What every real estate investor needs to know about property managers
Every well-informed buy-to-let investor should explore their opportunities in regards to managing their property and their earnings.
Owning rental property and managing it efficiently could provide you with a steady stream of income every month that could possibly secure your financial future. When you become a buy-to-let investor you essentially become a landlord and with that comes a wide range of responsibilities and tasks to effectively manage your property and the tenants.
There are many landlords that prefer to self-manage their property, but if you own multiple property investments, you reside abroad or have limited time on your hands, then a property manager could be the solution you were looking for.
So what do property managers actually do? The common myth is that property managers only aim to get a percentage of the rent roll in their pockets and deal with tenants from time to time. However, a complete property management solution service should be more than that. At Copperstones, we have a team of property managers who go that extra mile to offer unparalleled services to both landlords and tenants. We will manage your property as it is our own.
Before the tenancy
Step 1: As a property owner you will need help researching the local rental market. Our team will scout the local market, compare rent prices, take into account emerging trends and assist you in setting the appropriate rent price.
Step 2: Sourcing prospective tenants is one of our main tasks. We are responsible for conducting background checks of interested tenants. We check credit reports, verify employment and ask for references. The placement of good tenants in your apartments is the first step towards a successful property investment. In addition to that, our long-standing network of international contacts can work on behalf of your interests to ensure the sourcing of the right tenant.
During the tenancy
Main duties: Tenant communication: Our team will be the first and only point of contact for your tenants. Our solid communication skills enable us to interact effectively with any help they need and solve problems when they arise. We deal with complaints from neighbours, changes on the lease agreement, visitor and pet policy, amongst many others.
Rent collection: Our team will collect rent for you and ensure all payments are made on the agreed time frame.
Emergency handling: We take pride in providing off-hours service when something is wrong in your property from a faulty boiler to a leak in the bathroom.
Move-out coordination: Our team will coordinate the move-out of your tenants as well as perform a post-rental inspection to determine if the tenants are eligible for a security deposit refund.
Evictions: Sometimes, measures need to be taken to protect your interests. Evicting a tenant is never pleasant, but our team will handle the entire process gracefully.
Routine maintenance checks: Our team will make sure every aspect of your property works seamlessly at all times so you can maximise your profits. We keep a proactive approach when it comes to maintenance and do due diligence to save you time and money. When something needs fixing, we coordinate all the work and liaise with repairing services and tenants to ensure a smooth process.
Landlord/tenant law understanding: Copperstones will work as your trusted advisor on property management. Our team has been managing properties for over 15 years and it is highly equipped to handle every challenge and implement the regulations. Understanding the laws can be tricky and our team can explain step-by-step how every law that affects you works.
If you love the idea of becoming a property investor but hate the hassle of managing a property, call us today on +44 (0) 8445 555 555 to discuss flexible property management solutions.
Please submit your enquiry and a member of our team will get in touch with you soon.