Last week we talked about letting a property yourself – and having done that, you’ll need to manage it effectively too. In this episode, we share the management insights we’ve gained from two years of running a letting agency.
Like last week, we’ve broken the process down into 10 steps:
- Listen back to last week’s episode! If you put in the right tenant and set it up correctly, everything that follows becomes dramatically easier
- Provide a welcome pack that tells the tenant what they need to know (and saves you answering lots of questions!)
- Diarise key dates like the expiry of the gas safety certificate, and the end of the fixed term
- Make sure the rent is paid on time – follow up immediately if it’s not, and report it to your Rent Guarantee Insurance provider in line with their T&Cs if appropriate
- Set up a procedure for maintenance reporting
- Respond appropriately to maintenance requests
- Find a great tradesperson (if you can!)
- Conduct regular inspections
- Decide what to do at the end of the fixed term, and take appropriate action
- Keep yourself up-to-date with ever-changing legal requirements – ignorance is no excuse!
There are lots of nuggets of information in this episode about small changes to your procedure that can yield big results, so take a listen and prepare to up your management game!
Resource of the week
Big thanks to Simon Allen who recommended Clearscore.
It’s a free and user-friendly way of accessing your Equifax credit report – meaning you can see the information that lenders look at, and make sure there’s nothing on there that could jeopardise your chances of getting a loan.
Make a note to check it every month!
It’s our birthday!
Yes, this episode marks three years of The Property Podcast! We’d just like to extend our MASSIVE thanks to everyone who’s supported us along the way – recording the podcast is our favourite part of the week, and it’s an honour to have met so many amazing people as a result.
Join the conversation
Do you have any management tips of your own?
We’d love to know, so join the discussion in The Property Hub!
If you enjoyed The Property Podcast, please leave a review on iTunes
Reviews are really important in helping other people to find the show, so by way of thanks we read out every single review we receive on air.
If you’d like to hear your name on the show, leave us a review on iTunes here.
Not sure how to leave a review? This video shows you how to review and subscribe on iTunes.