently of letting agents. If your landlord employs one of these companies to manage the home, they will need to let you know as soon as the tenancy begins.
Finally, if you're renting in a Build-to-Rent building, professional property management will come as standard and be included in the overall rental package. Most buildings have an on-site property manager, and you will have access to a renter's portal where you can report maintenance issues and communicate with managers.
Five ⭐️ management
Whether you have a property manager or the landlord is your direct contact, you should receive a stellar service as part of your tenancy. That means landlords or property managers who respond quickly and are efficient when it comes to arranging maintenance and repairs. A good landlord or property manager equates to a smooth tenancy, and you can enjoy your new home with minimum fuss.