Landlords, it’s time to protect your investment
21st December 2016
Categories Landlord Advice
As a landlord, it is your responsibility to ensure your rental property is well maintained, not just to keep your tenants happy but to also protect your investment. Having long-term tenants in residence is great for business, but if you’re not maintaining the property there could be costly consequences.
In this post, we’re going to give you our top 5 tips to help you keep your rental property in tip top condition, protect your investment and keep you and your tenants happy.
- Pre-tenancy maintenance
Before your tenants move in, make sure the property is in the best shape it can be. Carry out an external and internal property check and get any problems and redecoration sorted out. For example, check gutters are not leaking or blocked, the roof is in a good state repair, look for damp patches and black mould. Remember, ignoring a problem even if it seems minor at first could result in a serious problem in the future.
Undertaking pre-tenancy maintenance will also set the standard to show your new tenants how you expect the property to be kept and will help you keep track of changes.
- Ongoing maintenance
Keeping your rented property maintained throughout the tenancy has many benefits:
- Your tenants stay happy.
- Your property maintains its value.
- When one set of tenants move out, another set can move straight in.
- You will be seen as a reliable landlord which builds a positive reputation.
All of these factors add value to your property and preserve your investment. No tenants will want to move into a property that has been poorly maintained, in much the same way tenants won’t want to stay in a property that has a range of faults, with a landlord that won’t address them.
Tenants moving will increase the risk of long void periods where the property is left empty meaning a loss of rental income combined with a potentially expensive property maintenance bill.
- Create a list of local services
Having a list of local services and tradesmen that you can call on at short notice is invaluable as a landlord. Working with trades you can trust to do a great job with very little input from you is vital. If you get that dreaded late night call from your tenant to say the boiler is broken, you need to be able to call on someone you can trust to fix the problem ASAP.
Using specialist firms such as a damp proofing company to provide advice, surveys and carry out any necessary works on specialist problems is important. Damp patches, black mould, leaks and cracks in walls are all problems which need to be looked at by a specialist. Remember to vet reputable firms and strike up a good relationship and always look out for a company with membership to associations such as Tthe Property Care Association, TrustMark as well as making sure they have the proper Public Liability Insurance and offer guarantees on work that is carried out.
- Inspect the property regularly
Keeping an eye on the property will ensure that any problems get picked up and fixed quickly. Different issues can be more problematic at certain times of the year so undertaking six monthly checks on your rental property will enable you to see the condition it is in and ensure that your tenants haven’t made any lasting damage.
- Engage a Property Manager
Many landlords decide that they don’t want to deal with the day-to-day running of the property and often choose to instruct a Property Manager or Lettings Agent to source the tenants, undertake property inspections and deal with any questions the occupants may have. As great as this option is for many landlords, it is still well worth adhering to the above points so you stay in control of your property and have complete peace of mind.
So, what is the key to preserving your investment?
Look after your property, keep your tenants happy and work with service providers you can trust.
ProTen Services are market leading, national specialists in property preservation, protection and repair and are on hand to be your one-stop-shop to protecting your buy-to-let property.
Contact our expert team here to find out how together, we can help you protect your investment.