| Once
you’ve got it then you need to look after it!
This is what we mean by Property Management. For a
landlord the aim of the exercise is to maximise the
income from any property.
This is done by balancing
the following:-
- Making sure the rent is the
maximum reasonably obtainable in the market whilst
ensuring it is at a level sustainable by the tenant.
- Keeping rent arrears to a minimum
without putting the tenant under unnecessary short
term pressure.
- Keeping the property maintained
to a standard required to attract and retain tenants
without wasting money.
- Complying with legislation
and keeping up to date with changes in regulations
that are relevant and necessary.
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Colchester High Street |
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Constable
Court, Lavenham |
Q.
How do we strike this balance?
A. A mixture of experience
(Jon and Peter have each been doing this for over
20 years) and common sense. We listen to tenants and
talk to their landlords and make sure the right product
is on offer.
Q.
How else do we strike this balance?
A. We employ Carol
Geddes!
Property management
is a multi-skilled activity and is not limited to
situations where we collect rents or deal with the
financial aspects of a property. We are also able
to advise or assist our clients with a wide range
of issues affecting their properties such as repair
and maintenance, dealing with landlords or dealing
with tenants, insuring or settling claims, changes
in legislation and compliance . A number of our clients
engage us as an out of house estates department whilst
some merely use us as a sounding board.
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The
Peldon Rose Inn. One of a portfolio of properties
we look after for Lay & Wheeler. |
For many of our clients,
such as Lay and Wheeler, it is useful to talk to someone
who has a comprehensive awareness of all their properties
and get involved whatever the issue. For example,
someone who can deal with the rent review with a background
knowledge of the other day to day issues. From the
other perspective, someone who can say, "let’s
not address that rent review until we solve the leaky
roof", or whatever the issue might be. Global
awareness leads to comprehensive solutions rather
than short term fire fighting.
Lay & Wheeler
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