A commonly overlooked aspect of property and tenancy management is the need to conduct routine inspections throughout a tenancy. No matter the situation!
Tenancy Management – The Challenging Truth!
The person or representative overseeing the management aspects of a rental property is responsible to ensure the property is safe and secure for the tenants, and any issues get managed and dealt with in a prompt manner.
The general management responsibilities are but are not limited to…
- Day-to-day management of the property, addressing issues such as leaks, broken fixtures etc.
- Arranging safety checks, before and during the tenancy
- Paying certain bills in relation to the property
- Schedule property visits to ensure the property is being kept in good condition
- Liaising with tenants on matters such as deposit returns and adjustments.
The tenancy manager would also have to keep on top of compliance matters.
Such as,
- A buy-to-let agreement, or consent to let document
- Ensuring the property is safe, allowing tenants to live in
- Deposits are registered with an approved scheme within 30 days of it being paid
- An up-to-date Energy Performance Certificate (EPC) rated between A-E, anything F or below is a failure.
- The tenant is provided with a valid Gas Safety and Electrical Inspection Condition Report (EICR) no later than the start of the tenancy
- Fire Regulations being met, smoke and heat detectors installed and shown fully working on the day the tenancy is started
- Safety regulations for furniture comply with regulations
- A renewed legionella assessment
General administration should be consistently carried out too under tenancy management.
Things such as,
- Contracts, whether that be with tenants, or as an estate agent, with the landlord
- Maintenance contracts, maintenance being recorded and logged
- Tenancy agreements being kept up to date and accurate
- Logging and recording any relevant notices to end a tenancy
- An inventory and inspection of the condition
- The tenants being referenced, and the information recorded
- Right to rent checks, to be carried out once expiry is due
- Protection of deposits, as well as any disputes
- Collection of rent, and chasing up of any arrears
- Recording evidence of copies for the safety certificates and checks
How do I address management issues that come up?
As a responsible tenancy manager, you should be approachable to your tenant for any issues that come up. Arranging a suitable and qualified contractor to carry out remedial works is essential.
The tenant should be responded to promptly, with precise time scales. Depending on the severity of the issue will depend on how quickly you will have to address the issue.
For example, a broken cupboard isn’t of the highest priority, however, a property with no heating or hot water should be classed as urgent and addressed immediately.
Key points to keep in mind when overlooking a tenancy’s management.
What is expected of me going forward in terms of tenancy management?
It is advisable that you make visits to the property often, every three or six months, depending on the circumstances.
Refer to the initial inventory and schedule of conditions to use as a comparison to differentiate between the condition when they moved in, to now.
Allow a reasonable amount of time to give the tenants prior notice before visiting, the acceptable standard is at least 24 hours.
How can I make the process of rent collection easier?
Collecting the rent shouldn’t be a difficult feat if clear communication of expectations has been discussed already.
Keeping it consistent, for example, on the 1st of every month helps keep a straightforward understanding between all parties involved.
Encourage a standing order to be set up so that there is continuity moving forwards, it also helps keep track of any missing payments, and makes chasing late payments easier.
But what if I’m not charging enough rent, or too much?!
Conducting market research come renewal time could value you greatly. If increasing rent, ensure you are making increases in line with the agreed contract and with current legislation.
In your opinion, If you’re overcharging, you could leave it as it is if the tenant doesn’t express concerns on the matter.
Anything else?
Tenancy management is a minefield of regulations to follow, legislation to ensure you keep on top of, and countless reports and enquiries to keep track of.
Many find it easier to take on a letting agent to manage this aspect of the tenancy.
Get in touch with our property experts to discuss having these responsibilities taken off your shoulders!
