Property management: a checklist for landlords
With the current economic climate, it can feel like everything is uncertain. Even the opportunity for renting out your property. Although 2020 has been tough on most businesses, we have seen some form of stability in the property market.
As we grit our teeth through another lockdown, we hope for the best and prepare for the future. We have been lucky that existing tenants continue to pay their rent and future tenants are tentatively reaching out and asking about comfortable homes to live in.
As we look towards 2021, where businesses will repair and rebuild, we’ve rounded up a helpful checklist. This is to guide landlords who are looking to rent out their properties in future.
Property management: what to look out for
Landlords are a bit like the CEO’s of their own companies. The management of a rental property takes just as much responsibility, organisation and investment, both financially and emotionally.
You want to be prepared, secure and in control while renting out your property. Here is our comprehensive checklist for landlords.
The landlord checklist: safety
As a landlord, you need to comply with safety regulations that include the following: a gas safety certificate, an Energy Performance Certificate (EPC), and an electrical certificate. You also need to put the necessary fire safety requirements in place to protect your property and your tenants.
- Gas safety certificate: This is an annual check carried out by a Gas Safe registered engineer. It ensures gas equipment and appliances are up to standard.
- EPC: This important document contains information about how much energy a property uses and how much it typically costs. It rates a property’s energy efficiency from A (most efficient) to G (least efficient). To get this legally required document, you need an accredited assessor to review your property. View a list of assessors in your area here.
- Electrical certificate: Get a registered electrician to check over all electrical appliances, sockets and light fittings. This ensures your property is safe and risk-free.
- Fire safety: By law, you have to install smoke detectors and carbon monoxide alarms on every floor of your property. As the owner of a House in Multiple Occupation (HMO), you need a proper risk assessment to ensure the property complies with fire safety regulations.
Keeping to these safety regulations might be tiresome, but once all checks are done, you can rest assured that your tenants are safe. As are you as a responsible landlord.
London Shared’s services to landlords include safety checks and obtaining the necessary certificates on your behalf.
The landlord checklist: tenancy management
Managing tenants – especially difficult ones – isn’t easy and most property owners have faced this hassle at some point. This is where we come in; we love nothing more than placing a happy tenant in a happy home.
With that comes the responsibility of finding tenants that are reliable, agreeable, and legally allowed to rent property in the UK. We also like working with tenants who are overall just nice people.
Here’s what to look out for with regards to tenant management:
- Right to Rent checks: As of 1 February 2016, the Right to Rent scheme requires landlords to check whether prospective tenants have the legal right to rent property in the UK.
- Tenant referencing: Thorough tenant reference checks are paramount, including previous landlord references, proof of employment, bank statements and current proof of address. At London Shared we carry out these checks as part of our tenant vetting process.
- Tenancy agreement: An official contract stating the proposed dates, tenancy duration, and required notice period is required. The most common tenancy type is an Assured Shorthold Tenancy (AST). You can also supply your tenants with a ‘How to rent checklist for renting in England’ – a helpful guide for tenants looking to rent property.
Keen to hand over the responsibilities to a reputable property manager? We can do this on your behalf and find you tenants to take care of your property like it’s their own.
Property management: know your responsibilities
As the owner of your property, you have obligations towards your tenants, just as much as they have obligations towards you.
Tenants’ obligations include paying rent on time and being respectful to the property and neighbours. They are also your ‘eyes and ears’ in and around the property to keep you in the loop of happenings in the home.
Landlords have legal responsibilities, such as putting tenants’ deposits into government-backed tenancy deposit schemes. Another responsibility is taking care of certain maintenance and repairs (including the property’s structure and exterior).
We strongly recommend proper inspections before tenancy. A professional clean and a thorough inventory will go a long way to keep your property in tip top tenancy shape.
Property management: the London Shared way
What do we offer landlords? London Shared has over 13 years’ experience in property management. We take care of the ins and outs of tenancy management.
We become your tenant and take the stress off your shoulders. So, you can focus on other matters.
Ready to give us a try? Call 020 7610 9004 or send an email for an obligation-free property valuation.
Image credit: Photo by Bruno Martins on Unsplash.