Mastering the art of AST Management
Aside from some of my family’s pet names, and the obvious soubriquet MIH,( for those not in the know, it stands for Make it Happen) I once described myself as being like a stick of rock with property management being embedded through my core. I often write about Block Management and I realise that in doing so I neglect the other management services that MIH offer, so today’s blog is about our services in respect of AST Management.
I have written several blogs about the pros and cons of renting out your property and indeed one on tenancy management in January which explained the benefits of having MIH manage your property.
In that blog I wrote about an overseas client who had passed over the management of their flat management portfolio to MIH having previously managed this themselves. We admit that taking this on was something of a challenge and although we were confident that we would prove our worth almost immediately, it was still daunting to take over something that didn’t need much TLC.
Going that extra mile
After nearly three months of managing the property we are pleased to say that our client’s faith in MIH has been more than repaid. MIH have not only delivered, in true inimitable MIH style we have gone that extra mile.
Negotiating on behalf of our clients
We are never ones to sit on our laurels and always look to set the bar as high as far as it can go. Our first task was to deal with a difficult deposit return. Through our structured approach and response to the representations made by the tenant we were able to achieve a 25% increase on the monies to be returned to our client. In addition through our careful reading of the letting agents T&C’s and our experience we were able to negotiate a refund of the additional commission requested by the agents for the periodic tenancy, created as a result of the tenant asking to stay for an extra three weeks.
Efficiency is key
In the same vein, following the recent spate of wintry weather, snow had collected on the flat roof causing damage to an elaborate bathroom and cloakroom below that. Through the quick work of MIH, we were able to get a contractor out the next day to minimise the damage and to get all works completed quickly and at no cost to our client, as this was subject to an insurance claim.
At the same property, after being told by the letting agent that they would not be able to renew the tenancy as the EPC rating was an F (new legislation means that you can only rent properties with an “E” rating and above) we arranged for a new EPC and were pleased to find that with the upgraded software the new EPC rated the property as an “E”. Although, the renewal has now been completed we are already anticipating that the legislation may change again and a “D” rating becoming the new standard. As such we are already carrying out the necessary investigations to “Make it Happen” as and when required.
Referrals and recommendations
With everything taken into account, including the additional fees payable to MIH, our client is already appreciating what MIH can do for them and rather the outcome of this is that they have now passed us further flats to manage and have asked us to select our preferred letting agents,
negotiate the terms with them and even advise what should be included in the tenancy agreement. No mean feat when considering the best way in which to deal with recharging the communal heating/hot water in the flat and the use of the communal terraces. Furthermore, they have recommended us to their friends so we are looking forward to a busy time with all our new AST managements.
If you would like some advice on any aspects on AST management or to discuss how MIH can help you maximise your investment please do get in touch with us, we would be glad to hear from you