Mistake #1: Failure to inspect the property regularly
The outcome: Minor problems go unnoticed and can become major issues, resulting in huge repairs costs.
What you can do: We recommend quarterly inspections.
Mistake #2: Failure to carry out repairs immediately
The outcome: Tenants become dissatisfied and are likely to only stay for a short period, increasing your risk of lengthy void periods. Plus, poorly maintained properties may achieve lower rental amounts and are less appealing when viewed on sites like Rightmove and Zoopla.
What you can do: You need to be able to react ASAP to problems and should be available 24/7 for emergency situations.
Mistake #3: Failure to chase rent arrears
The outcome: The longer you ignore (or fail to notice) the problem, the more unmanageable the amount of money owed becomes.
What you can do: You need to monitor payments, so that the problem can be spotted early. Landlords and agents need to engage with the tenant ASAP to find out why they have not paid. Depending on the reason and amount, set up a payment plan or put all the proper procedures in place to take legal action and secure possession of the property.
Mistake #4: Failure to comply with laws and regulations
The outcome: Landlords and agents have to comply with both civil laws and criminal laws. Depending on the seriousness of the incident, a landlord could end up with a fine or imprisonment.
What you can do: You need to ensure that you understand all the laws and regulations which relate to the letting of a property.
Mistake #5: Failure to carry out a thorough inventory report
The outcome: Deposit disputes can occur if you don’t have clear proof of the condition of the property at the time you let it.
What you can do: As an example, the average three bedroom house could have a 13-15 page inventory. But some can be up to 40. If you don’t feel confident to produce such a detailed document, contact a professional inventory provider.
In property management, small problems can become huge if they’re not tackled immediately. Here’s what ensures success:
– Responsive management
– Organisation and availability
– Comprehensive knowledge of the market, laws and legislation
– Good relationship building skills
Thanks to Michael Robson, CEO at Andrews Estate Agents & Partners, for writing this article.
Landlords: do you need help with the management of your property? Andrews can help. They have:
– 69 years experience
– Dedicated property managers
– Choice of services from Let Only to Full Management
And much more. Find your local branch.
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