Property management in 2021

This blog outlines the long journey of being a landlord, making it easier to achieve significant property management milestones.  We have summarised each of these procedures in brief for you:

1.         Awareness of Legal obligations and liabilities

Fulfilling safety regulations

The idea is to make your property more compliant. You need to ensure you have in place:

·       Smoke alarms and carbon monoxide detectors

·       All relevant gas and electric certifications

·       Periodic testing in place

·       Fire doors

Inquiring about your tenant’s information

·       You need to know whether your tenant is not an illegal immigrant and has the legal right to residency.

·       It would be best if you secured your tenant’s deposit. Unless there is a dispute about property damage or unpaid rent, return the stakes at the end of the tenancy.

·       Conduct a vigorous process of tenant referencing.

Remember: Joining a Landlords Association will help you stay informed about the laws and regulations.            

2. Suggestions for rent collection

As a landlord, all we look forward to is for the cash rewarding day- “rent collection.” So, let’s learn to carry out the entire procedure at ease.

Be flexible with the rent agreement options.

The most used and efficient methods of rent collection include:

·       Direct debit

·       Bank transfer/BACS

Have landlord rent guarantee insurance

Well, nobody can assure to find you a tenant that pays their rent at all costs. This scenario is where RGI (rent guaranteed insurance) can be a lifesaver. This policy helps cover your rent in all circumstances.

Final tip

Instruct a property management company. They can provide years of experience and expertise to ensure you receive your payment on time and your property is maintained and managed to a high standard.  

3. Limiting tenant problems

For landlords considering adding properties to their portfolio, limiting tenant problems is something you need to consider.

Some common problems faced are;

·       Vandalism of your property

·       Tenants not paying their rent regularly

·       Anti-social behaviour

Firstly, you need to check the credentials and references of your prospective tenants. Thoroughly vetting each tenant reduces the likelihood of a difficult tenant.

 Other ways to help manage your property are:

·       Carrying out property inspections.

·       Utilising property management companies

·       Have landlord insurance. This insurance covers all intentional damage to your property caused by tenants.

‘Awareness and action go hand-in-hand’

Lastly, incorporating a strong property management style either single-handedly or with assistance from a property management company will help manage any possible problems you may encounter and provide you with an abundant landlord experience. Contact us for more details today https://www.mestatesltd.co.uk/contact