Becoming a landlord comes with a set of responsibilities that you should know about, but if you stay on top of everything that’s required of you and listen to the good advice offered to you, it can be a stress-free endeavour.
If you’re looking for some hints on how to make being a landlord an easy one, you’ve come to the right place.
This article will look at property management tips and tricks that you should consider and what some of the common pitfalls are.
Stay aware of the rules
Firstly, it’s essential to stay on top of legal obligations that you must adhere to. Things like assuring everything within the property meets the required safety standards, the structural integrity of the building is sound, and generally making sure it’s a comfortable living environment for the tenant.
New legislation for landlords to adhere to has come into effect, part of which is providing relevant information regarding ongoing issues or any updates. An independent ombudsman will likely enforce more engagement and transparency from landlords than ever before.
A simple and effective way to do this is to display a digital noticeboard in a communal area. By loading the information onto this board, you can disperse a message that you want all tenants to see in one place that is easily viewable. This is much easier than typing or writing individual letters, having them printed and then posted.
By doing the above, you are not only protecting the residents, but you will also protect yourself legally against any jeopardizing disputes, no matter how unlikely they might seem.
Finding the tenant and a property management team
Selecting your tenant needn’t be a daunting process. At the end of the day, you want to make sure the person that is renting your property can be trusted. Checks on them, and their financial reliability, are a must to ensure that problems are not as likely to occur. Consider meeting the tenant first before running security checks to save time.
Appointing a property management company is a wise choice when letting your property out. You may feel capable of handling the day-to-day operations of being a landlord yourself, but for a professional approach, you should trust those with industry experience and browse your property management options.
For a percentage of the rent charged, you can alleviate a lot of the hassle involved with being a landlord and finding the right tenant. Having a dedicated direct line to the property management company from the tenant should any issues arise is worth thinking about. These companies can offer property management tips to you going forward too.
Security is essential for landlords
Security is a consideration that should never be overlooked by a landlord. Ultimately, it’s your responsibility to make sure the residents have a safe home.
No matter what property type you are renting out, installing an intercom system can add an extra layer of security to the building and peace of mind to those within it. Intercoms, particularly in a shared residence, give the tenants control over who enters their building and for what reason.
There are many more security systems you can install into your property, all of which can be explored on the Intratone website.
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