Keeping up-to-date with legislation
Rental properties are subject to an increasing amount of legislation and as a landlord you have responsibilities towards your tenants that you simply can’t afford to ignore.
As well as gas safety checks, electrical systems checks, fire safety regulations, Legionnaire’s Disease checks and legislation, maintenance and repairs, your tenants’ deposits must also be held in an approved deposits’ scheme.
Failure to put your tenants’ deposits in an approved scheme can mean that you lose some of your legal rights if a tenant stops paying their rent and can result in hefty fines or even imprisonment.
Working with a reputable service provider means that you can rely on them to keep you completely up-to-date and compliant with the latest legislation and they will be able to schedule the appropriate checks to ensure that your properties and tenants are suitably covered.
In an ideal world, rent would come in on time and in full every month but inevitably tenants occasionally hit problems that results in delayed or partial payment. Management of your property portfolio can be time consuming and financially stressful. You need an expert team that will take care not just about the properties, but also their maintenance for you so it’s easier on both parts!
Managing rent reviews and lease renewals
Lease negotiations can be a delicate and important process. If you don’t have the right guidance, disputes will arise that could harm your business relationships with both tenants as well as hurt their feelings over possible less than ideal terms they might be offered in comparison to other properties on offer from competitors who do furnish such services expertly handled by professionals sensitive enough even at this stage where emotions may still run high duellied against one another until finally settling down only after many months go past without any resolution being reached.
By working with a management team with the expertise to cover these services in-house, you don’t have to pay for additional professional advice, and potentially expensive dilapidation claims can be avoided by ensuring and any work required is carried out in accordance with the lease terms well in advance of renewal or review deadlines.
Repairing your property
Many landlords are simply unprepared for dealing with unexpected repairs or even the routine maintenance of their properties. A full property management service provider will have in-house Chartered Building surveyors that are able to assess the property on a rolling basis and advise upon any potential repair and maintenance issues that need to be addressed in the next few years.
This allows a planned maintenance schedule to be put in place that can be communicated to your tenants in advance and service charges and budgets to be managed incrementally to cover the costs of upcoming work preventing unexpected and costly repairing bills for all parties involved.
When you invest in rental property, there are many things that can go wrong. However with the help of an experienced management team who have access to reliable tradespeople at preferential rates your boiler or bathroom leak will be taken care off quickly and efficiently so it doesn’t disrupt life at home
There’s no point owning a gorgeous new house if it means trouble making ends meet every month because unlike homeownership; renting out properties does not come cheap!
The bridge between landlords and tenants
Ultimately, a good property management service will keep the lines of communication and the relationship between landlord and tenant professional and in line with legislation at all times.
Mon Nov 27 2023
Mon Nov 27 2023
Mon Nov 20 2023