Celebrating Property Managers
Everyday brings with it a whole range of issues that Property Managers need to navigate, from water leaks to boiler breakdowns that result in no heating and no hot water. The seasons bring with them a raft of “damage” , which include but are not limited to blown down fences, missing roof tiles, excessive cold and other weather related matters.
Whilst the valuers and negotiators land new business, in the background property managers oversee the problem solving, the customer care & customer service elements and the client relationship management - 24/7, 365 days a year.
The relationship with clients is based on longevity; the agent hopes to keep the client for the duration of the investment which could be anything from 5 years upwards. The aim — to maximise the potential for the client landlord, whilst ensuring at all times that the landlord is taken care of, stays compliant. But it is not as simple as it sounds. There is no let up especially when both landlord and tenant have whole range of different expectations.
The Property Managers (PMs) are not often involved in negotiations with the landlords, unless they deal with renewals, but they oversee and manage the day to day running of the portfolios.
They have an in-depth understanding of the way that properties, whilst providing an income for the landlord, must be looked after and not allowed to deteriorate. The PMs are pivotal to the smooth running of a letting agency often dealing with the more challenging aspects of lettings and management.
There is also the element of Duty of Care and navigating very key pieces of legislation to ensure that the landlord and the property are compliant.
For example, the ‘go to’ legislation for PMs can result in serious penalties and a possible custodial sentence should non compliance be proven. The following are a short list of the laws and regulations the landlord and property manager must adhere to:-
the Landlord & Tenant Act 1985 - Sections 11 to 16
the Homes (Fitness for Human Habitation) Act 2018
the Housing Act 1988 (1996)
the Housing Act 2004 - HHSRS
the Consumer Protection Act 1987, Deregulation Act 2019
the Furniture and Furnishings (Fire) (Safety) (Amendment) Regulations 2010
the Gas Safety (Installation and Use) Regulations 1998
the Environmental Protection Act 1990
the Occupiers’ Liability Act 1957
the Occupiers’ Liability Act 1984
the Smoke and Carbon Monoxide Alarm (Amendment) Regulations 2022
The PMs are aware of the penalties that landlords could face, so at the core of what they do is to ensure that risks are minimised.
As a result, property managers spend countless hours tracking and verifying contractors, running reports for EPCs, HMOs, Gas Safety Certificates, Electrical Certificates, Property Inspections and sometimes, even rent arrears, they juggle so many balls.
The regulatory environment in the private rented sector is complex, especially with the Renters’ Rights Bill on the horizon and whilst landlords find staying ahead of the constant shift a challenge, excellent property managers stay ahead of the curve.
The consequences of non-compliance can compromise the reputation of an agency’s brand, the wellbeing of its properties, its bottom line and most importantly, the safety of its tenants. And so by focusing on their core responsibilities the result is happy tenants, stress-free investors and extremely well managed properties.