Property managers often prioritise expanding their property portfolios while minimizing the turnover of properties already under management.
In the UK, property owners face numerous challenges, including changes in taxation, increasing local government opposition to second homes, and declining booking volumes on online travel agencies (OTAs).
Additionally, new mandatory holiday let compliance further complicates matters for owners. To retain their clients and prevent churn, property managers need to implement a straightforward, reliable compliance platform that helps owners stay compliant without incurring significant time or financial burdens.
Mandatory Compliance Tasks
Annual Certification
Property Managers usually work with Owners in one of two ways regarding annual certification.
Fully Managed – the owner pays the property manager to handle all annual certifications, including booking qualified professionals and carrying out any remedial tasks.
Marketed – the owner is responsible for all certifications and repairs. The Property Manager will usually request a copy of the certification.
Changeover Safety Checks
Changes to legislation have meant that owners (or property managers if fully managing the property) have to undertake safety checks at every changeover. These regular checks include Fire Safety Checks, Hot Tub Checks and Legionella Checks. These Holiday Let Compliance checks are time-intensive and have added significant amounts of administration for owners or property managers.
Correlation Between Compliance Tasks & Owner Churn
The holiday rental industry is becoming more regulated in England, Wales, Scotland and Eire. As with any industry, regulation always means more cost and compliance tasks for the service provider whilst in theory, providing a better quality service for the consumer (guests).
The profitability from owning a holiday let has vastly decreased in recent years with changes to tax breaks and the costs associated with compliance tasks. This presents a challenge for Property Managers as passing additional cost and/or tasks to owners means they are more likely to change the rental to long-term or sell the property. Holiday Let Compliance has made maintaining owners harder for property managers.
How Can Property Managers Mitigate Owner Churn From Increased Compliance Tasks
Property Managers must minimize the burden of increased Holiday Let Compliance on Owners. The most effective way to achieve this is by implementing a system that simplifies the compliance process, enabling Owners to handle tasks efficiently and with minimal time investment.
YourCompliance – Compliance Made Simple
- Simple setup of all compliance tasks on a per property basis
- Email reminders for Property Managers and Owners relating to compliance tasks
- Owner Portal for owners to manage their own compliance and give property managers visibility
- Management portal to approve or decline certificates submitted by owners
- Changeover checks facilitated through a simple QR code left in property – cleaners can scan to access the check list
- All certificates and changeover checks are securely stored in the management portal
- Portfolio compliance snapshot to identify potential issues
