BUY TO LET Are it for the long


ManagingadevelopMentis abouthelping people to live inahappyandsecurecommunity that allowsthemtoenjoytheirhome.Residents paytheir servicechargesandfollowthe obligationsintheir lease,andinreturnexpect theirblock to be insured, safelymaintainedand well looked after.Thatsoundssimpleenoughbut achieving it oftenmeans the propertymanager performingadelicatebalancingactbetween owneroccupiers,landlords, rentersonlongterm agreementsandshort termtenants. Whilethefirst threeofthese groupswill


oftenhave a vested interest in the development’s long-termfuture, residentsonshorter leases can oftenbedetachedfromthecommunity spirit theothershavesoughttofoster.Sohowdowe,as propertymanagers,engage this groupandmake sure theirneeds are represented? Propertymanagers generallyfindthey face


twokey issuesaroundshort termtenants–and they both stemfromalackofcommunication. Either thepropertymanager struggles to establisharelationshipwithlocallettingagents, or the block’s residentmanagement company (RMC)won’tengagewith renters.


leTTing agenTs Theformerproblemis particularly frustrating formanagingagents. If aletting agent doesn’t want to talk to the firmmanaging the development they are letting in, itmakes it very difficult to ensure that tenants know the rules. That oftenmeans thatanewtenant’s first


Talking To


contactwith themanagingagentmaynot be apositiveone:wewillbeaskingthemtostop doingsomethingthey probably didn’t realise they shouldn’tbedoingin thefirst place.The most commonmisunderstandings occur around things likeparkingspacesandbikestorage,but they also cropupat developmentswith facilities suchasgyms.Whenthishappens,weprovide notesandguidance for the tenants,butwe make sure the landlord has a copytoo so they canprevent ithappeningall over againwhen thenexttenantmoves in.Wehavealsostarted


Flat Living Autumn2012


you TeRm


in ?


Whenitcomes to keepingresidents happyinblocks with a high proportion of renters,managing agents have


a key role to play. For leeMiddleburgh,goodrelationships with letting agents andRMCs hold the key to success.


givingrentersaccesstoouronlineproperty management systems like Your PropertyOnline. Becausewecantailor thesystemfor individual users, renterswillbeabletologonandseewhat ishappeningatthedevelopment,buttheywon’t have accesstotheir landlord’sservice charge accounts.Thishas provedpopular,butwestill face challengeswhenitcomes to gettingin touchwithrenters in thefirst placeiftheletting agents don’t play their part.


RenTeRswelcome? Renters’membership of theRMCcanbea thornier problemaltogether. SomeRMCs are less thanwelcomingtorenters,whichcan be disappointingfor long-termrenterswho, unsurprisingly, arguethattheir contributionto theservice chargethroughtheirrentgives them the right to beheard. Alongerrentallease givespeopleastake in a


development.Theywantittolookgoodandrun smoothly,andthismakestheir voiceasrelevant asanowner-occupier’s inmanyways. The problemis thatRMCs oftenfail to


differentiate betweenshortandlong-term renters.Theformerdon’t tendto be soengaged with the development,andmovingpeople in andoutonaregular basisinevitablyincreases wearandtear in communal areas. Ourpositionis thatwealwaysencourage


Many problemscouldeasily benippedin thebudsimply by potential landlordsrunning throughaquickchecklist before theybuy.Soif youare thinkingaboutbuy-to-let, here aresomeaspects to consider: nIs thelease of theproperty suitable for letting? nIs thisashort-termor long- terminvestment? nIf it’s long-term,haveyou


Misunderstandings mayarise from


useofcommunal facilities


RMCs to allowrenters to join–withfullvoting rights.Thisisn’t just aboutlegal rightsand process–it’sabout people’shomes.Excluding keyelementstakesaway someof therichnessof the community. Aswell as talkingtolettingagents,property


managers shouldn’t forget local landlords. If they canbeprovidedwithcommunications to sendonto theircustomers,itismuchmore likelythattenantswillnotonlyunderstand their obligations,but theywill feel part of the communitytoo. Sohowdoweconvincelandlordsandletting


agents toengagewith us?Wesimplyexplain that it’smuchmoretimeconsumingforthemif theyhave to solvedisputesthathavebeenborne outoftheir tenantsnotunderstandingtheir obligations. In thelastfewyears, as rentinghas become


morecommon,we’ve seenlong-termrenters – wholiveinadevelopmentforanumberofyears –becomemorecommon.Infuture, don’tbe surprisedif this leads to a betterunderstanding fromrentersofwhatisrequiredforharmonious communityliving,andmoreopennessfrom RMCs.●


leeMiddleburgh ismanagingdirectorofOMProperty Management tel01582 393700 Webwww.ompropertymanagement.co.uk


ArEYOUApOTEnTiALLAndLOrd?


factoredin thepayments to theservicechargeover time? nDotheservicecharges contributetoasuitable contingency fund? nDotheservicecharges includeaccesstocommunal facilitiessuchas broadband, whichwillhelptheproperty commandbetter rental rates? nHowiselectricityandwater chargedfor? nIf it’sonameter,tenants


willhave topaythisontopof their rent. Bymakingsure youknowthe answers to thesequestions, anyonethinkingof letting their flat, orbuyingan investment property,hasa better chanceofmakingit worksmoothlyandavoiding endlessproblemswith tenants, lettingagentsand thoselivingin theblockyou buy into.


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