Property Managers: How much more are you expected to do?

The goalposts have shifted. An influx on new lettings laws introduced this October mean the role and remit of a property manager has changed yet again. While the Government want to make life for tenants and landlords more transparent, it becomes murkier and more complex for property managers.

Even more rules to abide by and subsequent actions to carry out will put pressure on even the most competent of lettings departments and plate-spinning property managers. I’m sure many of you will agree that as buy-to-let grows in desirability (great returns, great appreciation prospects on bricks and mortar and great mortgage deals), the more involved it becomes, leading landlords to rely heavily on the property professionals.

So what does today’s landlord expect from his property manager?

Testing, testing – the new laws regarding smoke alarms and carbon monoxide detectors require landlords to test each alarm to ensure it’s in good working order at the start of every new tenancy. This may be feasible for investors with one property close to where they live or work but for portfolio landlords or those whose lets are miles from their permanent location, it’s not going to be possible. This additional but very serious responsibility of alarm testing may fall to property managers. To make sure liability is properly addressed, managers will need a system in place that records the new tenancy tests, as this could be an accountability nightmare.

Resolutions regarding maintenance – how property maintenance issues are reported, logged and dealt with now have a massive impact on buy-to-let repossessions. Landlords using property managers will look for a professional who can prove they have a watertight reporting system in place. This is in light of the new law that states a landlord can only serve a Section 21 notice if all outstanding complaints about the rented property’s state of repair have been resolved.

Tip top timekeeping – landlords will also be looking for people who has excellent diary management skills. They will be looking for a meticulous manager who has a red flag that pops up on the first day of the fifth month of a tenancy. Why? New laws now stipulate that landlords agreeing new tenancies can’t issue a Section 21 within the first four months of a tenancy. How many landlords will want a Section 21 issues as soon as they legally can? Lots. Additionally, Section 21 notices will have a shelf life of six months, if proceedings are not issued. For now, this ruling applies solely to new tenancies but from October 2018, it will apply to all tenancies.

It’s a lot to take in, we know. It’s another couple of layers of competency on top of an already demanding job. Not every letting agency or property manager will have the time, resources or IT systems to implement the above successfully but it won’t stop landlords demanding such services.

Questions remain. When and where will the Government draw the line in terms of reshaping the private rental sector? And what help is out there for under-pressure property managers?

* Simon Duce is the Managing Director of ARPM Outsourced Lettings Support

 

ARPM

Simon Duce is the Founder and Managing Director of ARPM Outsourced Lettings Support - a business designed to help small and start-up letting agents/property managers offer a full suite of property management and tenancy administration services through outsourcing.

You May Also Enjoy

Home and Living

The Anatomy of a Perfectly Cozy Reading Nook

The Foundation: Choosing the Right Space Selecting the ideal spot for your reading nook is the cornerstone of its success. Consider a quiet corner bathed in natural light, away from the distractions of modern life. The goal is to create a haven where one can escape into the world of literature without interruptions. Location Matters…
Read More
Breaking News

Breaking Property News – 21/02/24

Daily bite-sized proptech and property news in partnership with Proptech-X.   Government announces new Short-term lets rules to protect communities and keep homes available. Press Release London February 2024 – Overview – ‘Short-term lets rules to protect communities and keep homes available. Local residents will be protected from being pushed out of their communities by excessive short-term…
Read More
Breaking News

Enhancing Security and User Experience with Face Recognition Technology

In an era where digital interactions dominate our daily lives, the need for robust and convenient security measures has never been greater. Traditional methods of authentication, such as passwords and PINs, are increasingly susceptible to breaches and hacks. In response to these challenges, face recognition technology has emerged as a cutting-edge solution, offering a unique…
Read More
Love or Hate Rightmove
Breaking News

Rightmove’s weekly mortgage tracker – 21/02/24

Headlines The average 5-year fixed mortgage rate is now 4.72%, up from 4.62% a year ago The average 2-year fixed mortgage rate is now 5.08%, up from 4.95% a year ago The average 85% LTV 5-year fixed mortgage rate is now 4.67%, down from 4.68% a year ago The average 60% LTV 5-year fixed mortgage rate is now 4.19%, down from 4.23% a year ago The average monthly mortgage payment on…
Read More
Home and Living

Standing Desks Unveiled: Exploring the Health Benefits and Considerations

In recent years, standing desks have gained popularity as a revolutionary solution to combat the negative effects of prolonged sitting. As the modern workforce becomes more health-conscious, the standing desk has emerged as a promising alternative to traditional seated workstations. In this article, we unveil the health benefits and considerations associated with standing desks, providing…
Read More
Home and Living

6 Handy Tips for Maintaining Your Heating System

As the weather gets cooler, having a heating system becomes crucial for a home atmosphere. Besides the quality of your heating system and its installation, regular maintenance is key to keeping it running, lasting longer and using energy wisely. A maintained heating system not only keeps you warm but also helps save energy making your…
Read More