Top Tips for property and tenancy management

Top Tips for property and tenancy management

The role of a landlord can be a full time job, with 81% of British landlords juggling a second job to make ends meet.

Jake Willis, Co-founder of London Shared, believes that many property owners do not realise the amount of money, time and care required to be a landlord and as a result they feel constantly under a huge amount of pressure.
 
For those who are looking for a more hands-off approach, we recommend using property managers who can become the day to day point of contact for your tenants, and in turn alleviate some of that stress and responsibility placed on landlords.”

Here are five top tips for property and tenancy management by co-founder of London Shared, Jake Willis:

1. Check the law

There is a myriad of potential pitfalls that you can fall into when renting a property. As a bare minimum you need to have a valid gas safety certificate in place, smoke alarms on every level and a carbon monoxide alarm by the boiler and kitchen (if you have gas appliances). It is advisable that you check the legislation surrounding letting as there may be additional requirements depending on the type of property you have.


2. Use correct contracts

When letting a property you not only have to use a robust agreement but also follow the rules and regulations associated with them. As an example, with an Assured Shorthold Tenancy Agreement you need to always register the deposit within 30 days, and you need to give Tenants prescribed information regarding their deposit. You also need to give certain notices when terminating an agreement. If you are unsure what the process is, we suggest you speak to a professional (solicitor, estate agent or a property management company like London Shared) about exactly what is needed.

3. Vet your tenants properly

Evicting a non-rent paying tenant can cost you thousands of pounds and a lot of stress. Regardless of the checks you undertake, you can never know for certain that you have chosen the right tenant but you should at least check them as much as you can to minimise your risk. We would recommend using an independent company to carry out a reference check for you because you can then obtain rental guarantee insurance against the tenant.

4. Have a contingency plan

Failing to leave yourself with some emergency funds to cover vacancy is a huge error that unfortunately a lot of landlords can make. You should always have money aside to cover the mortgage in case finding tenants becomes difficult.

5. Fix things properly the first time

It is very easy to fall into the trap of thinking that if you skimp on certain things you will save money however, ultimately this can come back to haunt you. Rather than trying to deal with an issue on the cheap (which can then mean you have to do it more than once) it is always better to pay slightly more to make sure an issue is properly sorted the first time. Always use licensed, reputable contractors so that you can have confidence in their work and remedy if things go wrong.

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Latest Comments

SecomTech
SecomTech 22 Jun 2017

AT Last...This was discussed years ago and there was a move towards landlords registering their bad tenants on a database..(can't remember where) It seems a logical step though our leaders will probably...

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Bertrand
Bertrand 02 Jun 2017

How about the Welsh Govt introducing a scheme to protect landlords against "rogue" tenants who are then taken to court for criminal damage to the properties they trash. Pretty unlikely I suspect and politically...

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AmberMorris
AmberMorris 25 May 2017

"Please don't pick a novelty tune-playing doorbell. They're not 'fun'. They're stupid." Laughed a lot to this. It's actually true, though.

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Oliver Conway
Oliver Conway 18 May 2017

Making a neat inventory is a good idea, but if the seller is not willing to provide it, can the buyer demand it?

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Bertrand
Bertrand 17 May 2017

First step to nationalisation of the private rented sector IMHO. Nanny state poking their noses into things yet again. I object, as a decent landlord, sometimes having to deal with some pretty awful tenants,...

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Izzy
Izzy 16 May 2017

This is such a great a post. I love the detail you've gone into. It's a very useful article for helping those who are looking at deciding which sector they would like to go into! When I first started investing...

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paul burnham
paul burnham 30 Apr 2017

Jeremy Corbyn's pledge that a Labour government would build 500,000 new council houses must electrify the general election campaign. Reliance on markets and the profit motive has brought huge housing-related...

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CommercialTrust
CommercialTrust 28 Apr 2017

Sadiq Khan?s announcement of an online database of landlords and letting agents who have been convicted of housing offences, appears on face value to be a variation of the already implemented Database

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warren
warren 26 Apr 2017

You're very welcome Mary! Glad you enjoyed them :)

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Mary Ward
Mary Ward 26 Apr 2017

Thank you for the wonderful ideas. First impressions can make or break a deal. It's sadly that many homeowners drop the kerb to create an off-street parking space.

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Tony Gimple
Tony Gimple 14 Apr 2017

I'm not at all surprised that so many landlords are still confused about what the tax changes really mean and how it will affect them. In particular, the blind rush to incorporation is leaving landlords...

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MH
MH 13 Apr 2017

You are right that the bank holidays are going to be spoiled in looking for the properties. But people who want to sell their property and looking for the better relocation, they can get benefits of this...

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