Getting an Accurate Valuation on a Property
When you are considering selling a property, be it commercial or residential, you will need to begin by getting yourself an accurate valuation for it. This is easier said than done; you might be able to look up approximate values for properties in your area, but you might also not be able to find anything which is all that accurate. Property prices can change dramatically, even just within a few years, so you shouldn’t rely too much on anything you find.
Engage an estate agent to come and give you a valuation by looking at your property in the flesh. They will be able to tell you what they could sell the property for, so you can have an idea of what to expect if you put it on the market. It is usually advisable to speak to more than one estate agent, who can give you their own opinions so you can see what different agents are willing to go to.
Finding a New Block Management Company for 2019
If you own a block of flats, you might well have appointed block managers to help you with the management and maintenance of your block. They will take care of anything that might need to be repaired or updated, making sure everyone who owns or rents a property within the block is happy with its upkeep.
If you are not 100% happy with your block management company, now is a good time to choose to engage a new one. All good block managers will get three quotes from tradespeople before choosing who will carry out work, so you are well within your rights to do the same with the company you use. Speak to some different local block management companies to see what they can offer you, and if their service sounds any better than your current provider. You may then choose to engage them on a short-term contract at first, to check you are happy with the service provided.
Should you Put your Rent up?
Rental income is important for a landlord, but it is also important for a tenant. As a landlord, you need to consider the whole picture before deciding if it would be the best move to put your rent up.
You need to be an expert in the local area when you own property. Keep abreast of all developments – know the standard of properties in your area, how much they are selling for and how much they are renting for. If you can, speak to other landlords so you can get to know the general climate.
If you feel that your rent is below the average for the area, then you may well consider putting up the monthly rental price. Before you do so, think about your tenants. If you are looking for new tenants, then try putting prices up to see if your property goes. If you have existing tenants, consider them as well – if they are good tenants, it may be worth putting your prices up less to keep them.
Getting Quotes for Property Repairs
If you need to get repairs on a property that you own or manage, it is usually advisable to collect together a few different quotes so that you can see what is the going rate. This will give you an understanding of the market, and what you can expect to get for your money. If you are a property management agency, you might not have the time, however, if you are a property management company that manages blocks, it might actually be in your contract that you should collect different quotes so that the work you are providing on behalf of residents is value for money.
You should have a list of trusted traders, who you use on a regular basis. Once you have someone you trust, add them to the list – productive working relationships like this are beneficial to everyone involved. If you need anything urgently or at the last minute, these people will be more likely to be able to help and respond quickly.
Finding Good Tenants for your Property
As a landlord, one of your biggest challenges is inevitably going to be finding the right people to live in your property. It isn’t as easy as it sounds – tenants may not respect your property, or they might not pay their rent on time. If you do find yourself in a situation where your tenants aren’t paying and they refuse to do so, you may have to take them to court, so finding good tenants is always advisable.
It’s easier said than done, though. Make sure you help yourself by carrying out all relevant checks to make sure they can afford the property, and if they have a guarantor in place, that will be helpful as well. It is really important you carry out regular inspections to make sure they are looking after your property and encourage them to tell you if anything is wrong. If there is, get it fixed straight away. Good tenants often come naturally when you are a good landlord.