1) Getting paid promptly and receiving accurate statements.
This is the biggest bugbear - You rely on these payments for cashflow, mortgage obligations and of course profit! You want to rely on tenants' rental payments and also receive accurate, relevant statements.
Woodfield have invested in Payprop,, which just joined forces with the NFoPP, is an automated settlement platform created specifically for letting and estate agents to bring trust to the property letting market. It leads the game with 2.7 million automated transactions per year, relating to 65 000 properties. More information can be found here: http://www.arla.co.uk/news/june-2015/payprop.aspx
We have an agreement with our landlords and managed tenants that we will respond to their enquiries in a timely manner. This means phonecalls are returned, and emails replied to. This also means regular property inspections, with reports turned around within 2 working days.
3) Cost of repairs
There is often the feeling from landlords, that agents add a premium to maintenance bills. There is also a worry that agents try and find extra, unnecessary jobs to bill to landlords. We instruct our contractors on the Landlords' behalf and settle most bills from rent received. Any administration fees for this are clearly detailed and itemised. The out of hours contractor has a schedule of costs, so we all know and can plan for cash flow purposes.
It is important to check on the condition of your property on a regular basis. Not just to see how your tenants are treating it, but also to chech what maintenance jobs are needed, and any improvements which can be made. This helps with keeping costs down, preempting any issues and reviewing the tenancy. We organise quarterly inspections of all the properties we manage (and ad hoc inspections for Let Only landlords) and send them out, with accompanying photographs, within 2 working days.
5) Avoiding voids
Cashflow and yield are essential to landlords. The more that can be done to minimise voids the better. So its important that your agent is on top of notice periods, suggested improvements to make your property more attractive, and systems to create a happy tenant ethos. Woodfield Lettings have a mailing list of potential new tenants, large local employers and a waiting list for 1 and 2 bedroom flats. We are also suggesting improvements, such as insulation and modern heating systems - saving you time, money and effort.