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Head of Property Management

Harlequin Surveyors Ltd

245 London

Managing Director

Lawton Ltd

321 High Street

Dear Sir/Madam

I'm writing to Lawton Ltd. to convey how much Harlequin Surveyors Ltd. would like to

manage your property 55 High Street. I'm sure our company’s wealth of property management

expertise and the company’s enthusiasm for designing amazing living spaces would make our

company an invaluable member of your team.

The company has over 7 years of experience in the property management field, and the

company has a solid grasp of the difficulties and intricacies involved in successfully managing

properties. Our ability to manage all facets of property management, from leasing to upkeep and

tenant relations, has regularly raised property values and produced high tenant satisfaction

ratings. The chance to work for a business that appreciates innovation and aspires to greatness is

what most excites our company about the management of your property at 55 High Street. Your

dedication to provide first-rate customer service is exactly in line with our own ideals, and we

are excited to help you fulfill your goal of giving your tenants amazing experiences.
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We successfully created a tenant retention program at Denham Properties, where we

worked as a property manager before. The program increased the number of lease renewals by

20%. We were successful in building a feeling of community among the tenants at the buildings

we managed by developing close connections with them and attending to their requirements in a

timely and efficient manner. With our keen attention to detail, excellent problem-solving and

communication abilities, and strong work ethic, I'm sure we would succeed in effectively and

efficiently managing your property. The dedication of Harlequin Surveyors Ltd. to

environmental responsibility and sustainability really appeals to me. In order to lessen our carbon

footprint, as property managers, I think it is essential to put an emphasis on energy efficiency and

adopt sustainable methods. It gives me great pleasure to share my knowledge in this field and

assist Lawton Ltd. in becoming industry leaders in sustainable property management.

I appreciate your consideration of my application. Our company’s qualifications and

skills in property management would ensure that your property is effectively and efficiently

managed to ensure both profitability and sustainability. I would appreciate the chance to go into

further depth about how our company’s credentials meet your needs.

Sincerely,

Head of Property Management

Harlequin Surveyors Ltd

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Management of 55 High Street

Name

Institution

Date

Word Count: 2116

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Table of Contents

Executive Summary--------------------------------------------------------------------------------5

Introduction------------------------------------------------------------------------------------------6

Task A

Introduction-----------------------------------------------------------------------------------------6

Critical Analysis------------------------------------------------------------------------------------6

Recommendations----------------------------------------------------------------------------------7

Task B

Introduction-----------------------------------------------------------------------------------------7

Critical Analysis------------------------------------------------------------------------------------8

Recommendations----------------------------------------------------------------------------------8

Task C

Introduction----------------------------------------------------------------------------------------10

Critical Analysis-----------------------------------------------------------------------------------11

Recommendations---------------------------------------------------------------------------------13

References------------------------------------------------------------------------------------------14
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Executive Summary

High Street was once a busy shopping street. There are 30 retail units in the town center,

including the three that Lawton Ltd own. Eight other retail units are currently vacant, there are

three newsagents, two nail salons, three hairdressers, two cafes, one pet store, two supermarkets,

one wine bar, one bookstore and four discount clothes stores. A new retail shopping mall has

opened outside of the town and now the town center struggles to attract footfall. Maple Estate

Agents is a potential tenant who wants to rent a vacant unit at the 55 High Street property.

Harlequin Surveyors Ltd which is seeking to manage the 55 High Street property ought to

determine whether Maple Estate Agents is a suitable tenant for the vacant unit. This would be

done on the basis of the offer they make. Property management is an important aspect as far as

development and maintenance of the property relates. With this being the fact, Harlequin

Surveyors Ltd. will be seeking to manage the property on behalf of Lawton Ltd. to ensure low

vacancy rates to maximize on profitability while at the same time ensuring that sustainability is

achieved.
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Introduction

A crucial component of owning and renting real estate is property management. Property

management is something that needs to be carefully considered, regardless of whether you are a

full-time landlord with hundreds of units or just rent out a single house that you used to live in.

Full-service and partial property management are the two primary categories. This paper uses the

given scenario to adequately answer the three tasks that are given for this paper.

Task A

Introduction

A full-service property management program addresses every facet of owning and

operating a rental property (Ibrahim, 2024). Tenant placement and screening, collection

management, upkeep, legal compliance, and other things are included in this. Full-service

property managers are on call around-the-clock to handle any questions or concerns from

tenants, particularly those involving urgent maintenance as suggested by Ibrahim (2024). From

little fixes to extensive renovations for recently bought fixer-uppers or between renters, they can

handle it all.

Ultimately, it is up to an individual to decide which property management services they want

to use, but it is important to note that many seasoned and prosperous landlords opt for full-

service management. Recall that managing rental properties is a full-time occupation with

obligations that never go away. Being a landlord requires commitment; if this isn't possible for

you, one should think about working with a 24-hour property manager. And reconsider whether

you believe that partial property management is right for you. Even while an individual might be

able to manage certain aspects of property management right now, keep in mind that your duties
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will increase as your portfolio does. You will eventually go beyond part-time property

management due to the sheer amount of work that has to be done.

 By making an investment in full-service management, one can be certain that their

property is being appropriately managed. This results in higher rental income, fewer

vacancies, and tenants who repeatedly renew their leases.

The following are some instances of the services that a full-service property management

plan could offer:

 Analysis of the market. It's difficult to acquire this skill, and it's likely outside your scope

of skills. In order to ensure that one’s rental unit will be lucrative, property management

firms will research the market.

 Compared to the general public, full-service property managers have access to more

listing sites.

 Screening of tenants.

 By working with a full-service property management company, you may take advantage

of their extensive vendor network and hire contractors for a fraction of the usual price.

 Full-service management firms are capable of creating impenetrable leasing agreements

that safeguard both you and your assets.

Critical Analysis

One of the primary benefits of full-service property management as far as management of

55 High Street relates is the ability to screen potential tenants carefully in order to guarantee that

only trustworthy, quality renters come into your house or apartment (Scarrett & Wilcox, 2018).

A thorough background check should cover things like criminal activity, credit history and score,

rental and eviction histories among others. To ensure that 55 High Street adheres to all local and
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state regulations, a full-service property management by our company would also take care of

the inspections and paperwork that are required (Scarrett & Wilcox, 2018). Some jurisdictions

will require rental inspections by the city or county before being able to even rent out a property.

Additionally, every county and city will have its own special regulations and ordinances

pertaining to things like code enforcement, evictions, maintenance, and appearance requirements.

Having a local full-service property manager to assist with these distinct characteristics is vitally

crucial for Lawton Ltd when it comes to keeping its liability risk minimal.

Recommendations

 It is the responsibility of the property management company to distinguish between good

and bad tenants in order to prevent issues with the law and infrastructure. For the

managers, property management is actually a very significant industry. This is a

customer-focused business that requires extra attention to detail. It is as such

recommended that the management of the property need to be completely customer-

focused, legally sound, and up to date.

 It is recommended that there should be thorough explaining when it comes to the rules

and procedures for managing the property to the renter beforehand.

Task B

Introduction

The Commonhold and Leasehold Reform Act of 2002 and the Landlord and Tenant Act

of 1985 provide the legislative guidelines that control service costs (Turner & Turner, 2015). In

addition to these legal requirements, this Charter seeks to enhance leaseholders' experience with

respect to their service charges, with an emphasis on boosting Londoners' trust in shared

ownership. The Charter sets out promises pertaining to four important areas of service charges:
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• Transparency: making sure lessees have access to the data necessary to comprehend their

service fees.

• Affordability: Make sure that the cost of the services is a major factor in determining or

assessing the service charges.

• Challenge and redress: making sure that leaseholders know about their rights to contest

their service charges and the avenues for reimbursement that are open to them.

• Design: supporting approaches with regards to design for new developments in a building

that minimize service charges while guaranteeing high quality design.

All investment partners in the Mayor’s Homes for Londoners 2021-2026 Affordable Housing

Programme have to register to the Charter. The Mayor also invites all Registered Providers who

are directly engaged in the creation and operation of Shared Ownership in London towards

joining up and adopting its values across all of their properties. It is also recommended that

private developers of leasehold real estate adopt the Charter (Turner & Turner, 2015). This

Charter notes that landlords regularly participate in arrangements with freeholders that outsource

day-to-day operation of a scheme to an independent managing agency. Landlords and managing

agents should collaborate closely in order to ensure that the principles are understood and

followed as suggested by (Scarrett, 2002). Furthermore, the Charter may provide providers the

authority to challenge inadequate management procedures. The Charter is thought to be helpful

in defining a brief for managing agents for investment partners. Adhering to the Charter will give

third-party managing agents a competitive advantage over rivals, increasing consumer choice.

Critical Analysis

Transparency
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Service fees can be complicated; they can cover a wide range of services, and residents

may pay different amounts based on the tenure of their homes or the area of the building in

which they reside (Greed et al., 2002). Leaseholders frequently worry about a lack of clarity and

openness regarding the purposes and dollar amounts of service charges. It is vital to furnish

leaseholders with ample and lucid details regarding their service costs to aid them in

comprehending this potentially intricate situation (Greed et al., 2002). Increased transparency in

the way service fee administration is handled fosters confidence and trust between landlords and

tenants.

Giving prospective customers advance notice of service fees and other costs would

enable them to comprehend their responsibilities and make wise choices, preventing unpleasant

surprises later on as suggested by (DeLong, 2014). New customers should be given clear

explanations of service fees in straightforward language prior to renting. Before renting, GLA

financing requires the production of Key Information Documents for Shared Ownership houses,

which should contain estimates of service expenses. Key Information Documents should provide

a clear description of the sinking (reserve) fund, together with an estimate of the yearly

contribution and an explanation of its intended uses (DeLong, 2014). Before renting, the value of

sinking fund contributions should be considered as part of the affordability analysis.

If there is a cap or other agreement to restrict service charges, it should be made explicit

before completion, together with information on when it expires and how it will affect future

payments (Allen, 2013). The material offered to potential buyers should contain specifics on

warranty and fault periods of important components in the development and buyers should be

made aware of how service charges may be affected once these periods have expired. A long-
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term estimate of their servicing costs that extends beyond warranty/defect periods should be

given to prospective customers (Levinson & Management, 2023).

Recommendations

It is important to have a well-organized service fee statement that breaks down expenses

by service. To help leaseholders understand the charges, service fee statements should include

comprehensive explanation material. It is imperative to provide leaseholders with a clear and

consistent statement of the proportions they pay for certain services, together with an explanation

of the methodology used to allocate service costs. Lessees should be provided with a detailed

explanation if the cost of a certain item has changed significantly. Providers are responsible for

determining and disclosing an objectively appropriate cutoff point for when an explanation will

be given.

Task C

Introduction

Tenant selection and screening is one of the most important parts of properly and successfully

managing rental properties (Scarrett & Wilcox, 2018). Finding the correct renters is essential to

the success of your property management business. They have to maintain one’s property, pay

their rent on schedule, and follow the terms that are stipulated in the contract. This section goes

into great length on the difficulties involved in tenant screening and selection. It also looks at

various points of view and provides thorough advice on how to make informed rental decisions.

Critical Analysis

The screening of tenants is considered as being an essential step in the rental process since it
helps landlords and property managers assess whether or not potential tenants are qualified
(McGee & Gudenkauf, 2024). Conducting background checks is one of the most crucial parts of
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tenant screening (Levinson & Management, 2023). These investigations include of verifying the
applicant's credit history, criminal record, and history of evictions. Criminal background checks
enhance both the security of the rental property and that of its occupants. Important details on the
applicant's previous renting behavior can be found in eviction records. Their credit history sheds
light on their ability to manage their finances and pay off debt.

While considering the particular circumstances of each candidate is important, these checks offer
helpful information to aid in the selection process. According to Levinson and Management, a
prospective tenant's prior leases may provide crucial information about their renting history
(2023). By contacting their previous landlords, applicants can find out more details about their
payment history, adherence to the conditions of the lease, and overall conduct during their
previous leases.
Choosing renters who are reliable is of great importance for any property owner hoping
towards minimization of losses on their investment and guarantee a consistent flow of rental
income. Tenant screening is an essential initial step in helping property owners find and select
trustworthy renters (Ibrahim, 2024). A tenant's background, credit history, work status, and rental
history are all assessed throughout this procedure. In order to prevent renting to individuals who
could cause damage to the property, not pay their rent, or cause problems for other renters, it is
imperative that prospective tenants be carefully screened. Tenant screening maintains a positive
landlord-tenant relationship while lowering the risk of property losses.
Recommendations

It is recommended that Maple Estate Agents are rented the vacant unit. This is based on

the details provided with regards to how the company would utilize the unit. Maple Estate

Agents provide services with regards to estate management with this being an appropriate use for

the unit. They are offering a 10-year lease which assures rent would be received over this period

having a rent-free period of 6 months over this term.

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References

Allen, Z. (2013). Professional Property management. Createspace Independent Publishing

Platform.

DeLong, M. (2014). Property management made easy: For First-Time Rental Property Owners.

Createspace Independent Publishing Platform.

Greed, J., Greed, J. A., Heath, R., Wood, S., & Steel, M. (2002). An essential guide to property

management. Estate Gazette.

Ibrahim, M. A. (2024). Certified Real estate and property manager: Master Property

Management for Profit. Independently Published.

Levinson, N., & Management, R. Y. P. (2023). The Property Manager’s Playbook: Rules for

Real Estate Success. Royal York Property Management.

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McGee, A., & Gudenkauf, G. (2024). The Self-Managing Landlord: More Profit, Time, and

Peace of Mind with DIY Rental Property Management. Biggerpockets Publishing, LLC.

Scarrett, D. (2002). Property Asset Management. Taylor & Francis.

Scarrett, D., & Wilcox, J. (2018). Property Asset Management. Routledge.

Segla, A. (2024). Business model of an informal property management entreprise. The Wisemen

Council.

Turner, B., & Turner, H. (2015). The book on Managing Rental Properties: A Proven System for

Finding, Screening, and Managing Tenants with Fewer Headaches and Maximum

Profits. Biggerpockets Publishing, LLC.