As a PropertyLoop partner agent, you have the flexibility to offer services in lettings, property management, sales, or any combination of these. This guide provides an overview of how property management and referrals work, including fee structures, lead sharing, and compliance.
1. Can I manage properties myself as a partner agent?
Yes, you can manage properties yourself if you have the necessary experience and training. Property management requires in-depth knowledge of compliance, maintenance, and tenant management. To prepare, we recommend:
- Completing ARLA qualifications or equivalent training.
- Gaining 1-2 years of property management experience.
Taking on property management without proper qualifications can result in compliance breaches, liability risks, and reputation damage. Be sure to fully understand the responsibilities before offering this service.
2. How do fees work for lettings and property management?
If you manage properties yourself:
PropertyLoop takes a 30% cut of your revenue across all services—lettings, property management, and sales. This includes monthly property management fees you collect.
Example:
If you charge a landlord £120/month for property management, PropertyLoop retains £36 (30%), and you keep £84.
If you refer property management to another agency:
If you prefer not to manage properties yourself, you can refer the landlord to another property management agency or PropertyLoop’s own outsourced property management service. The standard process includes:
- Standardised Management Fees: All property management referrals must adhere to PropertyLoop’s standard property management fee of 6% + VAT, charged monthly. This rate is part of our terms and conditions and applies regardless of whether the management is done by PropertyLoop or a partner property management agency.
- Referral Fee: You’ll receive a £100 referral bonus once the referral is complete.
- Signed Terms: Both the lettings fee agreement and the property management fee agreement must be signed before the referral is finalised. This ensures transparency and compliance for all parties involved.
3. How does lead and data sharing work between agents?
PropertyLoop ensures clear ownership of leads and data within the partner agent network:
- Lettings Leads: If you generate a landlord lead, the landlord and their data remain yours, even if you refer property management to another agency.
- Relets and Renewals: All relets and renewals automatically revert to the original letting agent, protecting your future revenue.
- Referral Transparency: When referring a landlord to another property management firm, you maintain ownership of lettings data while the property management agency handles monthly fees and responsibilities.
This structured approach ensures fairness, transparency, and no disputes over data or relets.
4. What are the benefits of outsourcing property management?
If you prefer not to take on the responsibilities of property management, outsourcing is a great option. Benefits include:
- Reduced Workload: Property management is time-intensive and involves compliance requirements.
- Protected Data: You retain ownership of lettings data for future renewals and relets.
- Guaranteed Fees: Earn a £100 referral bonus for every successful property management handover.
PropertyLoop works closely with partner agents to ensure smooth referrals and compliance with our terms.
5. How do referrals work with PropertyLoop’s outsourced property management?
Referrals are simple and structured:
- Standardised Fees: The property management fee is set at 6% + VAT, payable monthly. This applies to all referrals, ensuring consistency across the network.
- Referral Bonus: You receive £100 for each successful referral.
- Signed Terms: You must ensure the landlord signs both the lettings agreement and the property management fee agreement before the referral is finalised.
This process ensures that landlords are aware of the terms and that all parties are aligned.
6. What happens if I only want to focus on lettings?
If you prefer to focus exclusively on lettings, you can refer landlords to another partner agent or PropertyLoop’s outsourced property management service. This allows you to:
- Avoid the liability and compliance burden of property management.
- Maintain control over your landlord’s lettings data.
- Earn a £100 referral bonus for successful property management handovers.
7. What are the risks of managing properties without experience?
Taking on property management without sufficient training or qualifications can lead to:
- Non-compliance: Breaching health and safety, deposit protection, or licensing laws.
- Liability Risks: Errors can result in fines, disputes, or legal action.
- Reputational Damage: Poor management can harm your credibility as an agent.
If you are not confident in your ability to manage properties, we recommend outsourcing this service to protect your reputation and focus on growing your lettings business.
8. Summary of Key Points
- Flexibility: Partner agents can choose to offer lettings, property management, sales, or any combination of these.
- Fee Structure: PropertyLoop takes a 30% cut of all services. Property management fees for referrals are set at 6% + VAT, payable monthly.
- Referrals: You earn a £100 referral bonus for each successful property management handover.
- Data Ownership: Lettings data always belongs to the original letting agent, ensuring future revenue from renewals and relets.
- Compliance: Managing properties requires training and experience. Without the proper qualifications, we recommend outsourcing property management.