Managing a property can seem daunting at first when you realise what monthly and yearly checks are involved, especially the legal fines that can be applied if these checks are not carried out correctly.
We have put a checklist together from the years of experience the Embrace Property team have had from property management.
Property visits/inspections: Regularly visiting your property and carrying out periodic inspections to check that your tenant has no issues, is a great way to reassure the they are happy and the property is kept to a certain standard.
Contact information: Provide your tenant with contact information that allows them to reach you through telephone, text and email. By doing so will ensure that you are notified when any issues do arise. Also, make sure you take multiple forms of contact from your tenant, as this will make it easier to management the day-to-day issues of the property.
Systemise everything: Set systems for all your documents (payments, rents, tenancy agreements, safety certificates and tenancy letters etc.), preferably online as you are then able to access them at any time.
Rental payments: Checking that rental payments are received on the due date and follow up if they are not. By taking the appropriate action when required can prevent any future missed payments. You can set diary reminders or use management software to alert you when payments are overdue.
Annual rent reviews: Annually review the rent charges in line with the current market valuations, to ensure you are not under or over charging your tenant.
Meter readings: Log all meter readings every time a tenant moves in and moves out of a property, as this ensure that you are not charged undue amounts for any unnecessary periods.
Gas safety checks: A gas safety check is a legal requirement to be renewed every year.
Electrical safety checks: An electrical safety check is a legal requirement to be renewed either every 5 or 10 years, depending on the date stated on the most recent certificate. In addition visual and PAC checks should be carried out.
EPC checks: An energy efficiency check is required and is usually requested if you are looking to sell or let the property.
Smoke alarm and carbon monoxide detector: It is a legal requirement for working smoke alarms and carbon monoxide detectors to be installed in all properties where a gas appliances is present.
Maintenance issues: Always respond and deal with any maintenance issues as quickly as possible, this will prevent any issues escalating and therefore ensuring the tenant remains happy in the property.
Issuing notices: Notices to the tenant can be issued for several reasons; failure to keep up with rental fees, breaching tenancy agreement and any extreme misconduct.
Rent deposits: Registering rent deposits with an external deposit scheme and ensuring the correct release is provided when tenant moves out.
Documentation: There are multiple documents that need to be signed by the tenant within the first month of their tenancy; these include tenancy agreements, deposit registered receipt and an inventory form (if carried out).
Negotiation with tenant: Deal with any tenant issues that arise as quickly as possible. These can range from maintenance issues to rental arrears.
Lettings: If you are looking to source a tenant yourself this can take longer than expected. You will need to decide on the type of tenant and where is the best place to advertise for this tenant type. Various checks are carried out including; credit checks, interviews, guarantor checks and referrals/character reference.
These are some of the main checks that you need to considering if you are managing your own property. If you would like any further advise a member of our management team would be happy to help on 02476 158177.