Congratulations if you have purchased your investment property and are ready to get some tenants in! Before you do, we have some great tips to ensure you have a great relationship with your tenant.

Who will manage your property?

The first thing that you will need to decide is whether you want to manage the property yourself or use a letting agent to manage the property on your behalf. Remember your proximity to the property may be an important factor here. If you live two far away, it may be challenging to carry out work on the property.

However, since 2019 the letting agents have been banned from charging tenant fees, administration fees, reference checks, and inventories. Suspicion has led onlookers to believe, letting agents have passed this cost onto landlords instead. As a result, many landlords have been encouraged to manage the property themselves to save money.

How to manage your property

A study conducted by HomeView on property management found that tenants desire responsivity the most when renting a property. Good communication and timely turnaround times for repairs were also essential for tenant satisfaction.

Tips:

1. Give your tenants their right to privacy; make sure you give them a minimum of 48 hours notice before visiting their premises. Remember, they can refuse your permission without needing to provide a reason.
2. Start texting instead of emailing; this can speed up communications and make the tenant feel confident in your service. This also ensures you have a written record of all communications.
3. Establish what you consider an emergency from the outset. This will ensure that you do not get tenants ruining your day off but conversely ensure that real emergencies, such as leaks, are not left to get worse.
4. To make sure that you can promptly fix any general repairs and maintenance, have a list of reliable contractors to hand so that you don’t waste time ringing multiple contractors that aren’t suitable. Also, schedule check-ups for appliances regularly to prevent serious problems from arising.

Collecting Rent

1. Establish how you preferred to be paid. Remember to factor in fees for online transactions if this is your chosen method.
2. Send reminders before the rent is due to minimise the chance of late payments.
3. Charge a fee for late payments to deter your tenant from paying late.
4. If your tenant continues to pay late, remind them that they put themselves at risk of facing eviction.