Avoid These Five Property Management Mistakes

A property manager is open for all kinds of litigation from both owners and renter’s side. Rental properties are an excellent financial investment, but as a new investor sometimes you don’t realise the complexity.

In this article, we have outlined few common mistakes property managers can avoid making to protect themselves.

• No written property management agreement paper

A written contract is one of the biggest protections as it clearly confirms your responsibility as a property manager and responsibility of property owner. As per the agreement, you should be entitled to perform only those jobs, which are enlisted in the agreement.

• No tenant signature on move-out and move-in form

You must create a simple checklist to inspect the move-in and move-out dates of the tenants. Always document the condition of the apartment when a tenant moves in and after they move out. You should save these observations in the tenant file.

• No adequate rent collection process

As a property manager, the most important task is to collect rent every month and deposit into owner’s account. You should always create invoices and keep track of the rent collection on a monthly basis. If there are any changes due to some renovation or maintenance work, always add the bills to the rent invoice for your owner’s reference.

• Inefficient and overlooked maintenance

As a property manager, it is your duty and responsibility to ensure complete maintenance and condition of the rented property. If possible, you should take a property near your place or office so that you don’t have to travels for long hours to do the regular inspections.

• No connection with clients

 As a property manager, you are not responsive just to collect rent, it is your duty to protect, preserve, and enhance the investment made by the owner. Sent monthly report to the owner regarding the updates on properties and if there are any changes or need for repair. If you provide good services to the owner, he/she will also refer you to other people.

Managing a property can be a daunting task with contractual agreements and relationships with owner and tenant. However, if managed well, more people will hire you for future property services Tunbridge Wells area.

3 Main Differences Between Estate Agents And Specialist Lettings Agencies

When you decide to rent your apartment, you have two options available to choose from. Firstly, either you can choose an estate agent to let out your home privately. Secondly, if you feel letting your home privately is a hassle, you can contact specialist letting agencies and take help from professional agents. 

Let us discuss in detail how to differentiate between specialist letting agencies and estate agents.

Understand Your Options

Estate agents mainly involve in tasks like selling and buying of property, they do not have specialisation in letting. In contrast, specialist letting agencies offers many services including letting, selling and buying of a house.

Quality of Service

The quality of service offered by letting agents is far more focused and professional as compared to estate agents. The primary focus of an estate agent is sales whereas specialist letting agencies arrange thorough inspections and interviews of tenants to find the best match.

Market Knowledge

Letting agencies understand the market better than others and they fully strike to ensure the best tenant recruitment. There will be a proper consultation of what kind of tenant you are looking for and letting agent will also advise you on expected rent. However, estate agents will look for tenants who would be interested in the property and can give a good price.

Letting agents provide full management and give numerous advantages while searching for rentable property. A good letting agent who holds awareness of the area will result in saving time, effort and money.  If you want to look up for letting agents in any part of Kent in the United Kingdom, you can find many letting agents Tunbridge Wells agent online. You can contact them or book an appointment to understand their services.

You will need to consider many things before letting your property to avoid any future hassle. The decision of who will lead your letting process is the most important decision. You can hire an estate agent who holds a high profile in the market and emphasis on selling the house or you can opt for specialist letting agents who cater to all your requirements.