Relayr and learnd have joined forces to provide businesses across the UK with an innovative new concept that transforms the way systems within a building are managed and maintained. Learnd, which launched its ‘Building Performance as a Service’ offering in early 2020, will integrate relayr’s capability with its own extensive
Property manager James Livesey-Clarke shares his knowledge on solving site issues through collaborative work with the local council, police and residents, helped make one of his developments safer. Concerns Manchester’s Chatsworth House development was suffering from a spike in antisocial behaviour in the area, which quickly spread to the site. A nearby
Using one or more of the following tips can make it much easier to get rid of bed bugs and other pests, and there are many reasons for doing so. Let’s take a look at them and find out how they can work for you. Getting rid of these pests
The Institute of Residential Property Management (IRPM) has responded in detail to the Housing, Communities and Local Government Committee’s recent call for evidence on cladding. The call for evidence will inform the Cladding: Progress of Remediation inquiry which is reviewing progress in removing potentially dangerous cladding from high-rise and high-risk
Mainstay Residential has announced a fresh appointment in the north west – expanding its presence into Manchester’s evolving Piccadilly neighbourhood. Mainstay will provide services to the area’s Paradise Wharf development, a trio of schemes – Junction Works, Whittles Croft and Jutland House – perched along the Ashton Canal and close
The Manchester-based developer and asset manager has created three businesses – Unify, Unify Energy, and CubicWorks – to overhaul the way it delivers facilities management, fit-out and utilities services to clients. Unify will provide a range of integrated facilities management solutions, including mechanical and electrical repairs and maintenance, energy, cleaning
V7 Asset Management and BauMont Real Estate Capital have appointed LSH as letting and managing agents on their new project at Thames Valley Park, Reading. BauMont acquired buildings Four and Five from Microsoft in March 2020 and retained renowned redevelopment and asset management company V7 for their exciting new project.
Angel Central Shopping Centre has appointed Lambert Smith Hampton’s (LSH) Belfast-based property and asset management team as its managing agent to help out with the site’s £16 million redevelopment. Due to be completed in November, the £16 million shopping centre masterplan by CBRE Global Investors will create further retail, additional leisure and
For property managers working in the UK rental market, times have changed dramatically since the pandemic hit hard. But, the good news is that many of the emerging trends are proving beneficial to the market. Demand for rental properties up Strong demand for rental properties has continued with economic uncertainty
Whether you’re a landlord or you simply want to make money with real estate, understanding how to manage property properly is essential to your success. You don’t just need to know how to fix things when they break. Any first time landlord/property manager needs to take on many jobs when
Relayr and learnd have joined forces to provide businesses across the UK with an innovative new concept that transforms the way systems within a building are managed and maintained. Learnd, which launched its ‘Building Performance as a Service’ offering in early 2020, will integrate relayr’s capability with its own extensive domain expertise to create better buildings for customers – and it’s a pledge which is backed up by powerful insurance partner HSB. For example, through partnership with relayr and HSB, learnd will be able to guarantee retail customers that their stores are offering maximum shopper comfort or guarantee a hospital that the conditions on its wards are optimised for patient care. “At HSB, we’re excited to be part of bringing this level of assurance, guaranteeing peak performance, to commercial property owners and occupants,” says John B. Riggs, Senior Vice President of HSB Applied Technology Solutions. Learnd’s Building Performance as a Service offering is suitable for any sector that operates commercial premises including critical infrastructure, healthcare, retail, education, government and business offices. relayr’s expertise in the digitisation of assets will provide the support for learnd’s capabilities by adding data processing and data analytics, combined with business enablement. CEO and learnd co-founder, John Clifford, explains: “Our partnership brings together the best IoT solutions from relayr, insurance products from HSB and our market-leading subject matter expertise within buildings, to achieve something that has never been done before. “Learnd’s customers will have absolute certainty that their buildings will perform as they need them to, whilst actually spending less over the long term. The guaranteed outcomes approach means organisations can focus on their core activities – whether that’s teaching children or healing people, 100% confident that learnd will make their buildings better.” Josef Brunner, relayr CEO, adds: “This partnership between relayr and learnd is a visionary yet highly practical move, combining relayr’s digitisation skills and learnd’s experience in industry. It allows learnd to deliver their innovative ‘Building Performance as a Service’ offering – driving a step change in the buildings industry that is long-overdue.” Relayr’s manufacturing customers are already using relayr’s solutions to build pay per use business models, now more businesses and more industries can follow in their footsteps. For more information visit: www.relayr.io and www.learnd.co.uk
Property manager James Livesey-Clarke shares his knowledge on solving site issues through collaborative work with the local council, police and residents, helped make one of his developments safer. Concerns Manchester’s Chatsworth House development was suffering from a spike in antisocial behaviour in the area, which quickly spread to the site. A nearby alleyway had become a favourite haunt for rough sleepers, drug dealers and users forced to relocate from another area following a local police crackdown. Residents were understandably concerned about the situation, which was worsened by the drug dealers taking refuge in the site’s underground car park in the colder weather. James explains: ‘The drug users and rough sleepers were also creating unsanitary conditions in the car park, making the area very unpleasant, as well as potentially dangerous. None of the residents were harmed, but at its peak, Mainstay was receiving at least two to three reports a day. ‘There are no 24-hour staff on site, so an urgent solution was needed, we organised a residents’ meeting for them to voice their concerns and for us to get a feel of the extent of the issue. ‘We immediately secured the car park, replaced a wooden door, which had been damaged by rough sleepers, and installed additional lighting. We also made sure that any faults with the electric gates to the car park were attended to the same day as reported. Previously, if the gates became inoperative, they would be left open, sometimes overnight. We also reminded residents to close the gates after use.’ James adds: ‘You can make somewhere as secure as possible, but if someone wants to get in, they’re going to do it by any means possible. We spoke to the City Council and Greater Manchester Police, who were unaware of the problem, so we ensured residents knew the correct channels to use to report any antisocial behaviour around the site. We also held a meeting with the council, police, and residents to discuss concerns and understand how the residents could play an active role in helping to combat the issue.’ A safer environment for our residents While reducing the issues of antisocial behaviour ultimately required action from residents, as well as the police and local council, Mainstay’s proactive approach meant that residents understood what actions they needed to take. Meanwhile, the police and council could work with the community to understand the problem and take appropriate action. All of this ensured that residents could use the facilities at the property knowing that they were safe and that their property management company took an active part in ensuring that safety.
Using one or more of the following tips can make it much easier to get rid of bed bugs and other pests, and there are many reasons for doing so. Let’s take a look at them and find out how they can work for you. Getting rid of these pests doesn’t have to be as difficult as you might think. One of the top 5 DIY pest control methods is using an organic approach. You need to make sure you do everything correctly and use the right type of product to get the job done properly. If you don’t want to invest a lot of money in these products then it’s worth looking at some online resources to see what else is available. Natural pest control The other option that you have is to use a natural pest control method. There is a wide range of home remedies that are very effective at killing bugs and keeping them from breeding and causing problems in your home. Some of the most effective include: There are also several natural ingredients that you can include in your kitchen to ensure that you don’t have to deal with the problems associated with using pest control methods. One of the most popular ingredients for bug extermination is lemon juice. If you have an infestation of mosquitoes or cockroaches, then, applying a squeeze of lemon onto the affected area or a jar of yogurt is often enough to kill the bugs without having to resort to any chemicals. If you need further information on any of the top 5 DIY pest control methods, then you can find plenty of information about these methods on the Internet. You must find one that suits your particular needs so that you can ensure that you don’t have to make any long term or expensive mistakes when using them. Use of Baits & Sprays The most popular pest control method in terms of home and property issues is using baits or sprays that are designed to target the bugs and stop them from breeding. You can find a wide range of different types of baits and sprays from reputable sources, including online retailers. 2. Sealing cracks and crevices Another one of the top 5 DIY pest control methods is simply sealing cracks and crevices where bugs have previously been able to travel freely to lay their eggs. This can help stop the bugs from laying their eggs in your home or property and will also ensure that they don’t come back. You must seal up all possible entrances to the home as they will eventually spread through your property. 3. Use of Mesh Use a screwdriver to stuff in copper mesh into various gaps. This will help to keep the pests away Use of acrylic latex caulk You can also fill various cracks with acrylic latex caulk. Always keep a dry napkin to clean extra caulks. 4. Spider solution Use a dehumidifier in your basement. Maintain the temperature at 40 percent. Clean the cobwebs regularly. The spiders will decrease significantly in a week Several other pest control methods involve using chemicals and pesticides. Although it is best to avoid these products if you can, they can certainly help to stop the spread of a problem. As you can see, there are several different pest control methods used by various Pest removal companies out there. Depending on the problem that you have, there are several different ways that you can treat it. Hopefully, this article has helped you to identify which of the top 5 DIY pest control methods will work best for you. With the various pest control methods available on the market, you need to make sure that you research the ones that are right for your particular situation before making a final decision. The more time that you spend researching the options available, the easier it will be to select the correct one for your needs. One of the most popular DIY pest control methods is using chemicals and pesticides on a small scale, to kill pests. If you do use chemicals and pesticides on a large scale, then you need to make sure that you follow the instructions for using the product completely and that you keep away from any products that may be harmful to you and your family and pets. You also need to research the different pest control methods available before deciding on the method that is right for your needs. For example, there are pest control products that are effective at killing cockroaches, but not so good at killing mosquitoes. So take a look at the product reviews and ensure that you find one that will get the job done properly. You can also hire a pest control services to get rid of pests smoothly and safely.
The Institute of Residential Property Management (IRPM) has responded in detail to the Housing, Communities and Local Government Committee’s recent call for evidence on cladding. The call for evidence will inform the Cladding: Progress of Remediation inquiry which is reviewing progress in removing potentially dangerous cladding from high-rise and high-risk buildings, and the adequacy of funding by the Government. The Committee is seeking evidence on the following issues: Is the Government’s new £1 billion remediation fund sufficient to address all remaining concerns in high-rise and high-risk buildings? What lessons should be learned from the administration of previous funding mechanisms? Will the new External Wall Fire Review process for the valuation of high-rise properties be effective in improving access to buildings insurance and mortgage finance for leaseholders? What additional challenges have been presented by the coronavirus pandemic and how might these be overcome? The IRPM response addresses these questions in order. Is the Government’s new £1 billion remediation fund sufficient to address all remaining concerns in high-rise and high-risk buildings? No. The contribution is substantial and warmly welcomed, but it is a small sum compared to the likely cost of remediating buildings to a safe condition. The National Housing Federation estimates that their membership is facing a £10bn bill to remediate buildings in the social and affordable sector. The G15 group of housing associations estimates £6.8 bn for their members alone. ARMA estimate £3.6bn for their private sector members. Until at-risk buildings have been assessed, the final remediation cost will remain unknown but since the size of the private sector is approximate to the social sector, the best estimates suggest a bill anywhere between £12-20bn. However, the scope of the fund is limited to certain types of non-ACM cladding only for buildings above a notional height. It does not include other elements of the external wall system, nor other failings of fire safety such as compartmentation and fire stopping both internally and externally. It is akin to funding one or two new tyres on a car but disregarding the loose wheel nuts, defective brakes and leaking fuel tank. Replacing cladding will not in itself make buildings safe. Within the defined scope of the terms of the fund, it is thought likely that the £1bn fund will require increasing. Further analysis and more surveys will be required to assess by how much. However, if the question is widened to providing safe external wall systems and fire compartmentation in multi-dwelling residential buildings, then it is clear that the £1bn fund is a small fraction of the likely cost. Beyond the scope of the original ACM fund and the later £1bn non-ACM fund are other costs and other buildings. Other costs are: other related remediation costs, e.g. insulation and related fire safety failures. The focus on cladding alone as opposed to the external wall system does not tackle the more complex reality of wall systems. waking watches (typically £3,000 per building per week, £6,000 for a larger building). Around 420 waking watches across the country are wiping out estate reserve funds and being charged back to residents with harmful consequences. Some residents are simply unable to meet these substantial and unexpected costs. ameliorative measures such as temporary alarms. increased insurance premiums and excesses. the human cost. The metrics of this situation seem confined to easily measured financials. It is difficult to quantify the human cost to people whose lives are on hold and blighted personally and financially but anxious residents are suffering a raft of harms including stress, mental health issues, bankruptcy and domestic violence. In addition to the misery caused to innocent residents, some of these costs will crystallise into monetary costs against the state; welfare, policing, health, restrictions on labour mobility, bankruptcy procedures and so on. the time, cost and stress on managing agents, who find themselves involved in the substantial reconstruction of sometimes very large and complex buildings, far beyond their remit and expertise of managing a functional building. They are now dealing with justifiably unhappy residents, an obstructive and protracted system that can prevent them from acting, a [worsening] lack of experts and contractors to survey and fix buildings, and an expectation of providing solutions over which they may not have the authority, the funding or the ability to act. As with innocent leaseholders, managing agents are similarly not to blame for the failure of our construction industry; they are left trying to clear up someone else’s mess. Other buildings: buildings below 18m in height, where government’s own advice (Consolidated Advice Note) recommends buildings of all heights with ACM and HPL cladding should be within the building safety regime. Note, bringing these buildings into scope changes the number of buildings under scrutiny from around 12,000 to over 100,000, a massive leap in scale. Fire, as demonstrated in Barking, Bolton and beyond, does not respect notional boundaries. buildings with external wall systems that are considered a risk but are not covered by the scheme, such as rendered polystyrene. buildings constructed of nominally safe materials but are unsafe due to poor construction, building control and certifications; for example missing fire breaks and inadequate compartmentation. While considering whether £1bn will meet the costs within the limited scope of the fund, it is the costs outside the scope of the fund, which constitutes the majority of buildings and works, that will likely prove the greater concern if we are to make our buildings safe. Going forward, this situation will further crystallise. Dame Judith Hackitt’s Building Safety Programme will require buildings to be certified. Meanwhile, mortgage lenders are now alive to lending only on demonstrably safe buildings. These two drivers will ensure that intrusive inspections will take place on buildings above and below 18m irrespective of the external wall system, whereupon the systemic failures of our construction industry, building regulations and supervisory/certification system will be further laid bare in the coming years, with further remediation costs to follow. Prioritisation of risk, speeding up the process and unlocking the housing market Given the shortages of
Mainstay Residential has announced a fresh appointment in the north west – expanding its presence into Manchester’s evolving Piccadilly neighbourhood. Mainstay will provide services to the area’s Paradise Wharf development, a trio of schemes – Junction Works, Whittles Croft and Jutland House – perched along the Ashton Canal and close to the renowned Ducie Street Warehouse. The development will be managed under the company’s Integrated Property Management (IPM) portfolio – its holistic solution for higher-end properties with care delivered by an award-winning team. Mainstay’s Associate Director for the North West, Kate Magill, said: “The team is over the moon to have been appointed to manage Paradise Wharf. “On a personal level, I am particularly excited as I’m proud to call Manchester my hometown and have spent most of my working life managing properties in the area. Paradise Wharf has gained a reputation as one of the city’s gems and I intend to treat it as such.” The nearby Ancoats district, recently named as one of the world’s ‘coolest’ neighbourhoods to live in by both TimeOut and The Times, has led to a surge in demand for residential properties in the area. The 114-unit Paradise Wharf development is located close to both Piccadilly Station and the wider city centre – making it a prime choice for both commuters and residents. Mainstay was selected by Paradise Wharf Management Company (PWMCL) following a competitive tender process. The company will officially take post from 1 October. Paradise Wharf Management Company said: “We are really excited to have appointed Mainstay to manage Paradise Wharf. We were really impressed with the approach of Kate and her team. They bring some fantastic experience and have some great ideas to improve the development. We feel that Paradise Wharf is safe in Mainstay’s hands.” Mainstay Residential has experienced exponential growth across the north west, having been retained on Urban Splash’s Castlefield masterplan – including Burton Place, Moho, Timber Wharf and more – for a number of years. The company also recently announced appointments on McGoff’s Downtown scheme in Salford and Royal Quay in Liverpool. Its appointment on Paradise Wharf cements its status as one of the region’s largest and most active property management companies.
The Manchester-based developer and asset manager has created three businesses – Unify, Unify Energy, and CubicWorks – to overhaul the way it delivers facilities management, fit-out and utilities services to clients. Unify will provide a range of integrated facilities management solutions, including mechanical and electrical repairs and maintenance, energy, cleaning and specialist cleaning, while Unify Energy will provide energy as a managed service to help occupiers across Bruntwood’s property portfolio to cut costs. Meanwhile, CubicWorks will offer construction, refurbishment and fit-out services alongside mechanical and electrical design and installation. Chris Oglesby, chief executive of Bruntwood, said: “We’re excited about these three disruptive ventures and their potential to shake-up the provision of FM and contracting services across the UK. “Organisations of all shapes and sizes expect more from their property than ever before and we know what it takes to deliver not just excellent spaces, but excellent experiences and services within them. “So, for us, Unify and CubicWorks are very much a part of our ongoing evolution as a group.” Bruntwood’s chief operating officer Richard Burgess will assume the role of chief executive of Unify. The new business unit employs 350 people, 250 of which have transferred to Bruntwood from its existing FM suppliers. Unify has secured 30 contracts so far, entering its first full financial year with an £8m order book as it continues to target occupiers of commercial office and public sector buildings, national retailers and industrial and logistics occupiers. Unify Energy will offer energy as a managed service and sub-metering to Bruntwood customers and other building landlords and property agents. Its chief executive is Sarah Martin, currently director of utilities at Bruntwood. The aim is to offer an alternative model to the single-meter system typical to multi-tenanted buildings, where landlords and agents have to split energy bills with occupiers based on square footage. Unify Energy, as a fully licensed supplier, can provide metered energy bills directly to each occupier instead, “giving customers and landlords a more accurate and compliant managed energy service”, Bruntwood said. Unify Energy will also explore opportunities on behalf of its clients for on-site energy generation, in line with Bruntwood’s goal of generating 30% of its energy on site by 2030. Meanwhile, CubicWorks will be headed up by three Bruntwood directors – Shan Khambata, Mark Spavin, and Mark Wright. The business will aim to “rip up the rulebook” and adopt a consultative and partnership-led approach to project management. “It is not your average construction refurbishment and fit-out company…more like a construction partner,” according to Bruntwood. The firm has been appointed by developer Bywater Properties to refurbish its £2m Northstar office scheme in Manchester’s Northern Quarter. It will also become a supplier to Bruntwood Works and Bruntwood SciTech. More than 50 employees from Bruntwood’s project contracting team have transferred into CubicWorks.
V7 Asset Management and BauMont Real Estate Capital have appointed LSH as letting and managing agents on their new project at Thames Valley Park, Reading. BauMont acquired buildings Four and Five from Microsoft in March 2020 and retained renowned redevelopment and asset management company V7 for their exciting new project. The properties will undergo a comprehensive refurbishment which will focus on wellness and sustainability, creating an exciting prime office environment that brings the best of the town centre amenity and workplace trends to Thames Valley Park. The buildings comprise of a total of 155,585 sq ft and are located just off Junction 10 of the M4, perfectly situated for access to Heathrow airport within 30 minutes and Reading train station is just two miles away. Tom Fletcher, Head of LSH’s Reading office, said: “We’re thrilled to be working with V7 and BauMont on this exciting project. We’re seeing a solid level of activity in the Reading office market and we truly believe that, once complete, this workspace will transform the perception of business parks leading to it becoming a magnet for occupiers migrating from London who are seeking to diversify their operational footprint.” Hazel Nancarrow, Director of Property and Asset Management at LSH, added: “We are excited to be working with an asset manager who is as passionate about transforming underperforming buildings as we are providing stand out management and occupier experiences, and we look forward to supporting V7 and BauMont in realising the true potential of these two buildings over the coming months and years.” Chris Hunt, Co-founder and Director at V7 Asset Management, commented: “We have had a really positive experience of working with LSH on several other properties and were particularly impressed by their enthusiasm for results in lettings and their drive for community and environmental sustainability across the properties that they manage, so they were the natural agent of choice for this instruction.” The refurbishment will see Building Four (69,370 sq ft is PC in 2021) and Building Five (86,215 sq ft PC summer of 2022) undergo an extensive refurbishment offering new amenities including a concierge reception and event management, outdoor terraces, indoor and outdoor gyms, tree-house meeting rooms and independently run Cafés by local baristas.
Angel Central Shopping Centre has appointed Lambert Smith Hampton’s (LSH) Belfast-based property and asset management team as its managing agent to help out with the site’s £16 million redevelopment. Due to be completed in November, the £16 million shopping centre masterplan by CBRE Global Investors will create further retail, additional leisure and restaurant space plus an outdoor terrace area. Phase one investment works included the redesign of an existing car park into new retail and leisure space and the creation of a 15,500 sq ft flagship retail unit for Uniqlo. The second phase of the transformation includes the elevation of the 12-tonne Angel Wings sculpture, while an existing retail unit is to be converted into a restaurant. “We are delighted to be appointed on Angel Central, particularly at such an exciting time for the scheme following significant investment from the landlord. CBRE GI has worked hard to elevate the shopping experience at this centre with additional space and a new layout. We very much look forward to being part of the successful future of this landmark scheme,” commented Gary Nesbitt, head of property and asset management at LSH in Belfast. Located in Islington, the centre has tenants that include Uniqlo, The 02 Academy, Vue Cinema, L’Occitane, Wagamama and bespoke fitness operator FRAME.
For property managers working in the UK rental market, times have changed dramatically since the pandemic hit hard. But, the good news is that many of the emerging trends are proving beneficial to the market. Demand for rental properties up Strong demand for rental properties has continued with economic uncertainty and tighter mortgage lending driving people away from house purchase. At the same time, shortage of new rental properties has kept rent levels up. UK rental income in June was on the rise — up 1.1 percent on average compared with equivalent figures for June 2019. However, the difference in rental variations was quite significant. In the North West, for example, average rents in June were up 6.6 percent on the same period in 2019. In contrast, the South West saw an increase of just 1.8 percent for the same period. The East of England saw no change, while the North East and South East saw decreases with Greater London experiencing the biggest fall of 1.8 percent. There was a surge in demand for rental properties in May, but supply was not keeping up, in contrast to the boom in build-to-let. . Build-to-let increasing Build to rent (BTR) is one of the fastest growing sectors in the UK property market. According to recent figures from the British Property Federation, there are now 167,853 BTR homes in the UK, up from 157,512 in Q1 2020. BTR properties are owned by companies and custom-designed for rental by multiple occupants. They carry strong branding, making them easier to market than individual properties. Unlike private accommodation, BTR properties provide management services and offer shared facilities such as gyms. They are designed to appeal to long-term renters who may not be able or interested in buying a home and provide long-term stable revenue streams compared to private fluctuating short-term income. House prices more affordable Demand in the wider housing market has been stimulated by the Chancellor’s Stamp Duty holiday, which has made house purchase more affordable, particularly for properties under £500,000. As an example, Bromley in South East London saw an astonishing 83 percent rise in enquiries following the announcement. Rightmove calculated that a buyer in London would save around £15,000 on average. That lower cost is also encouraging landlords to increase their portfolios to take advantage of sustained demand for rental properties. Technology adoption increasing The pandemic and the subsequent lockdown have accelerated the adoption of technology in the rental market -a sector that has traditionally lagged behind the rest of the property market. That can make it easier for property managers to do business. The ability to put property details online and integrate sophisticated search functions can make it easier to match tenants and property owners. It also improves convenience for tenants, giving a competitive advantage to property managers offering online search. The wider availability of online data on trends makes investment planning and resource allocation more accurate and effective, helping property managers improve ROI on rental properties. For property managers with smaller rental portfolios, online tools are available to simplify property valuation. Adding information on details of the property – the number of bedrooms, whether the property is larger or smaller than average and an estimate of its condition – into the tool provides a professional valuation in minutes. Arranging and conducting viewings in person can be very time consuming. The lockdown forced landlords to offer virtual viewings by video and this is now recognised as a practical alternative by both tenants and landlords. There is a cost to produce the initial video, but this can be used for multiple viewings and may be more cost-effective than the same number of personal viewings. Landlords lifes are also being made easier. Letting agent comparison sites like Rentround help landlords save on their agent fees and recoup more rental property profits Going online to speed up processes Access to online databases can simplify and speed up processes like tenant identity verification or credit checks, which are essential elements of the letting process. Similarly, landlords or property managers are now able to customise tenancy agreements online before digitally sending them to the tenant and having them electronically signed. One of the main aims of property technology is to create ‘frictionless transactions’. Creating online rental documentation, accepting digital signatures on contracts exchanged online and online payment systems to simplify rent collection are examples of the way technology is changing the traditional property management/tenant relationship. As well as saving time and money, online transactions improve customer service and convenience for tenants. Communication with tenants can be improved by making greater use of videoconferencing tools like Zoom or Cisco Webex, which has been widely adopted during the pandemic. Those tools also improve communication with colleagues and other property professionals such as lawyers, letting agents and surveyors. Property managers who want to work with letting agents can make significant savings by using online services. High street agents’ fees cost 8 percent or more of the rental price for advertising, interviewing and credit checks. Online agents’ charges for a similar service attract an average set fee of around £50, with Portico Direct charging just £1 to advertise on Rightmove, Zoopla and On The Market. Navigating the new landscape Continuing change in the rental market coupled with economic uncertainty poses many challenges for property managers. However, adopting the many innovations and benefits of property technology can help managers maintain greater control and improve the efficiency of their operations.
Whether you’re a landlord or you simply want to make money with real estate, understanding how to manage property properly is essential to your success. You don’t just need to know how to fix things when they break. Any first time landlord/property manager needs to take on many jobs when they’re just starting out. How you manage a property could make a big difference to your success. Short term rentals are becoming more popular, but long term rentals are one of the best ways to make passive income. The best thing about it is that even if you only put 20% down on a property, you will receive 100% of the rental income. Not having time shouldn’t be an issue, as a local property manager could take care of everything for you. However, you could save a huge sum of money if you do some of it yourself. Here, we’ll go through 10 things all property management beginners should know. Transparency is Key Managing a property the right way involves a lot of hard work, communication, and transparency. Setting expectations by going the extra mile for people in the properties is a must – the only way you can land yourself in hot water is if you fail to communicate or set the wrong expectations. For short term rentals, if you list a feature not available in a property it’s not important as long as you communicate to resolve the issue quickly. If you leave it to fester and don’t say anything, it could end in a complaint. Being as transparent as possible when listing and describing the property can save plenty of headaches and complaints later on down the line. 2. Get To Know The Property and Save Headaches Upon purchasing a property to rent out, make sure you get to know it as well as you can. Knowing what systems and elements are involved and the lifespan of those systems is key, as you need to be prepared to care for them appropriately. A lack of preventative maintenance will result in complaints at the very least, at most, a huge repair bill and even a serious accident. 3. Reinvest in the Property Before You Rent It Out Reinvesting in the property before you rent it out could mean making it far more attractive and attracting guests who want more luxury. People will pay good money to rent a luxurious property. 4. Do The Maths – A Financial Plan Is Imperative Make sure you have a good idea of how much revenue your home is likely to generate, taking into account the location, the level of luxury, the size, and the amenities. This will also depend on who you plan on renting it to, for instance, families looking for something long term or couples looking for a short term stay. 5. Work Alongside A Real Estate Agent A good real estate agent can offer some great advice pertaining to the industry and property management. However, they should understand the business, so do your research to find someone suitable. This will do you the world of good during the early stages. 6. Should You Use Finance To Fund Your Purchases? Knowing where you’re going to find the money to finance your purchases is crucial. Banks and societies will offer buy to let finance, but you may need to consider things like home loan refinancing or restructuring so you can free up capital to achieve this. A private loan, business angel, or another source of cash could also work depending on what you believe to be best for your venture. Property is a debt driven business. You do need to take on some level of debt before you can really enter the property market. Even cheap properties are expensive commodities. Unless you have a large amount of cash in reserve, going into debt is the only way to achieve your goals. 7. Your Strategy Regarding Personal Use Of course you can use your own property, but if you’re using it as a vacation rental then you don’t want to be there during peak times. Make sure you’re strategic about your personal use and stick to the off season if you can. 8. Think Of It As A Hospitality Business When running the place as a rental, you should think of it like a hospitality business. Consider the care and attention that many hotels and other types of accommodation provide to their clients. It should be second to none, and the extra mile will ensure that these people consider coming back again and again. A property management company can help with this, but you do need to have a genuine desire to please the people who stay in your property. Treating them like valued friends will go a long way to making sure they give you a good review and help you to build your reputation. 9. Come Up With Realistic Pricing One of the biggest mistakes that property managers can make, is renting out a place with the pricing set too high. Your approach should be realistic, so do your research. What are others charging for similar properties in similar areas? You need to use this information to come up with a price that people will pay. You should work hard to find the sweet spot if you want to have a high occupancy rate. 10. Build a Solid Relationship With Your Housekeeping Team Having a housekeeping team that you can trust is essential. If you’re going to own property and rent it out, a high level of care and attention when hiring your team will make the biggest difference to client satisfaction and your reviews. A team that overlooks the details will only reflect badly on you and your service. Complaints and negative reviews will make your business suffer. Set your expectations clearly when you find a team and then work on building that relationship. If you’re just starting out as a landlord or getting into property management, the
