Property Management Services

Posted by in Property Management on November 8, 2011

By Mark Middleton

The profession of managing a property is a big job. It is too big for any one person to handle by themselves. When you are renting your property there are many ways to go about having your property managed.

If you want to go the old school route, you can look for a responsible tenant who can take care of your property and will not create problems in the area. Of course your busy schedule will probably not permit you to spend all of your time monitoring your property and the tenants living in it while maintaining it at the same time. You are going to need someone who can keep tabs on the place and repair, maintain and monitor the building for you.

Management is there to help you with your property in a sense that they will be able to make decisions for you when you are not there to do it yourself. Of course they should keep you updated but in general they will be able to make the decisions based on the best interest of the property. They will know to discuss everything in writing including warnings for tenants, notices and legal discussions with you.

Property managers don’t have to be a tenant. It can be a company that takes care of everything for you. This is better because there is an actual management office where they can do everything for you without having to take up one of your units. They can go by your apartments and check with the property and the tenants while keeping everything safe and organized in a place away from the building. This is convenient for if you have multiple properties that need management. Everything is out of the way and feels more together.

Having someone who lives in your property however, does help you when it comes to places where a mediator needs to be present. Often times disputes happen between tenants and property managers are the ones that have to settle it. They know that the earlier communication and acknowledgement of the problem, the less deep it will go. By competently handling the situations, the management can keep your units full, keep the property calm and pleasant and do it all while keeping your best interests in mind. They are not there for wasting your time or their own. The cleaner everything runs the more efficient the business will be.

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Five Factors That May Affect The Value Of Your Property

Posted by in Property Management on November 8, 2011

By Bob R Gray

With moving house commonly known to be one of the most expensive (and often one of the most stressful!) events in a person’s lifetime it is important to ensure that you plan your finances carefully and make sure you are aware of all the costs of moving house, which can be substantial. One important thing to consider is how much your current property is worth as this is likely have an impact on how much you will be able to purchase a new property for. This article looks at five factors to be aware of that could affect the value of your property.

1) The state of the economy and the housing market in general.

House prices fluctuate depending on factors such as low affordability (i.e. people earning a low salary compared to either actual or perceived (compared to salary) high property prices), the economic recession (namely the credit crunch) and rising unemployment, and the fact that people are reluctant to buy or sell a property when house prices are falling.

2) Location.

We have all heard of the phrase ‘location, location, location’ and this refers to the importance people place on the location of the property they are seeking to buy. The value of your property may be greater than that of similar properties, in just as good condition but in a less sought after location, if your property has good transport links and is well placed for commuting, is in a sought after area, and – increasingly importantly – is in a ‘good’ school catchment area. We now live in a generation of people who are prepared to – and do on a regular basis – move to a specified catchment area in order to get their children into their preferred choice of school.

3) Condition of your property.

It is common sense that if your property is in a less desirable state than the property next door that is also for sale (which, let’s say, has a brand new fitted kitchen, a sparkling new bathroom, and new carpets throughout) then your property is likely to be placed on the market for a lower price than the house next door. Similarly, if people viewing your property are aware that if they purchased your property they would need to immediately gut the kitchen, install gas central heating and replace the avocado bathroom suite they may be willing to pay a lot less for your property than a property – even perhaps a slightly smaller property – that needs very little work doing to it.

4) Age of the property.

Some older properties may have historical relevance or quirky characteristics which add to the value of the property. Conversely, quite often older properties are more expensive to upkeep and may need more renovations than a newer property, which could all be reflected in the value of the property.

5) Extensions and improvements.

Generally speaking, extensions such as garage and loft conversions do add value to a property as long as they have been carried out to a high standard and have increased the living space in the house

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How to Rent a Furnished Property

Posted by in Property Management on November 8, 2011

By James Robert Tudsbury

If you are looking to rent out your furnished property, you need to know a few important things before doing so. There are no rules about whether or not you should let out your house or flat as furnished or unfurnished – it is completely your own choice and preference.

Letting your furnished property can attract a higher rent and a different type of tenant, as well as improve the chances of finding a tenant quickly, although it all depends on the area. Furnished properties often suit city dwelling more than larger suburban and country housing, and are more suited to young professionals or those in transition who do not want to start buying and collecting furniture of their own. Established individuals and families often have, and prefer, their own furnishings.

The positive aspects of renting a furnished property are:

• It saves money for the tenants.
• Depending on the area, it can attract more tenants.
• The cost of the furniture and appliances supplied can be tax-deductable against the rental income.
• There is less chance of damage to walls and floors if each new tenant does not need to move their own furniture at the start and end of each tenancy.
• Prospective new tenants will better be able to visualise themselves in the property, during viewings, if furniture is in place already.

There are different levels of furnished properties, so a part-furnished property let may suit your budget and tenants better. It all depend whether you want to supply only hard furnishings, or electrical appliances and smaller items as well, such as crockery, cooking utensils, cutlery, etc.

You are not legally required to have contents insurance, but it is advisable. Theoretically all damages and losses can come out of the tenant’s deposit, but a larger extent of damage may occur so that the deposit may not entirely be able to cover the losses. In case of fire, flood, theft or anything that is not the tenant’s fault, loss of furniture cannot be covered by the deposit and contents insurance will be invaluable in these circumstances.

Note that you cannot charge tenants for losses over time due to normal and acceptable levels of natural wear and tear. If you rent out your property with furniture, you may find yourself needing to replace certain items over time as part and parcel of your responsibilities as a landlord.

In terms of safety, all furniture and appliances should comply with certain standards and be safe for domestic use. Your local letting agents can help you know what needs to be achieved in this regard. Portable appliances need to pass a Portable Appliance Test (PAT), which is not legally required, but highly recommended to avoid legal and moral issues further down the line in case of electrical fires and mishaps.

It is best to consult your local Newport letting agent to determine if better rental and tenants can be had in your area, if you were to rent out your property as furnished, part-furnished or not furnished.

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