property management - the service
Our Partnership with RPI means we are able to assist on all aspects of the property rental from
preparation, letting, management, rental collection, periodic inspection and investment sale.
Preparation
In order to maximise rental yield RPI can advise the landlord on the level of preparation required
in the property in order to maximise return. They can co-ordinate any works required such as
maintenance, decoration and furnishings.
Letting
As well as approaching our own corporate tenant base and relocation agents we shall appoint third party letting agents to ensure maximum exposure. As part of the letting procedure once a tenant has been identified we shall carry out the following:
- Negotiation of annual rental, special conditions, and lease terms in agreement with the landlord.
- Obtain detailed employment, bank and credit references on all tenants, advise landlord and submit for approval.
- Once the landlord has approved the tenancy, draft the letting contract and other legal documentation in line with current legislation.
- Coordinate the inventory and schedule of condition including meter readings.
- Prior to occupancy obtain cleared funds covering the initial rental and the dilapidation deposit equal to 6 weeks rental. Dilapidation deposits are held within a Tenancy Deposit Scheme
bonded account. - Coordinate any agreed works / special requirements such as furnishings.
- Utility transfer for both landlord and tenant.
- Coordinate tenant check-in and ongoing rental collection by standing order.
Property Management & Maintenance
Once the property has been occupied the tenants shall be allocated a property manager who
shall deal with all aspects of the day-to-day property management. In the event that a
maintenance issue arises, we shall ascertain the likely cause and arrange for a pre-approved
contractor or landlord representative to inspect the property and quote where necessary for works
then implement. Any maintenance issues arising which are deemed to be “snagging” shall be
dealt with in the usual fashion.
All contractors are checked and approved by our partners and have indemnity and public liability
insurance. They obtain a minimum of three quotations for any works unless in the event of an
emergency. RPI provide a maintenance helpline offering tenants 24-hour assistance. Once a
contractor has been appointed by way of works order all invoices are paid by deduction of rental
income at source unless otherwise specified.
To ensure financial control works above an agreed limit (normally £250) will only be instructed
with the prior consent of the landlord unless in the case of emergency.
Periodic Inspection
RPI will carry out periodic inspections of the property and issue a written report with observations
and recommendations.
Furnishing
RPI are able to advise, acquire and install furnishings, in the event that the property is to be let
unfurnished we would recommend that curtains/blinds are fitted.
Monthly Statements
Rents are transferred to your account monthly, with an income and expenditure statement
accompanying each payment. Statements can be sent electronically or via the post including
a copy of all third party invoices. In addition to this your account can be viewed online via a
secure password.
Inventory
It is highly recommended that an inventory detailing a schedule of condition be created for
every tenancy. The compilation of this document is vital to protect the landlord for dilapidations
and damage to the property. An inventory report is a complete and detailed record of the
condition of the property’s fixtures, fittings and décor both at the time of occupation and as an
ongoing record.
All inventories are prepared by an independent third party to eradicate any conflict of interest.
The estimated cost for this service is approximately £110 per tenancy.
Mandatory Certification
- Energy Performance Certificate (EPC) - This is now a legal requirement and every new tenancy must have an EPC however this should have been supplied with the Home Information Pack upon completion of the development.
- Gas Safety Certificate (GSC) - In the event that the property has a gas supply the property requires annual certification at a cost of approximately £90. This document should have been supplied upon completion of the development and remains valid for the first 12 months.
- Periodic Inspection Report (PIR) (hard wiring electrical) - This is a recommendation however
this should have been supplied within the Home Information Pack upon completion of the development. This report is valid for 5 years.