What Does ‘Professionally Managed’ Actually Mean?

“Fully managed.”

It’s a phrase you’ll see on letting agents’ websites all the time.

But what does it actually mean?

Does it mean somebody collects the rent?

Answers the phone when the boiler breaks?

Visits the property occasionally?

For a landlord considering whether to manage a rental property themselves or use a professional property management service, it can be difficult to understand exactly what they’re paying for.

Because when a tenancy is running smoothly, much of the work involved in managing it can be almost invisible.

And that’s rather the point.

It starts long before something goes wrong

There’s a misconception that property management mainly involves dealing with problems.

Boiler stops working? Call the property manager.

Tenant reports a leak? Call the property manager.

Rent hasn’t arrived? Call the property manager.

Those things are certainly part of it.

But good property management isn’t simply an emergency response service.

It’s the ongoing administration, communication, coordination and oversight that keeps a tenancy running in the first place.

Being the point of contact

One of the biggest differences for a landlord using a managed service is simple:

You don’t have to be the first person your tenant calls.

A tenant has a question.

Something needs repairing.

They’re unsure about part of their tenancy.

An issue has arisen at the property.

Rather than every query landing directly with the landlord, the property management team acts as the point of contact.

That might sound like a relatively small thing.

Until the message arrives while you’re at work.

Or you’re on holiday.

Or it’s the fifth conversation that week about a maintenance problem you’re already trying to resolve.

Professional management creates a degree of separation between owning the investment and dealing with its day-to-day demands.

Managing the rent

Receiving rent may sound like the simplest part of being a landlord.

When everything happens exactly as expected, it often is.

But property management also involves keeping appropriate records, monitoring payments and identifying when something hasn’t happened as expected.

If there is a problem, it needs attention.

Good management isn’t simply noticing eventually that a payment is missing.

It’s having processes in place so the landlord has a clearer picture of what’s happening with their tenancy.

Coordinating maintenance

We’ve written before about how much can sit behind a seemingly simple repair.

A tenant might send one sentence:

“The shower isn’t working properly.”

From there, somebody needs to establish what’s actually happening.

Is it urgent?

Are there any appropriate checks the tenant can safely make?

Who is responsible?

Does a contractor need to attend?

Does the landlord need to authorise expenditure?

How will access be arranged?

Has the contractor actually completed the repair?

Does anything need following up?

The property manager becomes the link between the tenant, landlord and contractor.

It’s not simply about having the telephone number of a plumber.

It’s about coordinating the process.

Keeping an eye on the property

Landlords don’t necessarily see their rental properties very often.

That’s understandable.

The property is somebody else’s home, and tenants are entitled to enjoy it as such.

But appropriate periodic property visits can provide useful information about how the property is performing.

Are there maintenance issues developing?

Is there something the tenant hasn’t thought worth reporting?

Are there signs that an area may need attention?

Is the general condition consistent with what we’d expect at that stage of the tenancy?

These visits aren’t about judging whether somebody has done the washing up or left a pair of shoes in the hallway.

They’re about helping to identify property-related issues and giving the landlord greater visibility of their investment.

Keeping track of the paperwork

Modern lettings involves paperwork.

A lot of it.

Tenancy documentation.

Property records.

Safety information.

Certificates.

Inventories.

Correspondence.

Maintenance records.

And an increasing number of administrative and regulatory requirements.

A professionally managed service helps bring those different strands together.

That doesn’t mean a landlord stops having responsibilities simply because they appoint an agent.

They don’t.

But having experienced people helping to manage the processes, records and ongoing tenancy can remove a considerable amount of day-to-day administration.

Communication when nothing dramatic is happening

This part is easily overlooked.

Not every interaction with a tenant involves a broken boiler or missing rent.

Sometimes they have a question.

Sometimes the landlord needs information.

Perhaps a contractor needs access.

Maybe there’s a routine matter that needs following up.

Good property management involves keeping communication moving between all the people involved.

And when something does become complicated, having an established communication route can make a significant difference.

Dealing with the little things

Property management can involve an enormous number of relatively small tasks.

A contractor needs chasing.

A tenant hasn’t replied about access.

A landlord needs an update.

A document needs recording.

A maintenance job needs following up.

A question needs answering.

Individually, none of these sounds particularly significant.

Collectively, they can take a surprising amount of time.

And that’s often where the real value of professional management sits.

**It’s not always one enormous job.

It’s dozens of little jobs that the landlord doesn’t have to remember to do.**

What happens when circumstances change?

Tenancies aren’t static.

Tenants’ circumstances change.

Landlords’ plans change.

Properties age.

Repairs arise.

Tenancies eventually end.

A professionally managed property therefore isn’t something that’s simply “set up” at the beginning and forgotten about.

It requires ongoing attention throughout the relationship.

When a tenant eventually decides to move, there is another process to manage – communication, property condition, keys, records and preparing for whatever happens next.

Then the cycle begins again.

Can landlords manage their own properties?

Of course.

Many landlords successfully manage their own rental properties and are perfectly comfortable doing so.

The question isn’t whether a landlord is capable of arranging a contractor or answering an email.

It’s whether they want responsibility for coordinating everything that comes with managing the tenancy.

For some landlords, being closely involved suits them.

For others, the reason for choosing professional management is simple:

They don’t want their rental property to become another job.

Good property management should feel uneventful

There’s a slightly strange thing about good property management.

When it’s working well, you might not notice much of it.

Questions are answered.

Rent is monitored.

Maintenance is coordinated.

Visits happen.

Records are kept.

People are updated.

Problems are followed through.

The tenancy simply continues.

But behind that apparently uneventful tenancy can be a surprising amount of work.

At Ellis Winters, our property management teams look after the day-to-day practicalities of managed tenancies across our local area, providing a point of contact for landlords and tenants and helping keep everything moving throughout the tenancy.

Because “professionally managed” shouldn’t simply mean somebody is there when something goes wrong.

It should mean somebody is paying attention when everything appears to be going right, too.

If you’re a landlord in Cambridgeshire, Huntingdonshire or The Fens and would like to find out more about our managed lettings service, contact your local Ellis Winters team.