Managing properties can be rewarding and can save costs on agency fees, however it can also be very time consuming and leave your frustrated – therefore I have compiled some tips and tricks on how best to manage your properties.
I’m going to be very open with you, I am a property manager and chartered surveyor so you could say property runs in my blood. I know first-hand that property management can be extremely stressful and therefore a plan of action of how to handle any eventuality needs to be put in place.
When embarking on the buy to let process inevitably you will have to decide whether you want to manage the day to day running of your property. In all situations you need to ensure that you maintain an amicable relationship with your tenants as this will ensure a successful tenancy. You need to be able to empathetically listening to a complaint or a moan and then provide the best and most practical way of sorting it out. As long as you make it seem like nothing is a problem you will keep happy tenants.
To start off with you will need up to date with your health and safety requirements and ensure that your property is compliant even before you start the tenancy, and then you need to keep on top of this thereafter. Items to keep op top of are as follows:
- Yearly gas safety checks
- Fire alarms & CO2 alarms – make sure these are working and in the right place
- Put in place an emergency evacuation procedure
- Electrical safety testing & PAT testing
- Water hygiene checks
- Keep up to date with your Landlords insurance
(Read my blog The Process of Letting for guidance on what needs to be in place when you let the property)
Next you need to be prepared for any situation to arise at any time of the day or night during the tenancy and ready to take action, therefore make sure you have:
- A good electrician
- A good plumber
- A good handyman
- A 24 hour emergency contractor (just in case…)
- A point on contact for when you are busy or away
- Provided tenants with information on how to turn the water, gas and electricity on/off in case of emergency – make sure you are familiar with this too so that you can talk it through with a panicking tenant
- A spare set of keys held somewhere close by to the property – contractors can then get access if a tenant cannot be home to let them in or this avoids too much hassle if the tenant gets locked out
Armed with this info and contacts you should be ready to face any challenge.
A big recommendation is that you are polite yet firm with any tenant that contacts you asking for action. Don’t run around after the tenant or spend too much time going backwards and forwards to the property. Listen to the issue, devise a plan, instruct a contractor, inform the tenant via email or text so you have a paper trail and get agreed arrangements in place. Once resolved, inform the tenants or if there is a problem and resolution is going to take longer, inform the tenants – just keep them updated.
Another tip, which is vital, is rent collection. If you tenant is late by 24 hours then get in contact via text or email again keep a paper trail. You don’t have to be nasty, keep it simple ‘Hi, are you OK? We haven’t received a rent payment, please can you transfer it across?’ usually this is enough to jump start some action. If it persists seek legal advice as you will need to take action quickly to minimise losses.
It’s a lot to take in once you start off, however keep organised, build a rapport with your contractors, listen to what the tenant is saying and respond appropriately – get used to problem solving on the spot. You should find that managing your properties becomes easier the longer you do it – there will always be teething problems.
Finally here’s a tip from one property manager to another, as we all deserve downtime and I really like my evenings and weekends. I enlist the support of an out of hours call handling service, Adiuvo, who pick up phone calls and respond to emergencies from 6pm – 9am and 24 hours over weekends and bank holidays (Christmas and Easter included) which means I can sleep easy safe in the knowledge that everything is under control – and prices starting at £5 + VAT per flat per annum.
It’s not difficult managing property once you have systems in place to handle all circumstances – if you are thinking about it then give it a try. If you need any help, support or advice in your property management adventure then do not hesitate to get in contact with us at NC Real Estate or via Facebook
NC
