Tuesday 25 October 2011

We are landlords not care workers.

“Shower button has broken off”,  ” washing machine is not draining”, “I’m locked out the house!”  “The bathroom light bulb has gone out”

Being a landlord is not all about collecting the rent at the end of the month and sitting back until the tenant hands in their notice. Proactive property management is what creates repeat business, good referrals and recommendations. Reacting to problems as quickly and effectively as possible is what helps creates solid landlord and tenant relationships. 

Now I’m not saying that you must jump to the beat of your tenant but being at the end of the phone or replying by e-mail to questions and complaints is all part of a landlords responsibilities. I’ve had many a phone call from tenants informing me that the kitchen light bulb has gone out. When I ask them if they have changed the bulb there is often a silence at the end of the phone and then a “oh, not yet. Should I do that?” We do not provide a hotel, B&B or handy maintenance service however having everything in place and available to deal with issues is a must.

As we all know problems don’t always happen when it is convenient for us to sort. The 9 to 5 routine gets blown out the window. Smoke alarms like to “set themselves off” in the middle of the night. Power cuts,  water leaks and  then there’s my old favourite when a tenant goes on a night out has a few too many and then gives me a nice 4am wake up call to inform me that they have lost their keys and it’s my fault. Ha! Unfortunately we have to provide answers and solutions. Turning a blind eye, hitting the silence button or rolling over in bed until the phone stops ringing is not good enough.  Usually there is a solution that can wait until the next working day but in the few instances where that’s not good enough you better be ready to jump into action.

There needs to be a clear definition of what an emergency is and what can wait. What warrants an out of hours call out and what is the tenant being too lazy to do themselves.  It’s a good idea to get examples of what is an emergency to your tenants at the start of their tenancy. Water leaking into our out of your property needs a quick response or you will have the council enforcement officers taking the lead getting involved and sometimes creating more problems than there was originally. I have been to properties the morning after the problematic night before and doors have been kicked in and windows smashed in order to gain entry to the property and turn the water off. Electrical faults are a priority along with noise complaints and neighbour disturbances.

As the title states. We are landlords. Educate and inform your tenants as to what is acceptable.  Let them know how to make valid requests and report repairs. Don’t hand the keys over on move in day and then become the dreaded invisible landlord. Get on top of things from the start and you’ll more likely have a smooth running tenancy.  

www.acepm.co.uk

Reluctant Landlords

The current economic climate is having a significant affect on  the housing market today in such a way that buyers with large deposits and sound buying criteria are thin on the ground. I am therefore, being contacted on a regular basis by estate agents and solicitors that have properties sitting on their books and unfortunately no interested buyers or even viewers.
With the nights drawing in and the winter months fast approaching, the market is further slowing. Sellers with vacant properties that have costly liabilities such as council tax and utility bills, are more often than not turning to the rental market to remove these crippling expenses. This is obviously not the route sellers would have originally planned but it offers an extremely viable and suitable alternative, either on a short or longer-term basis, allowing sellers to achieve an ultimate goal. Having a secure tenant in situ on a 6 month short assured tenancy is better than 6 months of extras bills to pay.
Reluctant landlords must be willing to listen to professional advice when it comes to renting out their property. The decor and furniture may be fine for the sales particulars and selling the property but more often than not to secure a tenant neutral decor and minimal furnishings are required. It pains me when owners think that grannies old sofa, chairs and worn carpet from the 1960’s create an attractive property for students or young professionals. It’s very important to research what type of tenant you want in your property and prepare the property for that market.  Potentially spending one month’s rent kicking the property into shape is better than having the property empty throughout the winter and beyond.
Becoming a landlord is not just as simple as dropping the keys off with your local property manager or sticking an advert in the local newsagents window. There is numerous legislation that landlords must abide by and ignoring legislation because you are only doing this part time until the selling market picks up could land you in alot of trouble should problems arise during a tenancy.  Gas safety and electric certificates must be obtained along with installing main smoke detectors and having Energy Performance Certificates completed. Landlords must also register with the Landlord Registration scheme run by the local council. Any professional letting agent will be able to take care of your registrations and certificates.
It is important that tenancies are set up correctly. Once a suitable tenant is found, appropriate references must be taken, AT5 forms and Lease documents must be signed by both parties and an inventory must be completed and agreed before a tenancy commences. Routine inspections need arranged and carried out to ensure that tenants are not letting the property deteriorate.
Should you be considering renting your property for a minimum period of 6 months please feel free to contact me directly at ACE Property Management to discuss options and have any questions answered.