We structure our fees very differently to most agents. In general, from your average high street agent, you will pay up to 17% plus VAT and in some cases as much as 21% plus VAT per month for their managed service and this remains the same throughout the term of the tenancy. You will also be charged £500-£950 in initial admin costs (half of which used to be paid by the tenant). These are for references, contracts etc.
Because our focus is in cutting costs and investing in technology our fees are only 10% plus VAT in the first year. 5% plus VAT of this will be paid upfront for the introduction of the tenant and then 5% plus VAT is taken monthly. Should the tenant stay on for a further year and beyond it simply continues at 5% plus VAT monthly. Our initial admin fees are only £350 plus VAT.
A remarkably low fee for such a high standard of service!
Being a landlord used to mean making a lot of calls
Who do you deal with in the average agency and what is the series of events in having a managed rental property?
Lettings Manager/Valuer. Will do the initial valuation, advise on rental that can be achieved, organise pictures and the initial launching of the property to the market. They would also, under normal circumstances, keep you updated on the progress of your let and what interest they have.
Lettings Negotiator. Will do all the viewings and advise on any offers. There could be several of these! All these negotiators will be trying to convince you to accept their tenant as the best option as they are all paid on individual commission! They also do not care about the quality of tenant as once they have been paid and problems are someone else’s!
Administrator. Will do all the references, drawing up of contracts, register the deposit, organise inventories, organise cleaners and make sure all compliance work is done like Gas Safety Certs etc.
Property Manager. Will look after the day to day running of the property, any repairs that are required and organising property inspections.
No matter how many properties you have, in any number of towns
Accounts Manager. Will collect the rent and pay into your account. Make sure that any contractor bills organised by the property manager are paid etc.
Renewals Manager. Will deal with the renewing of contracts. Why this role exists is beyond me! They have no clue where or what the property is and can not possibly advise on what the current market conditions are!
So, in general, you are having to deal with 6 different people with 6 different telephone numbers and 6 different email addresses! Imagine if you have to multiply this by how many properties you have in different locations!!! Just 3 properties with 3 different agents can mean 18 sets of contact details! Crazy.
With PPM you can cut this down to 1!!! This will not vary whether you have 1 property or 50! Imagine having just one telephone number and just 1 one email address for all your queries!
Stealing a line from an old Train advert, let us take the strain.
To read Paul's full bio, click here
Paul began his career in property sales & management during the worst period for the UK property market in living history. He didn’t just survive, he thrived!
Paul focused on residential letting and property management, going on to help create the No. 1 Letting agency in Kingston.
As an Area Manager for a major corporate Paul widened his already considerable knowledge by assisting in integrating 5 new offices into the companies portfolio of offices.
Returning to his first love, independent agency, over the next 14 years Paul would help two independent agencies become the leaders in their towns. In this time Paul would also add New Home Investment Buying to his expertise and quickly became the ‘go to’ advisor for Landlords and Major Corporate New Home Builders such as Redrow and The Berkeley Group on New Home rental values.
All this experience led Paul to the inevitable conclusion that Property Management needed modernising and streamlining.
Performance Property Management was born! Ushering in a new era in property management services.
We only have one property right now, but we’d like to get more. With PPM I feel confident we can handle it and with their help we will make the right choices on our property investment going forward.
Frank Bloomfield - Surrey
One person! Just one person to deal with, for EVERYTHING! If you’re a landlord you’ll understand why I’m so happy about this. Fantastic service with just ONE PERSON TO CALL!
Gary Timney – Hampshire
PPM literally transformed the way we manage our properties. Having 3 properties in, 2 towns, with 3 different letting agents was a total nightmare. So many people, so much confusion. PPM is a breath of fresh air for landlords.
Deborah Collins – Dorset
PPM is the first company to offer Landlords a one-stop-shop for every aspect of property management.
A single, highly experienced, point of contact means you will never have to waste time, or worry, about your property.
From tenancy agreements, to mowing the lawn and everything between, we’ve got you covered
