What is property management?

May 10th 2023
Someone pointing at a clipboard with a house floorplan and pair of keys beneath

As the name would suggest, property management is when a third party such as an estate agency manages your rental property on your behalf. What this management involves can depend on both the needs of the landlord and what the agency has to offer.

Here at Goodfellows, we know every landlord has a different reason for letting a property and different needs from a letting agent. That’s why we provide a range of flexible landlord services to meet your needs.

Our three service options are Let Only, Rent Collection and Fully Managed. While they have overlapping services, the three have different fee levels and varying amounts of involvement from the property management team.

Let Only

At the Let Only service level, the Property Management team is partly involved in the pre-tenancy process related to marketing and contracts, but takes a step back during the actual tenancy.

Services offered as part of this level include:

  • Provide Market Appraisal of your property in line with market conditions and suggest areas of improvement
  • Advise on compliance issues
  • Accompany all viewings
  • Collect the security deposit and first month’s rent

Rent Collection

With Rent Collection the Property Management team is fully involved when finding a tenant and partially involved during the actual tenancy, but to a lesser extent than at the Fully Managed level.

As well as all of the services offered as part of Tenant Find, the Rent Collection level involves:

  • Collecting rent on a monthly basis
  • Pursuing non-payment of rent and provide advice on rent arrears actions
  • Arranging annual gas safety checks
  • Negotiating renewal at the end of the tenancy

Fully Managed

At the Fully Managed level and for a slightly higher fee the Property Management team is more involved in the letting process, especially during and at the end of a tenancy.

All of the services offered as part of Let Only and Rent Collect are included in Fully Managed, with the addition of things such as:

  • Inspect the property on a six-monthly basis
  • Deal with any maintenance issues between landlord and tenant
  • Post-tenancy, arrange check out and notify the landlord of any dilapidations or recommended improvements
  • Represent the landlord where a dispute is raised with the deposit protection scheme

For more information about our landlord services, please visit our service options page or contact our Property Management team.