Letting agents typically charge between five and fifteen percent of the rental price of a property as a fee to their landlords. Beyond finding tenants for vacant properties, it isn’t always well understood what work they undertake to justify that fee.
Running tenancies is intensive – especially when scaled across a portfolio of properties – and scale is important, as the income from each individual property will typically cover a small fraction of a salary. We have found that a start-up agency, needing a modest office, a website and listings on the major property portals, won’t break even until sometime in their third year of business, having an extensive range of duties for each property they manage.
The regular duties of a letting agent, per property, now run to:
- credit checking new applicants
- checking the immigration status of applicants
- ensuring Energy Performance Certificates are produced
- ensuring Gas Safety Certificates are up-to-date
- collecting rent
- chasing rent arrears
- performing regular property inspections
- handling tax collection for non-resident landlords
- searching the Land Registry
- handling maintenance issues, from dripping taps to infestations
- paying suppliers
- organising decorating work
- billing landlords
- renewing contracts
- issuing and handling keys
- processing changes in tenants
- court appearances in connection with unpaid rent
- liaising with local councils regarding Housing Benefit
- arranging PAT testing of electrical appliances
- changing locks
- providing advice to landlords
- handling collection and compliant claims against tenant deposits
- sourcing and renewing various types of insurance
- and finally… finding tenants for vacant properties
Imagine, if you will, the demands of a 100-property portfolio… yet, this is the level at which an agency starts to become self-sufficient.
There is now huge pressure on letting agencies to be accurate, efficient, and pro-active – as well as being able to demonstrate these activities on demand. Good property management software will streamline your workload, integrating insurance, EPCs, SMS, remote print & post, and credit checks, to maintenance, statements and inspections, and more.
Our goal is to ensure PropertyLoft understands the demands of every part of this workload and performs flawlessly to the benefit of letting agents, landlords and their tenants, from anywhere with an internet connection. One agent can manage 30 houses manually, or 100 with most software.
An agent can manage 250 properties with PropertyLoft.
Need help managing your property portfolio? Register your interest today…