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Property Management

Discussion in 'General Business Forum' started by HABO, Feb 8, 2018.

  1. HABO

    HABO UKBF Newcomer Free Member

    5 0
    Hi All

    Im new on here and glad to be part of this community and share thoughts.

    Im looking to start up a property management business from home and just doing some research around this market.

    I have a property of my own which i let through an agent but now cancelling as expensive and hardly use their services. When it comes to the service , apalling.

    My tenants always contact me for anything

    My USP- i manage my own home so il
    Manage yours just like its mine.

    I have a local contractor i use all the time as well as good relation with others.

    Im not planning to go out full but take
    One on and then gradually buold
    This up As there are a lot of landlords in the area who use high street agents.

    Im aware that i will need to set up:
    Tenancy agreements
    Contract agreement between landlord
    Fee structure
    Inspection forms etc

    Can anyone advise anything that i need to be aware of: legally

    Business insurance is a must

    Your advice would be much appreciated :)
     
    Posted: Feb 8, 2018 By: HABO Member since: Feb 8, 2018
    #1
  2. Maz

    Maz UKBF Newcomer Free Member

    27 2
    You must be member of deposit protection scheme if you want to grow professionally
     
    Posted: Feb 9, 2018 By: Maz Member since: Feb 1, 2018
    #2
  3. HABO

    HABO UKBF Newcomer Free Member

    5 0
    Hi Maz

    Thanks for your reply , i will certainly ensure i am a member of the deposit scheme.

    Ive got most documents together.

    Just need to find a AST agreement and a section 21 etc.

    Guarantor forms

    Once ive done this the plan is to attract family first and then branch off slowly.

    Can anyone advise if i ahould take on any courses relevant to property management ?

    Do i need any insurances , business insurance which i will get anything else?

    I just want to make sure there is transparency with what i am doing and providing a customer first approach to landlords and tenants which will HOPEFULLY make this smooth but looking foward to a challenge
     
    Posted: Feb 10, 2018 By: HABO Member since: Feb 8, 2018
    #3
  4. Krprop

    Krprop UKBF Contributor Free Member

    44 7
    You need to be part of a redress scheme.

    I am a member of the Property Redress Scheme. It’s a body where tenants can go to if they have a complaint.

    You also should be part of the NLA to make sure you legal documents are up to date.

    Make sure you use a property management software as the landlord will want monthly statements.

    You need to make sure you have systems in place for non payers. Do you text first? Send them a letter? Charge for letters etc

    I would go on a property management course with the London Landlord Accreditation Scheme. You need to make sure notices etc are correct and issues on the correct days.
     
    Posted: Feb 13, 2018 By: Krprop Member since: Jan 12, 2015
    #4
  5. HABO

    HABO UKBF Newcomer Free Member

    5 0
    Hi Kreardon

    Thanks for your reply , much appreciated and great advice :)

    You need to be part of a redress scheme
    – Would this be the property Ombudsman ? or can you recommend one ?

    Make sure you use a property management software as the landlord will want monthly statement - Can you advise on the software you recommend? Preferably , managing up to 20 properties ? I have looked at Jupix and landlord vision.

    I would go on a property management course with the London Landlord Accreditation Scheme – in regards to this as I am based in the West Midlands , will this also cover nationally ?

    In terms of start up the business, it will be from home (sole trader) where I can manage on a small scale to make tweeks where required to provide the service I am looking to provide.

    Its easier said than done and this market requires full on planning and I want to take my time to make it right.

    I have purchased a domain name also to help promote the business. I will be looking to fully go out towards the end of the year.

    In regards to charging tenants I have come across some agents charging and some don’t. But I guess this would be the main selling point ? right ?
     
    Posted: Feb 13, 2018 By: HABO Member since: Feb 8, 2018
    #5
  6. Krprop

    Krprop UKBF Contributor Free Member

    44 7
    Hi

    There is one called the Property Redress Scheme for letting agents, it about £99 a year.

    Landlord vision will not work for you, this is for landlords managing their own properties. You will need something like RentMan, Jupix etc

    Yes they should cover nationally, i am in Kent and im part of the Kent Landlord Accreditation Scheme, its worth checking what your local council offers.

    I work from home also, and then meet any potential landlords or tenants at their property. Its working well for me.

    We charge tenants £300 admin fee which covers our referencing, inventory, deposit registration and do not charge the landlords.

    Soon we will not be able to charge tenants, so we will charge the landlord this fee instead.

    You can save money by doing the inventories yourself, and using NLA to do credit checks.

    You need to make sure you know to manage property, make sure Gas safes are organised and completed on time, make sure maintenance is dealt with, logged and completed, make sure inspections are completed at set intervals.

    Good software can remind you of a lot of things.

    I hope this helps.
     
    Posted: Feb 13, 2018 By: Krprop Member since: Jan 12, 2015
    #6
  7. HABO

    HABO UKBF Newcomer Free Member

    5 0
    Thank you for that information.

    The spanner in th works which i just realised.

    Im not planning to give up my full time job.

    I work in social housing dealing with tenants repairs and asset management, but as i work in a social housing , will this be a confict of interest ? Or me being a sole trader (agent)be totally different ?

    Thank you
     
    Posted: Feb 13, 2018 By: HABO Member since: Feb 8, 2018
    #7
  8. LiveNetworks Ltd

    LiveNetworks Ltd UKBF Regular Free Member

    165 39
    Are you going to do any work in Wales?

    If so you need to be qualified through Rent Smart to meet requirement of Housing (Wales) Act 2014
     
    Posted: Feb 13, 2018 By: LiveNetworks Ltd Member since: Jan 31, 2018
    #8
  9. HABO

    HABO UKBF Newcomer Free Member

    5 0
    Hi

    It will be just the weat midlands area

    Thanks for the heads up on that :)
     
    Posted: Feb 13, 2018 By: HABO Member since: Feb 8, 2018
    #9
  10. Maintworks Ltd

    Maintworks Ltd UKBF Newcomer Free Member

    6 1
    Hi Habo.

    We specialise in setting up letting agencies and provide day-to-day admin and accounts services thereafter.

    We can have you setup in no time and at a fraction of the price. We will provide all of the required softwares, registrations and training, and our on going support package will ensure you remain compliant and your accounts are handled correctly.

    We also perform back office services for maintenance contractors so there is the opportunity for you to collaborate with them, knowing that they too are safe to work with as we can vouch for their books being straight, and vice versa.

    If you want to delve into new areas, we can connect you with our other letting agent clients meaning you can grow much faster. Other clients may also require your services due to your location knowing that we maintain a standardised flow of information. We do have 1client looking for an agent in the Midlands as we speak.

    Feel free to have a look at our website. We have a new site under construction which should launch next week www. maintworks. co.uk.

    Thanks
    Sunil
     
    Posted: Feb 23, 2018 By: Maintworks Ltd Member since: Sep 2, 2013
    #10
  11. Maintworks Ltd

    Maintworks Ltd UKBF Newcomer Free Member

    6 1
    Hi Habo.

    We specialise in setting up letting agencies and provide day-to-day admin and accounts services thereafter.

    We can have you setup in no time and at a fraction of the price. We will provide all of the required softwares, registrations and training, and our on going support package will ensure you remain compliant and your accounts are handled correctly.

    We also perform back office services for maintenance contractors so there is the opportunity for you to collaborate with them, knowing that they too are safe to work with as we can vouch for their books being straight, and vice versa.

    If you want to delve into new areas, we can connect you with our other letting agent clients meaning you can grow much faster. Other clients may also require your services due to your location knowing that we maintain a standardised flow of information. We do have 1client looking for an agent in the Midlands as we speak.

    Feel free to have a look at our website. We have a new site under construction which should launch next week. Google search - Maintworks.

    Thanks
    Sunil
     
    Posted: Feb 23, 2018 By: Maintworks Ltd Member since: Sep 2, 2013
    #11