Owning a rental home is rewarding, but the day-to-day work can take more time than people expect. Property management means handing that work to someone who does it every day, while you stay in control of the decisions that matter. This article explains what our management service includes, so you know exactly what to expect before you sign anything.
The management agreement
Everything starts with a written management agreement. It sets out which property we manage, what we do on your behalf, what we need your approval for, how we report to you and how either side can end the arrangement. We go through it with you line by line. If something does not suit you, say so before you sign. The agreement is the reference point for everything that follows, so it should reflect how you actually want your property looked after.
Finding and placing the tenant
If the property is empty, our first job is to find the right tenant. We market the home, arrange and attend viewings, and put offers to you. You decide which offer to accept, and you can counter an offer if the terms are not right. We check the tenant's documents and take care of the paperwork once terms are agreed.
Choosing a tenant is about more than the rent. We look for someone whose plans, move-in date and payment arrangement suit you, so the tenancy starts on a sound footing.
The tenancy and the rent schedule
Once a tenant is in place, we record the tenancy and its rent schedule: when each payment is due and how it is being paid. We keep track of payments as they come in and follow up if one is late. You can see the schedule at any time, so there are no surprises about what has been paid and what is still to come.
We also keep an eye on the end date of the tenancy, so that renewal, a new rent or a change of tenant can be discussed in good time rather than at the last minute.
Monthly statements
Each month you receive a statement for the property. It shows the rent received, any costs paid out on your behalf, such as approved maintenance, and what is due to you. Statements are kept in the owner portal so you can look back over the history whenever you need to, whether for your own records or for your accountant.
Maintenance with your approval
Things break, and tenants need to know who to call. Maintenance requests come to us. We assess each one, arrange a suitable contractor and make sure the work is done properly.
You stay in control of the spending. In the agreement we set a limit together. Routine jobs below that limit are handled straight away so the tenant is not left waiting. Anything above the limit comes to you for approval first, with a description of the problem and the quote. Nothing above the limit goes ahead without your say.
Inspections
We inspect the property when a tenant moves in and when they move out, recording its condition with notes and photos. That record is what any deposit discussion is based on at the end of a tenancy, so it matters that it is thorough and dated.
We also carry out inspections during the tenancy. These help us catch small problems before they become expensive ones and give you confidence that the home is being looked after.
The owner portal
As an owner, you have your own portal. In one place you can see your properties, the current tenancy and rent schedule, monthly statements, maintenance requests waiting for your approval and any offers waiting for your answer. You can approve work, respond to offers and download documents without having to chase anyone by email.
The portal does not replace talking to us. Your BIM contact is always available if you would rather discuss something directly.
What stays with you
Management does not mean giving up ownership decisions. You choose the tenant, you approve larger spending, and you decide on renewals and rent changes. Our job is to give you the information to decide quickly, and then to carry out the decision properly.
If you would like to talk about managing your property, get in touch with our team. We will explain how the service would work for your home.