Managing multiple properties as a landlord
Landlords who have a portfolio of properties often feel like they’re caught in a constant juggling act. It can be difficult to try to manage various tenants, all of whom have different concerns. And it’s not just the day to day maintenance of the property which can cause issues, there are side issues such as finding new tenants and collecting rent to deal with too. It’s easy to see how it can all get too much. However, there are a few simple tips which could help things run a lot more smoothly.
Use an agent
The most obvious solution is to pay someone else to take the problem out of your hands. There are a couple of options for doing this. One solution is to put your rented properties into the hands of a local estate agent or lettings company. Their fees will be charged as a percentage of the monthly rent, and is generally somewhere between 10% and 15%. Agents will manage every aspect of tenants, rent and property and many landlords think their fees are well worth paying. Another option is to employ your own property manager. This might give you extra control over your properties, but puts you in the position of employer rather than client.
Consistent policies and organisation
If you decide to manage your portfolio yourself, then the most important thing you can do is to put policies and procedures in place, and get organised. At the most basic level, a separate file for each property is a must. It’s your job to keep track of important dates on the calendar such as gas safety checks. It also pays to be consistent with policies around what sorts of people you rent to, how you check references and how rent is collected. Using the same rules and processes for each property makes things far simpler.
Build a network of support
One of the main tasks of a landlord is organising repairs and maintenance when things go wrong. It will save huge amounts of time if you can build up a network of trusted heating engineers, plumbers, electricians and builders who can be called on at short notice to fix faults. You might also be happy to let tenants organise their own tradespeople to make repairs, but many will prefer to leave this job to you. Inspect your properties regularly so that you are aware of any minor issues before they become major issues.
Minimise turnover of tenants
What landlords want more than anything are trustworthy tenants who look after their properties and pay their rent on time. Periods where your properties are lying empty can poke a huge hole in your cashflow. Look for tenants who are interested in staying for the long term and making your property into their home rather than for tenants who are only going to stick around for six months or so. If your tenants give notice that they wish to leave at the end of their tenancy, market the property straight away to try to reduce any vacant time to a minimum.
