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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ChristinaReedUK
ChristinaReedUK 20 Jun 2016

I don't understand why it's always a war between the two sides. Either, way the landlord is probably keeping a detailed inventory and will see the changes you've made. I just don't understand why there...

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NathanGreen
NathanGreen 16 Jun 2016

Seeing that the tenants are quite satisfied with their landlords and the properties is indeed great. I wonder, though, what is the situation in London alone? The tenants face sky-high rent levels in the...

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AndiMur
AndiMur 15 Jun 2016

TheGuardian published the same forecast. But on the other hand, professional brokers express different opinions. According totranio.com, an exit from the EU would not affect the demand/supply imbalance...

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Gary Holmes
Gary Holmes 14 Jun 2016

Having a professionally completed inventory at check-in and check-out is clearly (to me at least) of minor value. Tenants make un-authorised modifications and/or walk off with items that belong to the

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Violet Gibson
Violet Gibson 14 Jun 2016

Cautious people think buying off-plan is reckless, but over the past few years investors have literally made fortunes.Pre-release prices have obvious benefits for the developer, who gets instant finance...

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Kate Windleton
Kate Windleton 14 Jun 2016

An interesting research indeed. I guess that is in complete contrast with the United States where people often move from one coast to another. It will be interesting to hear the trends for people moving...

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NathanGreen
NathanGreen 14 Jun 2016

I think it all depends on the market conditions and how well your company is doing. You will agree that you can't demand more when you're killing yourself just to hang in there. Sometimes you need all

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ChristinaReedUK
ChristinaReedUK 13 Jun 2016

What does "detecting a bad vibe" mean actually. I've had certain vibes like these and yet have always found a reason , if there's any, why I don't like a certain property. The property maintenance might...

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keybanks estates
keybanks estates 08 Jun 2016

Great News for first time buyers, about time two!

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NathanGreen
NathanGreen 07 Jun 2016

I agree with #6 - you should maintain your garden according to the target buyer. One thing is universal, though - cleanliness and order. Having the yard clutter-free and clean will help people who do enjoy...

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NathanGreen
NathanGreen 06 Jun 2016

I will always say that London is overrated. Sure it is the capital, but it's too stuffed in there. It's more of a business city to me.

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Paul
Paul 25 May 2016

Estate agents are pathetic when it comes to fees. They have this 'I had to do it at 1% because that's what the others were quoting' mentality. We are the most expensive agents in our area, charging double...

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