What is involved in the ongoing management and maintenance of a rental property?
Not all property investors are interested in being a landlord. The thought of actually dealing with all that property maintenance and tricky tenants can be very exhausting. The fact is, not everyone is suited to being a landlord. This can require an immense amount of patience and perseverance.
As a landlord, you are constantly on call, you may find yourself dealing with a blocked sink on a Sunday morning. It is not for everyone.
There are ongoing tasks to take care of on a day to day basis. Once a tenant has moved into a property and all regulations are met;
- You need to collect the monthly rental payments.
- Manage repayments should your tenant fall into arrears.
- Handle and respond to all maintenance enquires quickly and in a professional manner.
- Update all safety certificates as and when necessary.
- Carry out regular property inspections.
Renewing or ending the tenancy
At the end of the tenancy period, you either renew the agreement with your existing tenant or search for a new tenant. You may;
- Renew the existing tenancy.
- If the tenant is moving out, book in an inventory checks out.
- Compare the current condition of the property to the inventory taken at the start of the tenancy.
- Return the tenant deposit withholding appropriate funds for any deductions.
- Resolve a dispute with the tenant should they disagree with you withholding all or part of their deposit.
- Prepare property for a new tenant.
- Make sure the rental property is safe
- Provide your tenants with the How to Rent Guide
- Carry out a Right to Rent check
- Reference your tenants
- Prepare a tenancy agreement
- Organise landlord insurances
- Protect your tenant’s deposit
- Ensure the property is clean
Leaseholders who are in process of selling but have unpaid service charges
Please contact Pelin Martin to book a 30-minute complimentary property consultation on +0208 994 7327 – firstname.lastname@example.org