How to maintain your rental property
11 Sep 2018
So what do we do at Paramount Properties, in order to systemise our property management, and ensure that nothing slips below the radar?
We follow a very structured process:
1. Firstly we are fully trained and accredited. All of our lettings and property management team are members of (or studying to become members of) ARLA - the Association of Residential Letting Agents. This not only means that they have to study, take a variety of exams on different subjects to do with the process of letting and managing a property, plus customer service standards and accounting for client money ~ but they have to continually study and maintain a high level of knowledge. In a profession such as lettings, which is governed by 145+ pieces of legislation, which is constantly changing, you can be assured that many agents do not go through this thorough process, and will not have such high standards as the Paramount Lettings Team! If you are looking for a qualified and accredited agent, look for these logos:
2. We have very rigid procedures in place to ensure that we only deal with legitimate landlords and tenants who are properly referenced and have a valid right to rent in the UK. It is important for us to establish the credibility of everyone we deal with, so that there are no hidden surprises and we can rest assured that when introducing a landlord to a tenant, or vice versa, that we are putting all of the information to the other party, for an informed decision to be made. This means the starting foundation is secure and from there we can build a great tenancy and maintain it to everybody's satisfaction.
3. All of the rental properties we deal with are checked before the tenancy commences so that we can ensure our tenants are happy when they move in. Thereafter we perform regular maintenance checks and report back to all parties on any works required. At this time we are also looking to retain the decor and fixtures in the rental property to the same standard as at the outset of the tenancy. In this market, tenants are staying in rented properties for much longer than in previous periods, so a rental property should receive a new lick of paint or new carpets or furniture, within the same time-frame a homeowner would change their decor or get a new sofa, carpet, oven etc.
4. As soon as a repair notice or works order is issued, the system kicks into action and allocates the job to one of our Paramount maintenance team. Off they go to the rental property in question, booking in a convenient time directly with the tenant. No need for us to worry about the quality or competence of an 'outside contractor' we know how qualified our maintenance team are, and we always check on their quality of work, friendly manner, tidiness and speed with the tenant after every visit. We do not put an agency markup on any job so that you pay more than you would if you found the contractor in the trade directory, we charge out the work at a very fair market price, plus we insure all of the work ourselves, so nothing comes back to bite our landlords or us!
5. When a tenant vacates a property, we will carry out a pre-check-out inspection as soon as the tenant gives their notice. This allows us an opportunity to suggest to our landlords any works we think the property could benefit from, prior to remarketing. and whether this will affect the rental yield. We can then advise on costings and leave enough time to carry out the works. At tenancy end, not only do we organise the inventory check-out, but we also look at the property standard, in comparison with other similar rental properties, and advise if anything is required, such as a new kitchen, or maybe some updated doors, or a new bathroom, decor etc. Again, we will quote for this work at a very fair price and ensure it is carried out in the quickest time because we are always mindful of those void periods when no rent is coming in. It is important for us to maintain your rental yield at the correct standard for the NW London area, and every extra day a refurb job takes, reduces that yield. We deal with many overseas landlords and so we are happy to project manage all work ourselves and send regular reports plus a video when everything is finished.
If you have a property that you would like to have managed by Paramount, or if you would like to know more about our maintenance service, we would love to hear from you.
Contact our Lettings Director Spencer Lawrence here.
Maintenance Information: click here
Landlord Information: click here