Merely buying your first property for investment is not a guaranteed key to unlock massive profits and realise your dream financial potential. That can only happen with a solid plan, and a professional approach to the rental market as at root a service industry. Make the most of your property investment and give it the respect it deserves by not wasting this chance! Property management is the key to any property investment and can be the differentiating factor between a successful portfolio and one that fizzles out helplessly.
Most of the property management companies in London will manage the property you are interested in and find the right tenants, as well as handle all of the day-to-day maintenance and repairs. In order to make sure you’re getting the most out of your property management company, it is important to have a solid checklist in place so you know what to ask and expect from them.
We have provided for you here a simple checklist to follow to get started with managing your property, the right way!
First and foremost, you’re going to need to market your properties. You need to make sure that you’re reaching the right target audience and that your properties are appealing to them. There are a number of ways to do this, but one of the most important is online marketing.
Make sure that your website is up-to-date and that it features photos and information about your properties. You should also be active on social media, using platforms like Twitter, Facebook, and Instagram to reach potential tenants.
Once you start receiving applications, it’s important to screen your tenants carefully. You should always run a credit check and a background check on every applicant. This will help you to weed out any potential red flags. You should also have a solid tenancy agreement in place that outlines the expectations and rules for tenants.
Orienting new tenants
Once you’ve found the perfect tenant, it’s time to move them in! But before you hand over the keys, it’s important to orient them to the property. Guide them. Give them a tour. Show them around and point out any important features or rules. Be sure to go over the tenancy agreement with them so that there are no misunderstandings down the road.
Routine maintenance and repairs
As a landlord, you’re responsible for maintaining the property and making any necessary repairs. It’s important to have a routine maintenance schedule in place to keep things running smoothly. You should also have a budget for unexpected repairs so that you’re prepared when something comes up.
Collecting rent is one of the most important aspects of being a landlord. You need to make sure that you’re collecting rent on time and in full every month. There are a few different ways to do this, so you’ll need to find the method that works best for you and your tenants.
You should also have a late payment policy in place so that tenants know what to expect if they don’t pay rent on time. This can help discourage late payments and ensure that you’re able to cover your expenses.
Dealing with problem tenants
No matter how well you screen your tenants, there’s always a chance that you’ll end up with a problem tenant at some point. If this happens, it’s important to deal with the situation quickly and efficiently. Be sure to document everything and follow any legal procedures that may be required.
Unfortunately, sometimes the only solution for a problem tenant is an eviction. This is a process that should only be used as a last resort, but if you find yourself in this situation, it’s important to know the steps involved. Be sure to consult with a legal advisor to ensure that you’re following the proper procedures.
Moving out process
Eventually, tenants are going to move out. When this happens, it’s important to do a walk-through of the property with them. This is a good time to inspect for any damage and make sure that everything is in good condition. You should also take this opportunity to get feedback from the tenants about their experience living in your property.
You should also do the following:
- Make a cleaning checklist available for the tenant. – While it may seem like a daunting task, giving your tenant an easy-to-follow cleaning checklist will help alleviate any confusion about what needs to be done when. Plus, it will help ensure that your property is left in good condition.
- Perform property inspection. – Take note of any further damage you notice during your walk-through, distinct from what would be considered normal wear and tear on your property. Any amount of damage that was not present at the time you moved in should be deducted from the security deposit. Complete the Moving Out Form to document all of these.
- Schedule a professional cleaning service to come in after the tenant leaves. – This is always a good idea, even if your tenant leaves the property in good condition. A professional cleaning will help prepare the property for its next occupants.
After reviewing the previous tenant’s stay, make a list of required repairs. It is your duty to ensure that these items are addressed before allowing new tenants to inspect the property.
The sooner you get these tasks completed, the more time you’ll have to advertise for new renters. By following these steps, you can make sure that your property is in good condition and ready for its next occupants.
Getting into the property management game is tough. But, if you’re prepared and have a good game plan, you’ll be on your way to success. Just remember to always stay organized, communicate with your tenants, and document everything. With these tips, you’ll be sure to find success as a landlord.
Do you have any other property management tips to share? Let us know in the comments!