10 Useful Property Management Services That Every Landlord Needs
Everyone knows that a landlord has a lot of their plate. Managing a small portfolio of properties can be tricky enough, let alone a mass collection of 100+ buildings, whether that be residential or commercial.
Fortunately, we have worked with Landlord Referencing to create a useful list of services and management services that every landlord should have. Why? Because it makes your life as a private landlord significantly easier and could even save you some cash.
We will look into the following trades/services that are currently available.
- Local Plumbers and Heating Professionals
- Financial Advisors and Experts
- Rent Collection Agencies
- Forms of Advertisement
- Removal Companies and Teams
- Security Measures
So then. Let’s get to it!
#1 Local Plumbers and Electricians
Any reputable private landlord should have a local plumber or heating engineer on their list of handy people to know. Not only will they come in handy when you need to complete your annual gas safety inspection, but they can help maintain and manage your property correctly.
A local gas fitter will also be able to assist you with any future boiler installations too. If they are registered installers for certain manufacturers, they can even get you some additional warranty at no extra cost!
Remarkably, some landlords never have their electrics and wiring structures tested or analysed. Private landlords must get a PAT test on electrical items in the property to ensure that they are in safe, working condition.
Local electrical experts will be able to save you a fortune on electrical maintenance compared to larger national companies.
#3 Financial Advisors and Experts
It’s worth knowing a good accountant and financial advisor if you are dealing with property. They can advise the best action to take when things get a little tricky in terms of making offers for future investments and sales.
Get a reliable solicitor that you can trust.
They will be responsible for drawing up any contracts and lease agreements between yourself and any tenant. They will also manage any surveys that are completed on your property or any other property that you are considering purchasing on a buy-to-let investment.
#5 Rent Collection Agencies
These are very useful for investors that have large portfolios. Managing who has paid what, when and where can become tiring, stressful and very confusing.
A rent collection agency does exactly what its industry name suggests. Collects rent on your behalf for a small subscription fee. It’s worth shopping around and checking reviews before you decide on the first one you see.
Not 100% necessary but useful nether the less. Some tenants will prefer to leave their gardens as they are instead of utilising them. It could be worth building a relationship with a local residential gardener to help manage and maintain your property.
Of course, this counts for front gardens and drive ways too. They can help remove weeds and small shrubs that block footpaths and parking spaces.
Unfortunately, bumps and small scrapes happen. Now 99% of the time, if you have a tenant that knows that they made a mistake, they will agree and probably even offer to pay for any small damages.
However, there is a small minority that believe the landlord is responsible (make sure that you discuss these scenarios before signing any agreements and contracts).
Hire a local carpenter to help repair any minor wooden surface damages to help maintain your properties value.
#8 Forms of Advertisement
If you have purchased an investment property for the first time, you will have little options available to you for finding a suitable tenant. Advertise on social networking websites and other areas where those that need accommodation will be looking.
#9 Removal Companies and Teams
Build a relationship with some of the local removal companies. It can be useful to know them when you have a tenant that needs to move on quickly, but refuses to move fast.
Removal teams can provide packing services, loading and transportation – leaving no responsibility on the tenant’s shoulders. You can simply move your old tenant on and start looking for a new one as soon as possible.
#10 Security Measures
There are many vandals that seem to get a kick out of damaging other people’s property and quite frankly it’s disgusting.
Install CCTV internally and externally to ensure that your property is fully protected. Some state of the art security systems even have the ability to contact local authorities immediately so you can catch any culprits in the act.
Author Bio: This article was written by Ed Davis, Co-Owner and contributor for Davis and Mac, a traditional Man and Van in London.