If you’re a landlord, here is all the information you need to master running your property
When you invest in property that you plan to rent, the to-do list can be a long and arduous one. Of course, the rewards of effective property ownership are great, but there is no doubt that a significant amount of work needs to be done in the short term. Here’s a quick guide to handling a growing property portfolio and a few tips on acquiring the right expertise from trusted sources along the way.
Find good tenants
While the property market can be fixated on bricks and mortar, it is always worth remembering that no building is worth a jot if it’s not of interest to people. Finding the right tenants can often be considered an afterthought but it really should be of primary concern to landlords. After all, finding a financially stable, conscientious and reasonable tenant can save on the hassle of missed payments, property damage and legal disputes down the line.
A happy tenant is also one who is happy to stay where they are for longer – meaning that you don’t have to regularly re-advertise and have the hassle that comes with tenant turnover. So, the message should always be to take the time to find the right tenants rather than taking the money of the first renter that comes to the door.
When it comes to property management, it’s all too easy to become overwhelmed by a never-ending to-do list. That’s why it’s so important to stay organised with a clear system that lets you know what tasks need to be completed, and when deadlines are looming. A lettings calendar can help you manage items like energy bills, gas safety certificates, tenancy renewal dates and ongoing maintenance inspections.
You’ll also need to have all the contacts you need on hand, like plumbers, electricians, cleaners, emergency contacts and more. This will make it quick and easy to put solutions in place should an incident arise.
Regular inspections are necessary in order to help you stay on top of your property. The first inspection is particularly crucial, and provides you with a good indication of how your property is faring. Make the time to view the property every three months or so, in order to stay in the loop about how your property is holding up and how your tenants are treating it. This also gives you the chance to make a checklist of issues to resolve, and investigate important factors like smoke alarms, fire escapes, roofing and guttering, and carbon monoxide alarms. You should also take this opportunity to catch up with your tenants to make sure they are happy and comfortable.
Investment reviews are just as important as regular property inspections. At least once a year, you should take a look at the wider property market and where your property fits. Are your rental charges still appropriate for the size and specification of the property? Can any value be added to the property? Is your property achieving the correct return? These are the questions you should be asking yourself.
With any issues that might arise, it’s important to remove any anger or emotion from the equation – all dealings must be professional and calm in nature. This is especially true when it comes to rental payments. Ideally, rent will be paid every month without fail, and you can simply enjoy the passive income, but life happens. There may be job losses, family problems, or any number of outside factors that can make it difficult for tenants to meet a month’s payment. It’s up to you to investigate the reason for it and come up with a joint plan of action with your tenants.
Minimise hassle with expert help
Property management requires a huge amount of time and effort, but you don’t have to battle through it alone. Property management experts like Atlas Lane Property Management DC are there to take much of the pressure off your shoulders and provide your tenants with a clear port of call that they can contact anytime. From rental payments to property issues, property management services can make your investment experience as smooth and rewarding as possible.