It's no secret that owning a property portfolio comes with it's fair share of work for a Landlord. Below, we have outlined our top tips for managing your property portfolio successfully, allowing you to grow and invest further.
Be an Organised Landlord
The more properties a Landlord has in their portfolio then the more likely it is that they’ll need to have a system in place to keep on top of all the tedious paperwork.
It is recommended to keep paper and online copies of all documents, such as inventories as well as gas certificates etc. For this reason it is viable to consider online management softwares. Once set up, a Landlord can use these softwares to remind them of key dates, such as inspections. Furthermore, an online management service will most likely offer updates on rules & legislations that are vital for a Landlord to keep up to date on.
Keep Up to Date with Rental Laws & Regulations
Landlords may be subject to hefty fines if they fail to meet their obligations where the government is concerned.
The best way to stay informed would be to join an organisation, such as the National Landlord Association (NLA). Organisations such as these will communicate regularly with members regarding changes in legislation. Landlord forums can also be a very helpful source of advice from other landlords who may have faced similar legalities.
Due to the changing legislations that the housing market will be subject to in the next year, now is more important than ever to keep in the loop if you are not already.
Stay on Top of Everyday Management as a Landlord
As a Landlord, not everyday will be the same. However, you can be sure that it is likely that many of the following tasks will take up a significant portion of your time - it is essential to stay on top of these.
Admin Work - The admin begins before the tenants even move in - you have to find suitable tenants and undertake reference checks. Inventory inspections and safety checks shortly follow and remain ongoing throughout the tenancy.
Maintenance - In order to keep tenants happy and keep your end of the deal, it is essential to keep up to date with any maintenance issues in your properties. Ensure issues don’t escalate and become any more expensive by dealing with them as soon as possible.
Earn a Passive Income
The opportunity to earn a passive income is very accessible to landlords and something that should definitely be considered. By doing so, you open up more time for future investments and plans to grow your portfolio further.
If you are a Landlord who wishes for this, a property management service, such as that offered at Elliot Leigh Guaranteed Rent, would be ideal for you. Our Guaranteed Rent Scheme takes away the hassle of being a Landlord whilst providing you with a stable rental income each month. Find out more benefits here.