Managing property, particularly large or multiple developments, requires time, resources and professionalism. Property managers are well versed in all aspects of property management, including health and safety, property law, accounting, customer service and communications. Property managers can also help maintain or increase the value of property through facilitating preventative maintenance and coordinating general upkeep.

In addition, property managers develop and deliver a number of additional service offerings that can save owners money and help them run properties more efficiently.

Property management services vary depending on the scale and type of property, but may typically include the following:  

Manage the accounts and finances of a property including deposit, rent and service charge collection

Provide reception/concierge services, including security, guest entry and receipt of post and other deliveries

Maintain itinerary checks and conduct regular property inspections to ensure compliance with health and safety regulations and action maintenance requests from occupiers

Operate, maintain and clean communal facilities such as hallways, gardens, gyms, lounges, bike storage and parking

Property management services sometimes extend to managing lease agreements, record keeping, advertising properties and screening tenants – however, in most cases this is the designated role of letting agents. At the point at which a property is let, the property manager then becomes the point of contact.

High-standard property management services focus on preventative maintenance. Regular maintenance checks and inspections will highlight any repairs that need doing. Acting sooner, rather than later will help you to avoid more expensive problems later on.

A property manager oversees residential, commercial, or industrial buildings or facilities that are rented or leased out. They manage the care, maintenance, and day-to-day operations of these properties. The owner of a building employs a property manager to take care of tenants and any issues that might arise.

More details here: Leasehold property: Right to Manage and management disputes - GOV.UK (www.gov.uk)

Property Management companies charge a flat fee, anywhere between 8% and 15% depending on location, size of property, services provided. Make sure you have a contract in place and know exactly what you have signed up for and what you can expect from your property management company. Some management companies charge a management fee every month regardless as to whether the property is tenant occupied or not.

You’re not legally obliged to complete any formal training to set up a property management company. However, a property manager will want to be prepared for the challenge ahead. There are lots of elements that depend on having industry expertise, from legal to financial to health and safety.

RICS – Royal Institution of Chartered Surveyors

RICS is one of the authorities on the Rules of Conduct surrounding property management, provides advice for landlords on Complaints handling procedures, alongside ‘Blue Book’ on UK Residential Property Standards, as well as the Service Charges Residential Management Code which details the best practices surrounding managing residential property.

All of these resources are available to landlords who wish to learn a little more before they decide to hire a residential property management company. RICS also offers a Private Rented Sector Code which was revised and published in July 2015 which goes into greater detail about the best practice to run a residential property in England and Wales.

ARMA classifies itself as the leading trade association for residential property management agents in England and Wales. Landlord‘s selecting a property management firm that has been recommended by ARMA will be safe in the knowledge that they will be operating professionally and will be regulated by ARMA should anything go awry.

ARMA has a search function on their website so that landlords can find a property management company near them as well as actively persuading property management companies to register with them, thus ensuring the industry is operating fairly for landlords.

A property management company that has ARMA membership has achieved ARMA Accreditation and is required to comply with the ARMA Bye-Laws, RICS Code, relevant legislation and ARMA Consumer Charter & Standards.