If you are letting out a property (or several properties!) as a landlord, we have compiled a list of top tips to keep on top of things and effectively manage your properties. Let’s dive right in…
Keep a Calendar
Keep a separate calendar for your properties and schedule and carry out routine inspections to keep your property running smoothly. Note down any upcoming dates for tenancy inspections, fire alarm and boiler services and tests, maintenance visits which might include inspections for damp, plumbing issues and door and window repairs. Note down any routine visits required throughout the year to ensure things aren’t forgotten or left to chance.
Always Provide a Written Agreement
To avoid disputes down the line it’s vital that you provide a written tenancy agreement at the start of any new tenancy with the agreed rent payments and dates, what should be expected of you as a landlord and what is expected of your tenants living in your property. This will keep everyone on the same page and can save many headaches in the future so always sign the agreement and get your tenants to do the same before they get the keys to the property.
Vet Your Tenants
No landlord wants to end up with nightmare tenants so there are some things you can do to go some way to avoiding this situation:
· Always Verify and Check References
Always check in with previous landlords to see how your tenants have behaved with other landlords in the past.
· Carry out Financial Checks or Request a Guarantor
Asking to see potential tenants financial documents such as banks statements, employee contracts or employer letter will allow you to see whether a tenant can afford to pay the agreed rent payments. If this isn’t possible, ask your tenant to provide a guarantor to give you some security in the event of non-payment of rent or damage to the property.
Treat Your Rental Property as Business
This is important. Whatever way you view your rental properties, they are providing you with an income or supplementing your main income so it’s wise to treat them as a business. Remain professional with your tenants, stay up to date with any legal obligations and purchase suitable insurance to protect yourself and your tenants.
Outsource
Managing a property or several properties can be time-consuming so hiring a property management company to look after your properties for you could be a good option for you in the long-term. If you need some help managing a property, our experienced team are happy to help. Contact us here to discuss this further.