The great thing about working in lettings is that there are so many avenues to explore. It’s likely that you’re only aware of the roles and responsibilities of a lettings negotiator if you’re in the early stages of researching the industry, but there are so many other opportunities up for grabs within the field that deal with all the different stages of the lettings process.
Here we look at an area of lettings that you may not have considered; renewals and tenancy management.
What’s working in Renewals and Tenancy Management all about?
Each time a tenancy is renewed, there’s an opportunity to review the agreement and make sure that the rent is still reflecting the current market conditions, and of course that both the landlord and then tenant want to renew the tenancy rather than terminate it. The end goal for those working in both renewals and tenancy management is to keep both the tenants and the landlord happy through all stages of the renewal process.
What can you do in Renewals and Tenancy Management?
The role of a renewals negotiator is essentially to negotiate the renewal of a tenancy at the highest possible rent price and for the longest possible term, considering both the landlord and the tenants. Working closely alongside property managers and lettings teams, the renewals negotiator usually contacts the landlord and the tenants three months before the tenancy is up for renewal to establish whether the tenancy agreement needs to be extended, and then makes sure than all the relevant paperwork is completed within the timeframes and in accordance with legislative requirements.
The role of the tenancy manager is to effectively carry out the administrative aspects of all new tenancies, to maximise the efficiency of deal progression for the lettings offices. They are responsible for the drafting of tenancy documentation, administering and maintaining accurate files whilst ensuring relevant legislation is kept up to date, and anything in between, from handling references to organising inventories and gas safety checks. Liaising with landlords, tenants and the teams in the offices is an integral part of the role.
What skills do you need to work in Renewals and Tenancy Management?
As with most jobs within the lettings industry, working in renewals and tenancy management requires a high level of customer service. You’ll be managing the correspondence between landlords and tenants to resolve any issues and queries, so excellent communication skills are valuable, as well as the ability to be proactive. Both roles also demand a lot of team work, as well as organisation, excellent time management and the all-important attention to detail to make sure the renewals process goes as smoothly as possible. If you have all these attributes, and are also skilled in IT (such as Word and Excel), a role in renewals and tenancy management could be for you.
If you’re interested in a career in renewals and tenancy management, take a look at our current vacancies, or read about the many options that are available to you in the lettings industry.