5 Property Management Tips For Landlords

  Apr 9, 2024       No Comments   

If you’re a landlord with several rental properties, managing them on a day-to-day basis can be time-consuming and complicated. Keeping track of rental income, maintenance requests, and tenant screening are just some of the things that need to be done to ensure your property and those living there are safe and protected.

This blog post looks at what property management involves and provides landlords with five tips to get the most from it.

What is property management

What Is Property Management?

In a nutshell, property management is the day-to-day running of commercial, industrial, or residential properties and buildings. Some landlords take on this role themselves, whilst others employ a property manager to take on these tasks for all of their rental properties.

A property manager takes over the responsibility for a range of things from rent collection to scheduling maintenance checks and repairs. They become the first port of call for the landlord and tenant if there’s a problem with the property, if a lease is due to come to an end, if rent is received on time, and a whole host of other issues.

Property Management Challenges for Landlords

Managing your rental property yourself will save you the cost of professional management fees. However, there are some challenges you should be aware of before you take on managing your property yourself. These include:

• Rent arrears. A missed payment is not only a financial headache, but it involves chasing tenants and adhering to the processes set out in the relevant legislation for the type of tenancy it is if payment continues to be forthcoming. This can be complicated and time-consuming.
• Carrying out repairs. Unless you are a builder or have contacts in that trade, finding the right people to carry out repairs can take time. However, repairs often need to be carried out quickly which can lead to higher charges if you don’t have a bank of people to contact.
• Regular maintenance inspections. If you work full-time, it can be difficult to arrange a mutually convenient time with your tenant so that you can attend the property and carry out regular inspections.
• Finding tenants. Finding quality tenants is key to successful property rentals. Carrying out a comprehensive tenant screening process involves credit checks and obtaining references to be as sure as possible that prospective tenants will look after your property and pay the rent on time.

Our 5 Essential Tips For Property Management For Landlords

Effective management is vital if you want your rental property to be profitable. Whether you have one or multiple properties, we’ve put together five tips to help you navigate your way through the process.

Partner With A Reputable Letting Agency 

One way of ensuring your property is managed effectively is to employ a property manager or letting agency. This lets you enjoy the benefits of being a landlord, without the stress of chasing rent or carrying out repairs.

The first step to doing this is ensuring you work with a reputable agency. Do your research and make sure the agency you are going to work with has a good reputation and excellent standard of service.

Pre-Lets has over 40 years of experience in property management and has a fresh, enthusiastic approach to property letting. We’ve built our first-class reputation on solid foundations with many clients coming back to us year after year to manage their properties.

We pride ourselves on our excellent working relationships with our clients which enables us to provide the best standard of service.

Regular Property Maintenance

Keeping on top of repairs and maintenance is the best way to ensure small issues don’t turn into large, expensive problems. Make sure you have a regular maintenance plan that is adhered to and keeps on top of things like guttering cleaning, boiler servicing, and decoration.

For example, if you keep putting off getting the gutters cleared, in the long term you may end up having to pay for water damage to the walls caused by rainwater that isn’t flowing down the external pipes.

Regular maintenance helps your property to retain and grow its value, as well as creating high tenant satisfaction that can lead to longer tenancies.

Clear Communication

Open and clear communication is key if you want to develop a good working relationship with your letting and management agency, and your tenant. It avoids misunderstandings that can escalate into much larger issues.

Make sure your contact details are up-to-date so that you are easily contactable. Respond to messages quickly and make sure you do what you say you will, or keep everyone in the loop if there’s going to be a delay. Not being able to contact you can lead to bigger problems if issues go unresolved for long periods of time.

Understand Rental Laws and Regulations

One key advantage of using a letting agency to manage your rental property is that they will be up-to-date with all of the relevant legislation and regulations relating to lease agreements and everything relating to renting.

Researching all of the legislation and understanding what your obligations and rights are can be time-consuming and complicated, particularly if you don’t know anything about landlord and property law. The implications for you can be huge if you get things wrong, so it’s important to make sure you fully understand everything before you start and keep up with changes.

Build Relationships With Tenants

One of the most important things you need to do as a landlord is to build a good working relationship with your tenants. This is often the key to a successful let. Tenants need to know exactly what they can expect from you, how to contact you, and that you will act swiftly if there are any problems.

So, make sure they have your contact details and you keep them informed if you are going to be unavailable for a period of time. Decide how you’d like them to contact you, whether that’s telephone call, text, or email, and explain why that’s the best way of ensuring a quick response. Something that’s in writing such as a text means there’s a record of exactly what has been said which can be important if there’s a problem.

Are You A Landlord Who Wishes To Rent Out Your Property?

Get in touch with our team of property experts today to discuss your property management requirements. We have a range of services from let only to fully managed, depending on your needs and the level of management you require.