Managing a rental property can be a rewarding investment, but it also comes with plenty of responsibility. From finding the right tenants to making sure your property meets all legal requirements, there’s a lot to think about. Whether you’re a hands-on landlord or prefer to leave things to the experts, understanding how property management works can help you protect your investment and keep tenants happy.
What is property management?
Property management is the day-to-day running of a rental property. It covers everything from marketing the property to organising repairs and ensuring legal compliance. Many landlords hire a property manager so they can save time, reduce stress, and avoid costly mistakes. Others manage everything themselves, which can be rewarding if you have the time and knowledge.
If you’re wondering “what is property management” in practical terms, it’s essentially being the main point of contact for tenants, overseeing the property’s upkeep, and making sure the tenancy runs smoothly from start to finish.
What should a property manager do?
A good property manager will handle every stage of the tenancy. In the UK, there’s no legal requirement to have formal qualifications to manage property. However, many professional managers hold accreditation from bodies such as ARLA Propertymark, the National Residential Landlords Association (NRLA), or the Royal Institution of Chartered Surveyors (RICS). This shows they meet industry standards and stay up to date with changes in the law.
Find and keep good tenants
A reliable tenant is the foundation of a smooth tenancy. Property managers help by:
- Advertising and marketing
- Tenant viewings
- Referencing and financial checks
- Right to rent checks
- Tenancy agreement and inventory
- Communication with tenants
Strong marketing attracts a larger pool of applicants, which makes it easier to choose someone reliable. Referencing and legal checks reduce the risk of rent arrears and ensure you’re meeting legal requirements. Once tenants are in place, regular communication keeps them happy and more likely to stay longer.
Maintenance and repairs
Keeping the property in good condition protects its value and ensures tenants feel looked after. A property manager will:
- Deal with tradespeople
- Liaise with tenants
- Carry out property inspections
Quick responses to maintenance requests can prevent small issues from becoming costly repairs. Regular inspections help spot problems early, from leaks to signs of wear and tear, so they can be addressed promptly.
Collecting rent and chasing arrears
Reliable rent collection is vital for your investment’s success. A property manager will monitor payments, send reminders if rent is late, and follow the correct legal process to recover arrears. This can save you from difficult conversations and ensure you stay within the law when taking action.
Managing tenancy deposits
Deposits protect landlords against unpaid rent or damage, but they must be handled correctly:
- Deposit caps
- Deposit protection
In England, deposits can’t exceed five weeks’ rent (or six if the annual rent is over £50,000). All deposits must be placed in a government-approved protection scheme within 30 days, and tenants must be given prescribed information. Failing to do so can result in fines and make it harder to regain possession of the property later.
Related: How to get your deposit back?
Compliance, health and safety
Compliance is one of the most important and most complex aspects of property management. Landlords must meet strict safety and energy efficiency standards, including:
- Gas and electrical safety
- Fire safety
- Minimum Energy Efficiency Standards (MEES)
- Prescribed information
A good letting agent keeps on top of these requirements, organises inspections and certificates, and makes sure you have the right paperwork in place.
Related: Tenant fees: a guide
Is property management worth it in the UK?
Many landlords ask if hiring a property manager is worth the cost. The expense can feel significant, but in many cases, it pays for itself. Property managers usually charge a percentage of monthly rent, often between 10 – 15% for a full management service. While this is an extra outlay, it can save you time, reduce stress, and help you stay compliant with changing legislation.
If you have multiple properties, live far from your rental, or simply prefer not to deal with repairs and tenant issues yourself, property management can be a worthwhile investment.
How much does it cost to manage a rental property?
Costs depend on the level of service. You can choose:
- Tenant-find only – a one-off fee for marketing, viewings, and paperwork.
- Rent collection – includes tenant-find plus ongoing rent collection.
- Full management – covers everything from finding tenants to handling maintenance and legal compliance.
Full management offers the most peace of mind, particularly if you’re new to letting or don’t have the time to be hands-on.
Looking for help with your let?
If you’d like expert support managing your rental property, Martin & Co can help. Our experienced local estate agents can handle everything from marketing to maintenance, so you can enjoy the benefits of your investment without the stress.
