Property management companies aren’t a must-have for landlords, but they can certainly make the whole thing easier. Their responsibilities are varied, but there’s one thing that the industry can agree on – they’re one of the biggest supports available. From acting as a point of contact between the landlord and tenants, keeping on top of maintenance and repairs as needed and helping things keep to budget, property managers can maintain and optimise the value of a property. In 2020 in particular, property managers have offered support to landlords and tenants alike, but just what kind of support have they offered? We’re investigating, below.
A Middle Man
During the uncertainty of the last few months, tenants and landlords alike have likely been confused, on edge and in some cases, maybe even with heightened emotion. Whether the tenant has lost their job or been put onto furlough, are a key worker, or have been working from home throughout the pandemic, there could be financial or physical issues at hand, which is where property managers can provide support. Property managers act as the first port of call when something goes wrong, whether that’s a physical issue, complaints or even issues with the rent due to financial difficulties.
This ‘buffer’ protects both the tenant and the landlord by offering a mediation process of sorts, meaning that communication between them can be done professionally, legally and in a way that both parties are set on even ground. They are in charge of managing a property for a landlord, meaning that any complaints or issues can be reported back to the landlord accordingly, ensuring that communication is kept at the highest standard throughout the entire tenancy.
Less Chance Of Tenant Turnover
With a property manager on hand, tenancy turnover can theoretically be lessened when issues are handled correctly. By having that immediate contact with a property manager, tenants have the opportunity to report any issues, make complaints and get advice on the property without needing to get hold of the landlord. In some cases, this can mean even receiving a more professional customer service, which could mean they are more willing to communicate and cooperate with changes, including rent changes. Happier tenants offer landlords a more sustainable and secure source of income, particularly during a year where financial security has been dubious for most of the UK’s workforce.
As a landlord, property management companies can offer certain support services, which in such a difficult year, can work in said landlord’s favour. Services such as in-house maintenance teams can mean that maintenance costs could be already included in their fees or may be offered at a reduced cost compared to standard maintenance companies.
They may also offer accompanied viewings, meaning that there’ll be someone on hand if a landlord is looking to rent out their property to tenants. This provides additional support and mediation for the landlord and potential tenants during such a crucial part of the letting process.
Property management companies have their own insurance cover, providing landlords and tenants with additional protection too. Typically, public liability insurance for property managers is an optional cover, but those looking to protect themselves and their customers in the case of public injury due to their business activity, or damage to things in their office, offers additional support too.
In addition, property managers tend to be able to handle nightmare tenants far more efficiently. It’s their job to keep up to date with the latest laws and regulations, which is particularly important during such tumultuous times. With government guidance constantly changing in line with the pandemic, property managers will hold a better understanding of what this means, meaning that Landlords won’t be responsible for trying to keep up. This can put landlords and tenants on a better, more equal standing when it’s needed most.
How Property Management Could Change By 2021
In light of the pandemic, the property market has changed drastically, and understandably so. The demand for rental properties has skyrocketed as a result of people not being able to afford to buy, and there have been countless cases of rocky relationships between landlords and tenants as a result of missed rent payments. All of this has meant that property managers have been busy, but is this likely to change by 2021?
With changing legislation and regulations, it’s likely that property managers will need to ensure they’re keeping on top of these changes, even so far as to listen to the industry before things are confirmed. Tenants are likely to be more concerned with changing legislation, and so property managers being prepared to answer questions will reduce tenant turnover and offer better overall customer service.
Similarly, it’s likely that communication between all parties involved is likely to take place online more than in previous years. This may make communication easier, and help to cater to the increased demand in the coming months. The need for this kind of communication may change, so this is another thing property managers will need to keep a close eye on in the coming months.
For more information about property manager insurance and how it may protect you in coming months, feel free to get in touch with a member of our team, today.