What Does Your Lettings Manager Actually Do?
If you have decided to get into the rental market, you have realised it’s potential for significant return on investment. But once you own your property, going about actually renting it out can be a complicated and time consuming task, one that many landlords simply don’t have the time or skills to do. That need created a new job role within investment and real estate services – the lettings manager. By hiring a lettings manager, you can hand off a large amount of the paperwork and ongoing tasks involved in letting a property. But what does a lettings manager actually do?
Marketing And Promotion
Depending on what type of lettings manager you choose, your property will be marketed in different ways. If you have chosen an estate agent to act as your lettings manager, they will advertise your property through their own channels as well as using third party tools such as right move. They will deal with placing adverts in the papers and circulating the property details to their lists of waiting tenants. If you have chosen a private lettings agent, they may have different methods and channels for marketing your property to their clients and other potential tenants.
One of the most difficult parts of being a landlord is finding and processing tenants. Once they have marketed and promoted your property, your lettings manager will then deal with the resulting enquiries. This will include showing your property to potential tenants and generating a list of interested parties. They will manage offers and negotiations of price and other issues like pets or maintenance fees, and report all of this back to you for sign off. They will then carry out all necessary checks and references for applicants, sifting out those who meet your brief of the ideal tenant. They will then present you with your options and allow you to choose your tenants. From there, your lettings manager will handle the taking of deposits, signing of tenancy agreements and handing over of keys, along with any subsequent visits or problems.
Paperwork is one of the most time consuming parts of organising a new tenant for your property, and thankfully this is one of the things that your lettings manager can help you with. They will take care of gathering the appropriate insurance documentation for you as a landlord, but will also deal with the drafting of legal documents such as tenancy agreements and deposit conditions. Your lettings manager can also take care of inventories, providing you with the latest safety regulations and dealing with the less savoury legal aspects such as evictions, non-payment, harassment or problems with squatters.
If you own your rental property as a complementary income, you may be too busy to deal with the day to day running of it. Luckily your lettings manager can act as your proxy for many things, including communicating with suppliers and councils on your behalf. They can also be in charge of collecting rent from your tenants, transferring the rental income into your account and providing you with statements of the account. You can ask them to manage and arrange any repairs that may need doing, field any enquiries and generally prevent you from needing to handle a lot of things yourself, making the process easy and simple.
In a modern world where we are all expected to keep a number of plates spinning at once, a lettings manager can be a breath of fresh air for the struggling landlord. The fees charged by lettings managers are very reasonable indeed, but will vary from agent to agent. For more information or to learn what to look for in a lettings manager, get in touch with our expert team today.