5-Key Processes for Effective In-house Lettings.
Right, you’ve decided to take on your lettings management, you’ve chosen and started to integrate the new systems you need, so what’s next?
As well as your systems, you are going to make sure you have a clear idea of the processes you will ned to implement in order to manage every aspect of your lettings effectively. Here are 5-Key Areas for Lettings that we have created processes for that have made sure everything runs smoothly...
1: Arrears management
The tenant management and financial software will help you keep track of any arrears but you also need to implement a process within your team as to how to deal with arrears when they occur so you know any issues will be addressed at the earliest opportunity.
For this we’d recommend:
- Letters / email templates that are sent out to tenants in arrears within a set time-frame (i.e. 1 day, 7 days, 14 days for each communication).
- A CLEAR, DOCUMENTED process for serving notice; evictions; possession hearing (should you need to go to court)
- Rent checking: make sure there are set days each week / month where a specific member of your team is checking what rents are coming in and reporting back to the rest of the team when any arrears crop up
2: Property Inspections
An agreed process on how regular these should be and create a document template that can be used for each inspection
3: New Lettings
This may need to be tried and tested to see what is most effective, but your process should cover:
- AST Creation and deposit registration
- Inventory / Check-in
4: Tenant notice
- If works need to be carried out when they leave, when this needs to be organised by, by who, do you have refurb spec template?
- Check-out / key return
- Deposit return / deductions
Think about time-frames for getting problems fixed, how do tenants report problems, who in the team takes the lead on this, how are outstanding jobs recorded and monitored.
It is amazing how many little but important things there are to handle when it comes to lettings so CLEAR PROCESSES ARE KEY! Without this you are going to find things will be missed or forgotten which will really affect the quality of service you are providing to the customer - your tenant.
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