Management of rented property

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  • Management of rented property


    I own a flat in London, bought when I was living there. At present I live in Italy and I rented the flat to a Company that uses it for its employees. The flat was completely renewed in 2003 and is really in a good shape. Because of the low likehood of possible major problems with the flat, as it had just been renewed, I left the management with an acquaintance who lives in London. In more than 3 years of tenancy only twice interventions were required in the flat (broken washing-machine, faulty boiler for hot water) that were dealt with within a week. However, it happened that the manager was not immediatly available to answer phone calls from the tenant's manager (a relocation agency) in which case I was contacted in Italy and immediatly found to provide answers.
    The tenant's manager in now pushing me to find a new manager in the UK that can be promptly be found if needed. I am not very keen on leaving more than 10% of the rental to a letting agency simply to have a phone contact in the UK and a person to do what I could do from Italy (for example call the plumber I know in London to arrange a repair in the flat).
    My questions are:
    1) can I just leave the situation as it is and do personally the management of the flat from Italy, or should I necessarily appoint a manager in the UK?
    2) is there a time limit to carry out an intervention in the flat when maintenance is needed?
    Many Thanks

  • #2
    1) Yes
    2) No

    However, bear in mind that just sometimes you may be needed in a hurry. Last week at 07:30 hours, one of my less prompt paying tenants telephoned me to declare that her drains were blocked and she had an overflowing toilet. (Uck) My drain man was on the job in a couple of hours who (expensively as usual) had the job fixed, and as it has happened before put his camera down, checked the drains and reported back to me. Bit more difficult if you are living in Italy.
    Is there any chance that this tenant's manager could come off his high horse and help you out in a real emergency?

    Any information given in this post is based on my personal experience as a landlord, what I have learned from this and other boards and elsewhere. It is not to be relied on. Definitive advice is only available from a Solicitor or other appropriately qualified person.


    • #3
      Hi, I manage my flat in SW London from Spain. Courtesy of Ryanair & Travelodge I do the 3 monthly inspections & painted it this winter. I know emergency call out people if needed but reckon the 10% managment fee a bit toppy for a modern flat.

      Shame I can┬┤t bill my time but my costs are c 5% of the annual rent, based on 2 years experience.

      Hope it helps, with the internet & mobile for texting you are effectively nearby.


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