Bitprop Training Theory

Training Introduction

Welcome to our training programme for Bitprop homeowners. This guide will help you learn about managing your property, solve tenant problems, and become a confident landlord. Our goal is to make sure you understand your responsibilities and can make good decisions as you start your journey as a landlord.

Overview

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Benefits of training

There are many benefits of this program – the aim is that you, as the homeowner, are able to understand of the role and responsibilities of property management, help tenants with day-to-day problems, and make informed decisions as you start your journey as a landlord. With this training, you should be able to offer a better service to your tenants - leading to higher tenant satisfaction.

Outcomes

To provide a detailed understanding of Bitprop's protocols regarding engaging tenants and Bitprop
To provide a set of case studies, tips and tricks to equip you as the landlord to avoid any unnecessary issues
To provide you with a guide that you can refer to at any time whilst looking after your tenants

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Summarised version of each topic

Over the next few chapters, we will break down some basics on becoming a landlord, tell you a bit more about Bitprop and also break down the nitty-gritty of the financials that often pop up. We will also give guidance on what to do in the event of conflicts with tenants and how to communicate effectively in the future. This guide will help you as the homeowner to keep your property attractive, well-maintained and well managed.

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General FAQ

Here are some common questions that often come up during the construction process of flats.

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How does each flat have it's own water and electricity?

They all have prepaid meters

All water and electricity meters installed are operated by a third party company called Citiq. Tenants buy water or electricity vouchers that are entered into meters. Once a month on the 2nd day of the month, Citiq refunds you for any water and electricity purchased by tenants. To ensure smooth cash flow, Bitprop provides a float to cover consumption for the first month. It's important to note that winter tends to be more expensive as tenants use more power for heaters and more water for showers.

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What final checks does Bitprop do to make sure the flat is ready for tenants?

We do “SNAGS”

SNAGS stands for "Snagging and Defects." During this process, the Construction Manager and the Architects check every part of the flats to make sure everything works. Once everything is fixed up and ready to go, the flats will be handed over to be rented out.

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What should I do if the flats have an issue because of the contractor?

The flats have a 6-month warranty with the contractor

Your contractor must fix any issues that happen that they caused with the flats within the first six months. For this reason, it is important for you to inspect your flats properly and to report any problems as soon as they occur. Please report this as a normal maintenance ticket, and our team will determine whether the contractor is expected to fix the problem or not.

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What happens if a tenant wants to make a deposit?

Inform your Homeowner Relationship Manager

Once you share the tenants' details with your Homeowner Relationship Manager, they can add add them to our system and generate payment details unique to the tenants. The lease agreement for the flats is between Bitprop and the tenant and there they must pay their deposit and rent directly into Bitprop's business account using their unique reference that they will be provided with when they sign a lease.

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How does Bitprop know which tenant has paid rent?

With a reference that is unique to each tenant

Once a tenant is added to our system, they will get a personal reference number sent to them on WhatsApp. When paying rent, they must include their personal reference number as the payment reference, and only their reference. They should not use any other reference name, like "bitprop," "Bitprop flat X," or "Bitprop tenant." If they use the incorrect reference, we will struggle to find their payment which will affect your 15%.

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How do I select which tenants will live in my backyard?

We do it together

We encourage you to take charge of finding new tenants, but Bitprop helps with the following:

We advertise the flats on Facebook Marketplace
We send potential tenants to you for viewings
We take guidance from you on which tenants you'd prefer to have on your property
We take all incoming tenants through a survey
We process all leases and payment instructions

Great job! We're eager to delve into the training and explore all aspects of becoming a landlord with Bitprop. If you have any questions, please don't hesitate to contact your Homeowner Relationship Manager — they're here to clarify any topics. Until next time, take care!

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