Three Pillars of Good Property Management
Rental properties can be a profitable source of revenue for many landlords. However, good returns rely on the property being effectively managed.
If you’re new to property management or looking to optimize your process so you can avoid common mistakes and avoid having your property falling into disrepair, we’ve outlined the three most important pillars that will keep your property up, running and generating revenue.
1. Managing Tenants
There is always a human element in property management. Letting this slip into the background can lead to a number of avoidable issues, including disputes. More than just collecting rent from individuals who inhabit your property, whether it's an individual, a family or multiple working professionals, managing a rental property will include the following:
During all this, we recommend doing what you can to establish a good relationship with your tenants and staying on their good side. They may have a number of obligations to you and your property, such as keeping it in good condition, but being too direct or forceful in your demands can lead to lengthy and avoidable disagreements.
2. Property Maintenance and Inspections
The other big part of managing a rental property is ensuring it remains well-maintained and structurally sound. As well as providing your tenants with a safe and liveable space, without damp, rot or other issues that would make living in your property unpleasant or a danger to health, you will also need to make sure things like cracked pipes and leaks don’t turn into serious issues that could damage your property in the long-term.
You should plan to regularly inspect the property to make sure everything is in good working order.
As a landlord, you will also be required by law to conduct regular fire safety checks to make sure no fire hazards exist that could lead to damage to your property and tenants' lives. This is especially important for HMOs. Several companies can assist with such matters, as well as regular electrical and plumbing checks.
3. Managing Finances
Finally, good management requires you to ensure you are turning a good profit and reducing costs where you can.
You’ll need to have a good basic accounting system to understand how much money is coming in each month and how much money is going out. Below are a few things to include in the bookkeeping for your rental property.
Save Time with Reports2Go
Each process above can be made easier with the right tools. Take a look at our software and services, like our free property management app that can help you lower inventory and property condition report costs, as well as save yourself time when managing your property.
Gary, 19 February 2021
Post Titles
- New to Letting? What you should know about Property Reports
- Three Pillars of Good Property Management
- How can PropTech reduce your Property Inventory burden?
- Choosing the right Rental Management Strategy
- Some Tips for Promoting your Letting Agency Business
- The Importance of an Inventory to you as a Tenant
- Some Ideas to Consider in Order to Reduce your Overheads
- Legislation Concerning Landlords and Tenants is Constantly Changing
- What’s your Property Management approach?
- How to maintain a Positive Relationship with your Tenant
- How important is a Condition Report?
- Tools for New Landlords and Property Managers
- The Check-in Process in the Reports Cycle
- Doing an Inventory: Part 5 - Enhancing the Report
- Doing an Inventory: Part 4 - Finishing Up
- Doing an Inventory: Part 3 - Describing Items
- Doing an Inventory: Part 2 - At the Property
- How to do an Inventory: Part 1 - Preparation
- All you need to know about Property Reports as a Tenant
- Use the FREE Reports2Go App to Speed-up Inventories
- Using on-board Dictation Software for Reports
- A guide to Inventory, Check-In, and Check-Out reports
- Reasons for Landlords to carry out Mid-term Inspections
- How to Carry out an Inventory Quickly, Accurately, and Easily
- What does an Inventory Clerk do, and should I hire one?
- Inventory – A Guide for Tenants
- Things to keep in mind when conducting a Check-in Report
- Free Schedule of Condition - Why You Need it
- End-of-Tenancy clean? All you need to know
- Reports During Covid - 19 Restrictions
- Mid-term inspections as a Landlord
- How to avoid Deposit Angst with the Reports2Go app
- The Importance of the Reports2Go App for Inventories
- All about the Reports2Go App
- The Importance of an Inventory for a Tenant
- Dictation makes for a much faster and more Accurate Inventory
- How the Reports2Go app works
- Free Property App
- Completely Free App
- Tenant Fees Act and Inventories
- When you have a lot of Inventories, Reports2Go will save you time
- Periodic Inspections and why they are good idea
- Inventory meets the 21st century with Reports2Go
- Our App saves you a lot of time on Mid-Term inspections
- What is an inventory and why have one?
- Text Mode
- Audio Mode
- Our Inventory App
- Inventory Associations
- The life cycle of a Report