Upon purchasing a property you may consider making it available to tenants. In doing so, you take on all of the responsibilities that are expected as per current regulations and the agreements that you sign with your tenant(s).
There are many tasks involved in property management that can take up a lot of your time, but it is important that you stay on top of things, both to keep your tenants happy and to ensure your buildings continue to meet the minimum regulations required.
Here are just some of the things that property managers need to do.
Continued Maintenance
If your property is not well-maintained, issues will arise that can cause tenant dissatisfaction and possibly lead to you being unable to let the building out. As such, it is crucial that you have a routine in place that allows you to inspect the building fairly regularly, in addition to establishing lines of communication with tenants so they can report unforeseen issues as they occur.
When inspecting, you always need to inform the tenant of your intentions to visit the property, providing them with the notice they need to ensure they are there if they want to be. Furthermore, it is crucial that property managers have access to trusted contractors to complete any maintenance work required. Those that own larger buildings and apartment complexes often find that it is beneficial to have a janitor on staff to help with the maintenance issues.
Rent and Other Financial Issues
In an ideal world, rent will not be an issue. In most cases, it will be taken as a direct debit payment from the tenant’s bank account and property managers will not need to intervene, outside of setting rent payments and ensuring the security and return of deposits where relevant.
Unfortunately, not everything goes according to plan and there will be times when tenants do not pay their rent, for whatever reason. In such instances, property managers must understand the legal recourse that is available to them, so they can get back the monies owed in the proper fashion, should the tenant refuse to pay. Furthermore, many property managers also maintain more personal relationships with tenants that allow for new payment structures to be created to alleviate the issue, though this is a much rarer occurrence in cases of failed rent payment.
Documentation
There is an awful lot of documentation that goes into letting a property, but we will focus primarily on the agreements you draft up for tenants. In all cases, these agreements must protect the property manager from liability, while also ensuring the tenant’s rights are met.
There is no room or vagueness in a tenant agreement, as this can be used against you should any disagreements arise. Instead, the document needs to explain, in clear and concise terms, the duties of the property manager and tenant. This often requires the aid of a legal professional, especially in regards to the various regulatory issues related to the agreement.
Furthermore, property managers are responsible for making updates to these agreements and informing tenants of when these updates are going to occur and become actionable.
It’s a lot of work to take on, so contact Hills Estate today if you are looking for a quality lettings agent and property management company in London.
