A Guide to PRS Management

A Guide to PRS Management

The PRS (Private Rental Sector) is booming in the UK. A recent ONS report found that the number of people renting homes grew from 2.8 million (2007) to 4.5 million in just ten years. That’s an increase of 1.7 million – a significant portion of the country’s population. It’s a lucrative market to invest in, offering plenty of opportunities for landlords. However, getting the most from a PRS property can seem like a daunting prospect, for new and experienced investors alike. Here’s a guide, with further information on the subject.

What are PRS properties?

A PRS property is a type of housing classification. These sorts of properties are owned by landlords, or by businesses who specialise in providing private rentals. They’re then leased to tenants via a contractual agreement.

A standard PRS property will typically generate a steady income. However, many rentable buildings offer greater potential profit, if you adopt the right strategic approach.

What is PRS management?

A PRS management company has two key areas of focus:

  • How can the property be reconfigured / designed to better suit the needs of the tenants?
  • How can it be altered / improved to boost income and overall profit?

For example, it may be the case that a standard PRS property would generate a larger rental income if it was redeveloped as a co-living space. A good PRS management company will identify the opportunities, then put together a plan of action to bring the new design to fruition.

What does PRS management include?

Every PRS management company is different. Westbury Property offer the following services:

  • Initial briefings / recommendations
  • Full site searches
  • Acquiring properties on behalf of the landlord / managing the acquisition process
  • Creating a strategic approach for each property
  • Recommending refurbishment / redevelopment configurations
  • Updates throughout the build process and beyond

When selecting a company to work with, check that they’re experienced in this field. PRS management is a complex process, requiring significant expertise in order to generate good results.

Why work with Westbury?

Westbury Property specialise in providing property services in the Private Rental Sector. We’re now one of London’s top residential property management companies, and this is largely due to our considerable knowledge and familiarity with the industry.

We also offer:

  • A wealth of experience managing many different types of property
  • Management of multi-unit residential schemes
  • A strategic approach throughout the process; identifying further opportunities, and predicting (and avoiding) potential pitfalls
  • Expertise in creating community within a PRS building, regardless of its size or location
  • Advice regarding working with developers, architects, local authorities and investors
  • Financial advice, regarding associated costs, budget etc
  • Regular reporting – not only on rental income, but also occupancy figures, net returns and more
  • Considerable industry connections – with a network of purchasers across the UK

If you’d like to find out more about working with Westbury Property, please get in touch here.