Reed & Co Property Management

The Company

Reed & Co is an independently owned company specialists in their particular field. The company prides itself on its personal and professional service to both owner and tenant.

All aspects of letting your property are explained and handled personally by our property management staff who are available 24 hours a day. All negotiations are carried out with the highest degree of professionalism, integrity and confidentiality. Our expertise and experience within the industry are beyond reproach.

The comprehensive and efficient approach we apply to each individual case guarantees a smooth and trouble free management of your property.

The Finchley branch of Reed & Co has been trading since 1995. The office has a bright, enthusiastic, refreshing and competent team. The demand for rental property has been phenomenal with considerable lettings taking place on a daily basis. We offer a number of services ranging from a straight introductory let right through to a full management contract. Our property management staff will advise you on the appropriate services to suit your individual needs.

Due to the high level of transactions we administer, we have the ability to offer extremely competitive fees, unrivalled within the industry.

The Shop

Why should you let your Property?

There are numerous reasons why people decide to let their properties and here are some of the advantages they gain by doing so:

Whether you have acquired a property for investment purposes, going abroad temporarily or permanently or just trapped with negative equity, then letting your property will not only generate an income but safe guard your property against squatters and damage.

A let is only agreed once stringent vetting and first class references have been obtained, and then only with the LANDLORDS final approval.

Periods of letting can vary from the minimum of three months to three years, obviously depending on the landlord's requirements.

Managed properties are personally inspected on a regular basis by our property management staff and the monthly rent is paid directly to you by us.

Should an emergency occur such as a burst pipe or electrical fault, our maintenance service engineers are on call 24 hours a day, and are equipped to deal with any emergency repair. We also retain local gardeners and handy men who can maintain and upkeep your property if required, at a very reasonable charge.

Our commitment is to take complete responsibility of the property whilst let and give the landlord absolute piece of mind.

Once you have decided to let your Property

At the first step is to contact Reed & Co.'s property management staff to arrange a convenient day and time to meet at the property. We will discuss and advise you on the appropriate service to suit your individual needs, and on receipt of your formal approval and instructions we will:

  1. Agree an individual marketing strategy for your property, (i.e. furnished, unfurnished or partially furnished, price per calendar month, available dates etc.).
  2. Immediately advice existing suitable tenants your property is available, advertise your property in the local newspapers on a weekly basis. (We would recommend your property is offered 2-4 weeks before it becomes available).
  3. Once we obtain an interested party, we will put each tenant through our reference verification service run by Rentshield. (See attached verification check list).
  4. Prepare the necessary legal lettings agreements. Including all associated legal notices.
  5. Collect one months rent in advance and hold a damage deposit against breakage's (usually an amount equivalent to one months rent), this deposit will be returned to the tenants at the end of the let subject to everything being left in a satisfactory order.

Reference and Verification Report

  • Voters roll registration details at current address and previous address (if less than 3 years at current address).
  • County Court Judgement (CCJ) or Court Decree (CD) at current and previous addresses (if applicable) including defendant's full title, amount of judgement, date, County Court and Case No.
  • Details of any Bankruptcy or Individual Voluntary Arrangement (IVA) or any other credit information of a detrimental nature.
  • Verification of current employment details to include length of employment, position, whether employed on a full-time and permanent basis, and annual salary. If with current employer less than six months, details of previous employment as current and reason for leaving.
  • Report, if applicable, from current/previous Managing Agent or Landlord to include length of tenancy, amount and promptness of rental payments, details of any dilapidations, and whether tenancy conducted in a satisfactory manner.
  • Report from a Character Referee.
  • Reports from an Accountant and/or Solicitor if the applicant is self-employed.
  • Assessment of the applicant's suitability for a tenancy, taking into account all of the above reports and references and also the applicant's age, marital status, employment, property ownership etc.
  • A recommendation as to the applicant's suitability for a tenancy.

Full Management

  1. Collection of monthly rent and crediting direct to yourself or your bank on a monthly basis.
  2. Confirm the electricity and gas board and the appropriate telecommunication company have been informed of the new occupier, (however, legally this must still be confirmed by the landlord and tenant).
  3. Preparation of monthly statements of accounts.
  4. Quarterly property inspections.
  5. Arrange for tenants to take up residence and also arrange for vacation of the premises at termination let.
  6. Full inventory checks on occupation/vacation (see separate sheet for inventory's) where requested.
  7. Supervision of repairs and decorations up to maximum of £100 for repairs in excess of this amount we will obtain landlords permission first (except in an emergency).
  8. We can, if required arrange to pay the following on your behalf:-
    a) Ground rent and services charges (leasehold)
    b) Water rates
    c) Garden and Maintenance charges
    d) The mortgage repayments

Reed & Co. Property Management scale of fees

  1. Straight Letting Service: Where no management is to be undertaken by us an introductory fee of 6% for Sole Agency and 10% for Multiple agency of the gross rental due from the tenancy will be charged. If you decide to take the option of paying the introductory fee on a monthly basis an additional 1% will be charged.
  2. Full Management Service: Where this service is required and additional fee of 5% of the gross rental due from the tenancy will be charged.
  3. Re-Letting Charges: As (A) and (B) above.
  4. Inventory Fees: Depending on the size of the property this fee can vary, please see separate sheet.
  5. Inspections: Quarterly inspections are made during the period of letting to insure the premises are being properly maintained. If you require additional inspections during this period there will be an additional charge of £35.00 per inspection.
  6. Selling: If any tenant enters into a contract to purchase the property; 1.5% of an agreed contract price will become payable on completion.

Note:- All fees are subject to VAT and due on a monthly basis.

General Basic Essentials for Fully Furnished Premises

Lounge: Carpet, three piece suite, coffee table, net curtains heavy curtains, lampshades, some form of heating. N.B. All material furniture should be fire resistant.

Dining Room: Carpet / Vinyl floor covering, table and four chairs, net curtains, lampshades, heavy curtains, some form of heating.

Kitchen: Floor covering, lampshades, cooker, fridge/freezer, washing machine.

Bedrooms: Carpet, wardrobe, bedside unit, lampshades, net curtains, heavy curtains, some form of heating.

Bathroom: Carpet / Vinyl floor covering, blinds or curtains, medicine cabinet.

Cleaning Equipment: Vacuum cleaner, carpet sweeper, (either), dustpan and brush, bucket, broom.

Exterior: If there is a garden with the property please ensure that the following items are left to enable the tenants to keep the grounds in good order; lawn mower, rake, spade, hoe, hedge cutters.

Repairs/Maintenance: Under existing legislation you are responsible for all repairs to the property and contents, except those caused by the tenants neglect and misuse. Should a repair become necessary we will arrange competitive estimates for your approval, unless we consider the mater needs immediate attention. Please be aware due to legislation all rental properties must have a yearly gas certificate issued by a GAS SAFETY registered engineer and electrics to be checked before tenancy starts.

Note: Under the rules of the Royal Institute of Chartered Surveyors we are not permitted to meet expenditure out of our client's accounts unless the individual account is in credit.

General Information

Inventories: At the commencement of the tenancy we will be responsible for checking in your tenants either against an inventory prepared by yourself (no responsibility can be accepted if condition of items are not stated) or we can have an inventory prepared on your behalf, the cost of which will be deducted from the rent.

Schedule of Inventory Charges:

Property Furnished Unfurnished Check in/out
Studio/1 Bedroom £65.00 - £75.00 £60.00 - £70.00 £50.00 - £60.00
2 Bedroom £90.00 £80.00 £75.00
3 Bedroom £100.00 £90.00 £85.00
4 Bedroom £120.00 £110.00 £100.00

The tenant will be asked to sign the inventory on the day of occupation and a copy of which will be sent to you. Gas and electric meter readings will be taken on the day of the occupation (where necessary).

Legal Protection

We are able to offer an insurance policy which will cover legal expenses should it be necessary to take recourse to the courts to obtain repossession of your property or any other dispute with the tenant including damage to your property.

General Insurance

Please arrange an appointment to discuss all aspects of insurance and Investments with REED & CO. In the event of an insurance claim having to be made, where we are required to deal directly with the insurance company on your behalf an administration fee of £75.00 + VAT will be charged.

Tax

If you do not have an accountant we are able to arrange tax assessments regarding your property income.

Building Society / Mortgage

If your property is mortgaged, you will require approval from your building society or bank etc…. before you let. In most cases consent is given readily but it is wise to seek this consent as early as possible. A small administration fee is usually payable to the mortgagee.

Leasehold Properties

It is wise to check that your lease does not have a covenant which forbids letting. You can check with your solicitor if necessary.

Mail

You must advise the post office of your forwarding address and they will redirect any mail going to the premises for the required period of time. We cannot accept any responsibility for redirection of mail.

Keys

You will need to supply this office with a minimum of three sets of keys. (Additional sets may be required in the event of multiple tenants and the cost will be deducted from the monthly rent).

End of Tenancy

We will be responsible for checking out your tenants against the inventory and you will be invited in writing to attend if possible. In the event of any breakages or damages being found we will obtain a contribution towards costs from the tenants deposit. In the event of any cleaning to hard or soft furnishings being required we will undertake to have this carried out on your behalf, full costs of which will be deducted from the tenants deposit. Gas and electricity meter readings will be taken wherever possible and all keys will be collected.

Personal Belongings

Make sure all personal items and ornaments are locked away or removed from the premises and that the property is left clean and tidy prior to your tenants occupation.

Instruction Booklets

All instruction manuals and how to control the central heating / hot water should be left at the property.