Property Management Services
Property Management Services
Letting Services and Management Services Comparison
Let intro and Full Management are two very different services
Not many landlords know the difference & What tasks the estate agents must carry out
We are not comparing apple to apple here …. Let me ask three questions to make my point
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Thinking About a Career in Real Estate?
RE/MAX Estate Agents – Part of a well-known worldwide Brand, operates and mostly covers the areas Canning Town, Plaistow, West Ham, East Ham, Barking, Dagenham as well as other East London Areas.
https://realestateagentslondon.co.uk/...
About RE/MAX Star Estate Agents
RE/MAX Estate Agents – is a franchise of RE/MAX well known worldwide Brand and operates and mostly cover the areas Canning Town, Plaistow, West Ham, East Ham, Barking, Dagenham as well as other East London Areas
https://realestateagentslondon.co.uk
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Q1 What is the real difference between let intro and Full Management?
Q2 Legally as a landlord how many pieces of legislation do you need to comply with? Do you know about the Housing Act 2004 or Fitness for Human Habitation Act 2018?
Q3 What is the value proposition or benefits of let into compared to full management?
Hey everyone, Adil here and welcome to REMAX Star YouTube channel where you can learn all about property-related topics and increase your knowledge and stay ahead of the game. let’s face it, no one teaches these topics in Schools.
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The eleven tasks stated on the screen are done to both Let intro and Fully management.
Accurate Rental Valuation very very important to get the right tenants
Professional Photography & the right Marketing Strategy
Accompanied viewings so Landlords don’t need to be present there
Proper Negotiations on tenancy terms
ID checks, Right-to-Rent check & credit checks
References from current or previous employers or landlord where necessary
Testing smoke and CO alarms
Contract drafting, Amending and agreeing on terms
Collection of tenant’s deposit & registration under the DPS
Collection and transfer of initial months’ rent
Inventory preparation and check-in
As I mentioned earlier all these are done to both Let intro and Fully Management.
The next 14 tasks are only to be done in a Full management option.
Dealing with general inquiries during the tenancy
Update utility suppliers & local authority
Quarterly visits to check the property, this is a very big difference
Prompt resolution of maintenance from professional tradespeople another massive difference
Arranging access for maintenance & processing invoices for record
Demand, collection, and transfer the monthly rent
Hold keys throughout the tenancy term for emergencies
Limited Tax Advice
HMO Management
Coin meter collection if you are installing
Renewal of EPC, Gas & Electric certificates, Big difference, insurance may be invalid if u don’t keep these up to date
Annual Statement for tax purposes
Redirection of the post overseas if required
Renewal of Contracts
Your estate agent should perform all the above tasks and you should qualify by asking these following questions.
Is the Estate Agency registered with ICO (Information Commissioner's Office)?
Do the estate agents have a Client Money Protection Scheme and are it regulated by any legal body?
Is the estate agency a member of any redress Scheme like PRS or The Property Ombudsman
Make sure all the tradesmen the estate agency used are qualified, registered with regulatory bodies (eg CORGI for Gas engineers/ NICEIC for elections) and insured.
There are at least 150 pieces of legislation a property has to abide by. Yes, you heard right 150.
An estate agent’s job is to keep the tenants, property and the landlord safe and legally compliant as per the current rules and regulations.
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