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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brandonlee10
brandonlee10 24 Jul 2017

The financial ramifications of the triggering of Article 50, the starting gun for Britain's departure from the EU, are far from clear. Buyers will be most cautious in London, given that buying a home in...

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IrisJ.
IrisJ. 19 Jul 2017

Great advice, but may I also add that when buying an already built home, make sure you do all of the proper inspections. Most importantly pest inspection because people tend to get surprised when they

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IrisJ.
IrisJ. 17 Jul 2017

The third point is, in my opinion, the most important one. People have become too inconsiderate and careless when it comes to rented properties. If a landlord wants to protect their property, regular visits...

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cornishalan
cornishalan 10 Jul 2017

Added to the cost of purchasing these village properties are the above average maintenance costs. Particularly where the property is a listed building or requires specialist building skills such as thatching...

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Jo Mullett
Jo Mullett 07 Jul 2017

Here in Swansea, known as the Japanese knotweed capital of the UK, it never fails to amazes me that people have no idea of the potential problems this invasive non-native plant can cause when buying or...

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NathanG
NathanG 05 Jul 2017

McDonalds, for example, have been purchasing their real estate on prime locations for years. If something happens to the company they'll have invaluable assets that will be able to save them. We might

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Jonah
Jonah 04 Jul 2017

Graham: surprised to see you cite the "extra tax liability" as capping out at ?560. It doesn't - the extra tax is exponential, as it is levied on the income (i.e the inflating level of rental income you...

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Dianne Griffen
Dianne Griffen 29 Jun 2017

Be very wary of anyone bringing you deals that they have ?found? and want to ?sell on to you? or ?joint venture? with you on ? you need a proper legal contract for this, involve a RICs surveyor to confirm...

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jason hadzikostas
jason hadzikostas 28 Jun 2017

The most important thing is a budget. Students have to manage their spendings in food, house maintenance, books and many other things. According to me, student Studios are the perfect option for them as...

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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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