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Property management

Property management tips after your tenant has moved in.

Property management tips after your tenant has moved in.

There are two golden rules when letting a property - firstly, you should consider letting the property slightly under market value and secondly, you should respond to your Tenants needs in a courteous and timely fashion.

Lets take a look at these in more detail:

1) Letting the property under market value.

For example, you have a 2 bedroom flat in London and having searched our site and researched the comparables, you will note that there are over 50, 2 bedroom flats in a 3 mile radius each renting at approximately £1000pcm.

A smart Landlord would know that if they let their property under market value such as £900 - £950pcm, the tenant would be inclined to stay in the property a little bit longer – thereby, you increase your tenancy term and hence reduce fees when renewing agreements and the cost of potential voids.

2) Respond to your Tenants needs in a courteous and timely fashion.

For example, if the washing machine breaks down and you have supplied this as a part of the tenancy, try and get it repaired or replaced as soon as possible.  When the end of the agreement is near and you would be keen for the tenant to stay on, they will be thinking of the time that you were really helpful or unhelpful which could help them in making a choice as to whether they look for somewhere else to rent or simply stay put.

Managing a PropertyIt is important to give your tenants emergency contact details, if they cannot contact you they may call an expensive out of hours repair service at your expense. It is also important to tell your tenants that you work office hours unless there is an emergency, being a landlord does not mean that we are open 24 hours. This of course means that Landlords should only contact tenants during office hours rather than calling them during the evening or at weekends unless there is an emergency.