Top Tips for property and tenancy management
The role of a landlord can be a full time job, with 81% of British landlords juggling a second job to make ends meet.
Here at AJ Properties we take the lead on all the day to day hassle involved with renting out your property, so you can sit back and enjoy the benefits of being a landlord.
Covering all of the Rochdale borough, from Norden and Bamford, to Castleton and Heywood, Wardle and Littleborough, Newhey and Milnrow, we have a database of tenants who are just waiting for their perfect property to crop in the area they’re after!
Keeping your property rented, income regular and alleviating the stress and responsibilities of being a landlord is our number one priority!
Here are five top tips for property and tenancy management that new and existing landlords can miss;
1. Check the law
There is a myriad of potential pitfalls that you can fall into when renting a property. As a bare minimum you need to have a valid gas safety certificate in place, smoke alarms on every level and a carbon monoxide alarm by the boiler and kitchen (if you have gas appliances). It is advisable that you check the legislation surrounding letting as there may be additional requirements depending on the type of property you have. We will always advise you of any new legislations that your property has to meet. This means you don’t have to keep up to date with the changes in the law.
2. Use correct contracts
When letting a property you not only have to use a robust agreement but also follow the rules and regulations associated with them. As an example, with an Assured Shorthold Tenancy Agreement you need to always register the deposit within 30 days, and you need to give Tenants prescribed information regarding their deposit. You also need to give certain notices when terminating an agreement. Serving the wrong notice or having a basic tenancy agreement can cause huge issues, leave it to us at AJ Properties and everything will run as smoothly as possible.
3. Vet your tenants properly
Evicting a non-rent paying tenant can cost you thousands of pounds and a lot of stress. Regardless of the checks you undertake, you can never know for certain that you have chosen the right tenant but you should at least check them as much as you can to minimise your risk. At AJ Properties we are experts in the rental and property management field, we know what to look for and when things don’t seem to stack up with an applicant, we always take extra measures such as guarantors or extra deposits.
4. Have a contingency plan
Failing to leave yourself with some emergency funds to cover vacancy is a huge error that unfortunately a lot of landlords can make. You should always have money aside to cover the mortgage in case finding tenants becomes difficult. We aim to re-let properties while the current tenant is on notice, and it is very rare that this isn’t the case however, you should always make sure you’re covered for a few weeks without rent.
5. Fix things properly the first time
It is very easy to fall into the trap of thinking that if you skimp on certain things you will save money however, ultimately this can come back to haunt you. Rather than trying to deal with an issue on the cheap (which can then mean you have to do it more than once) it is always better to pay slightly more to make sure an issue is properly sorted the first time. Always use licensed, reputable contractors so that you can have confidence in their work and remedy if things go wrong. Here at AJ Properties we have a team of well reputable and highly skilled contractors, ensuring any property issues are addressed correctly the first time around!