The Best Property Letting Tips
Property letting can get quite trivial if you dont know how to go about it effectively. As a property landlord you have to take care of a lot of things related to your property. These things are detrimental to ensuring you succeed and prosper in your property letting business.
Being organized helps a lot. Make a file for each tenant you have. The file should include fire safety documents, tenancy agreements and other legally required documents for each tenant. This can be a lifesaver especially when changing tenants as it gives an accurate house history as well as keeps relavent documents available at your fingertips.
Take future rent in advance. It is important to have a deposit and/or collection of rent in advance from the tenant. Usually rent is taken six months in advance to prevent loss of revenue should the tenant default on future payments. This helps prevent loss of your money.
Maintain property in the correct manner. It is vital to repair your property as and when the need arises. Putting off the repairs can lead to loss of property value and risk the tenant moving away. Poorly maintained property makes it very hard to get new tenants. It is also vital to have a lawyer in touch with you at all times. This helps in cases of non-payment by the tenants as well as formulation of specific property letting documensts like lease agreements.
Treat tenants like customers. Build a rapport with your tenants the same way you would with your customers. Treat them nicely and resolve disputes between oe tenant and another. Try and make living in your property a more enjoyable experience for them. A good rapport will go along way to ensuring you tenants stay for longer periods.
Join your local landlords association. this helps you meet other landlords in your locality and builds contacts. It also acts as a united front to amend legislation for property owners interests. It also helps to learn from the experiences of other landlords and keep up to date with property letting laws.