Tips for Managing Your Investment
Rental properties can be an excellent source of steady income, but a lot can go wrong for beginners. Finding the best tenants, deciding on reasonable pricing, arranging repairs, and adhering to legal requirements can be difficult to parse without experience.
However, you don’t have to take on this stress alone. Professionals can be called in and delegated to, and this is where a professional property management company comes in. How does leaving your Lambeth property management tasks to these professionals help your investment?
Ensuring You Don’t Experience Long Void Periods
Imagine a situation where your rental property isn’t occupied for 6 months, a year, or even a longer period – this is known as the void period. During this period, the property will not provide you with any income. This can leave you without much-needed money for repairs and if the situation is left unchecked, it may even prevent you from investing in other rental properties.
Finding the best property management company isn’t always easy, but a good company can help to reduce your void periods significantly. Firstly, agents can give you marketing advice. They often know what tenants are looking for in Croydon and other parts of London, and will make suggestions on how to enhance the property and increase the potential rental yields. Moreover, the company can market the property to a wider audience of prospective tenants. This will help to secure tenants throughout the year, providing a frequent and stable income.
The company staff members are also available to answer all the questions from potential tenants. They can then arrange viewings and further persuade them to choose your property. This professionalism makes it easy for your property to attract tenants.
You Can Have Top-Quality Tenants on Your Property
One of the worst things that can happen to you as a landlord is to deal with rogue tenants. Some would go as far as to say that bad tenants are worse than having no tenants at all. Some tenants rarely pay on time, and leave landlords to chase arrears for months on end. They may even break fixtures in your property, which you’ll end up repairing using your own money. This is often the consequence of an improper vetting process.
Tenant screening and placement is one of the roles the best property management company can play to perfection. For example, the company verifies if the potential tenant is allowed to rent a property in the UK, which protects you from legal trouble further down the line. They can also contact the tenant’s previous landlord to gauge their overall conduct. Other issues that the company looks into include:
- The ability of the tenant to pay rent
- Credit checks to verify financial responsibility
- Employment verification
Helps You to Comply with All Legal Requirements
Managing your rental property requires thought and effort. You need to follow specific laws and rules, such as ensuring a comfortable living space for your tenants. If your property doesn’t have smoke and carbon monoxide alarms, you are liable to a penalty of up to £5,000 in Croydon. Moreover, you must also adhere to the stipulated data protection laws.
As a new landlord, you may not know the ins and outs of the law. Regulations often change, and they can be difficult to keep up with. To avoid getting into trouble, it is sensible to seek advice from professionals who understand these laws to manage your property.
A good property management company knows what to do in all situations – they will ensure you comply with all the legal requirements. It begins with proper screening of potential tenants to ensure they’re allowed to rent in Croydon. The company also handles tenant evictions professionally ensuring you don’t get into any problem. They conduct all the requisite inspections to ensure you have all the certificates including:
- Gas Safety Certificates
- Energy Performance Certificate (EPC)
- Houses in multiple occupation (HMO) licence
Efficient Repairs and Maintenance
Routine maintenance tasks can be time-consuming for you as a landlord. These tasks involve ensuring the smoke detectors are working as expected, the gutters are clean, and much more.
You still have those emergency and responsive repair tasks to attend to if you’re managing the property alone. For example, the property may have an electrical failure that tenants expect you to attend to fast. Burst pipes also require repairs. These things can pile up, especially if you manage multiple properties, and professionals can always be relied upon to cover your back.
A good property management company in Croydon like Denhan International takes care of all these repair issues for you. The company has qualified plumbers, electricians, and other construction specialists ready to attend to repair requests 24/7. So, your tenants can always be comfortable.
These regular repairs and maintenance provide many benefits to you and your property. First, your property maintains its top shape, making it attractive to potential clients. Prompt and professional repairs help to maintain a good relationship with your tenants also.
Timely Rent Collection
One of the most demanding tasks for landlords is rent collection. It can be even more challenging when you have those difficult tenants to deal with. You may end up chasing arrears for a long time without achieving success, and your cash flow will suffer for it.
A professional property management will have years of experience handling tenants, and they know exactly how to approach rent collection. They also know how to deal with eviction issues, if it gets to such an unfortunate point. This way, you can remain calm and wait for your rental income at the allotted time.
Hire a Professional Property Management Company
You enjoy many benefits when you work with a reputable property management company. First, the company can market your property, ensuring you don’t experience lon