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.
How to Choose a Buy to Let Property
A buy to let property is a great investment for lots of people. If you can afford to buy a flat or a house to rent, you will want to make sure you can make the most income from it you possibly can. Here are some things to think about when choosing your property:
- Capacity. If you buy a house of multiple occupancies, such as a student house, you can make more money from it.
- Type of property. Flats will usually be sold on a leasehold basis, so you won’t be the freeholder. Make sure you understand the terms of the lease fully.
- Service charges. If you buy a flat, there will be service charges that you pay to the management company. These will cover the maintenance of the building.
- Fire safety. Make sure you choose a building that is well looked after so you won’t have to put in too many fire alarms or fire doors.
What is the Role of a Property Management Company?
Property maintenance companies are the companies or organisation responsible for looking after a freehold property. This will usually be a block of flats or a house in multiple occupations, where there are lots of tenants living in one place. This creates a slightly complex situation in terms of who owns what – there is a landlord who owns the building itself, and who owns the land that the property sits on. They will not own the individual residences – these are usually owned by individual landlords, but on a leasehold basis. So it is clear that a landlord is responsible for their own property. Who is responsible for maintaining the freehold property? Read More
How to Make Sure your Tenants are Happy
As a landlord, finding good tenants is the most important thing you can do. If you find tenants who pay their rent on time, do not quibble about the bills and look after your property with respect, you need to try your best to hold on to these tenants. Make sure they are happy to avoid them choosing to move elsewhere.
The main thing to do is to ensure the property is in really good condition. Make sure everything is in good working order and has been properly maintained. If the tenants report any maintenance issues to you, get them dealt with as quickly as possible. This is especially important if it is something like a broken boiler or a leak, as it could endanger the tenants and cause further damage to the property.
Carry out regular inspections and try to talk to the tenants. This will allow you to fix any issues and to find out how you can keep your tenants happy.