How to manage your rental property?

Self-Management Vs Fully Managed Rental Property

Have you just purchased your first buy to let? Are you considering becoming a landlord? Let’s delve into what is next!

Step 1: So, you’ve just collected the keys to your buy to let property, Congrats! let the letting process commence!

Tenant finding

· All legal documents in place to market your property.

· Cleaning & Maintenance all up to standard

· Advertising & marketing your property

· Booking & Holding viewings

· Offer negotiation.

· Tenant reference checks including right to rent in UK, credit history checks, identity checks, affordability checks.

· Contract set up

· Inventory report

· Welcome pack including legal documents.

· Check in and key handover

Step 2: Now you have found your tenants, and they are moved in, what’s next? Sit back and relax? We are afraid not…

Managing your rental property

· Monthly rent collection & statements

· Payment chasing for missed rent payments

· Statements and accounting rent payments, annual tax return to HMRC

· Maintenance issues including out of hours emergencies

· 24/7 on hand support for tenants, always be prepared for the unexpected!

· Organising repairs and paying contractors, sourcing quotes

· Accounting for expenditure

· Eviction notices where required.

· Legal action, court hearings where required.

· Periodic property inspections

· Periodic legal certificates including:

- Annual Gas Safety

- 5 Yearly EICR

- Annual Chimney Sweep

- Up to date and tested Smoke & Heat Alarms

- Up to date and tested Carbon Alarms

Everything listed here is what is required of a Landlord (or Landlords Agent) as an ideal and legal minimum, great if you have both the time and passion to take on in the long term, but if you’re wanting a buy-to-let as a hands-off investment, then getting an agent to fully manage all of the above for you is the route to follow!

Right Home Management can take on as little or as much as you wish with our tailored packages, from just collecting the rent each month to full management.

Get in touch with a member of our team today to discuss your requirements!