Being a landlord means that you have the responsibility for your property. This requires keeping it well maintained and ensuring that there is no void. As well as tending to the different legalities and regulatory requirements. This is property management and it is a lot of work.
The state of the property is not the only thing that needs to be managed either. Tenant relationship is an important part of managing a property and maintaining a good relationship with the tenants, keeping them happy and ensuring that rent is paid when it is due, is the core responsibility of any property owner, including private landlords.
If your tenants are unhappy, it could cost you. It might lead to stress and property void in the long term. In the short term, you might have to spend a lot of time making things right. It is always best to get it right from the start. A good way to do this is to engage a professional property management firm like Elliot Davis Properties.
Both the landlord and tenant have certain responsibilities towards the property. However, the duties of the landlord are clear and here are some tips to help you efficiently manage your property.
One of the duties of the landlord includes making sure that the utilities are functioning at top standard. This would mean regularly inspecting the plumbing and heating systems and promptly fixing what any problems with the main utilities. Neglecting this area is something that quickly puts off a tenant.Keeping the utilities in working order has two benefits. One, it keeps the tenant happy and two, it keeps the property from long term damage caused by leaks or faulty utilities. Failure to attend to these problems on time can also lead to an income loss if the property becomes uninhabitable as a result. At Elliot Davis Properties we handle this aspect for our clients.
One secret of efficient property management is having a home emergency cover to take care of repair costs. Sometimes the property might need emergency repairs particularly when the fault has to do with gas, electrics, heating, plumbing or the core of the building. Elliot Davis Properties works in partnership with top insurers to provide different landlord packages for our clients.
Most tenants have a personal style and want to express that personal style in their homes. This might reflect in their choice of paint colours, the way the fireplace looks and some other little changes. Giving your tenants some room to express their personal style will go a long way in building a long lasting relationship. This is good for business in the long run, as it helps to keep the building trendy and updated.
The fact is that you can manage your property yourself. However, it is more efficient to get a professional to handle things for you. This is not just about the convenience, although there is that. But, it saves money and time in the long run.
There are several legal and statutory responsibilities which a landlord has to fulfil. It is not always easy to determine what they are particularly as new ones come up occasionally. It is the duty of a good agent to have their finger on the pulse so that all the legal and administrative concerns of the property are efficiently handled. This takes a huge load off the landlord.
With more than a decade of hands on experience in managing properties, Elliot Davis Properties makes it easier for landlords to oversee their properties in a cost effective way. We offer top services that cover everything a landlord will need for a property to run smoothly, including marketing, cross checking references, collecting rent and deposits, eviction and so much more. Call us020 8552 0711today to speak to an agent.