7 Essential Resolutions for Landlords In 2015
2014 saw several changes to legislation in the private lettings sector and a number of implications for landlords. As obligations continue to increase, here are Redstones’ essential resolutions for the effective management of your property portfolio in 2015:-
Market effectively : If your current tenancy agreement is coming to an end or you have a new property to rent, ensure it is in pristine condition before marketing. De-clutter any furnishings, clean out your drains, redecorate in neutral colours and carry out any necessary repairs. At Redstones we offer the latest in walk-through technology to our clients, as well as presenting your property across an extensive range of websites.
Review your documentation : All documentation should be up-to-date and incorporate any changes since the commencement of each individual tenancy agreement. For landlords finding the ongoing changes a burden, it may be time to consider a full property management option with a reputable lettings agent. At Redstones we offer a range of services to meet your needs.
Review your insurance policy : What exactly does your existing insurance policy cover? Are you adequately insured for accidental or malicious damage or for any periods where your property isn’t occupied? Have you checked the small print? Are you paying over the odds? Redstones Financial provides a range of insurance options designed to cater for your individual needs – and we’ll talk you through the small print.
Check your anniversary dates : By this, we mean your gas safety tests, PAT testing and so on. Landlords who fail to carry out timely renewals risk prosecutions and fines. At Redstones we issue reminders for all of our clients and ensure that all relevant tests are carried out for our fully managed properties.
Carry out a thorough inspection : We have previously emphasised the importance of mid-term inspections. Take advantage of regular inspections to check for adverse usage on your meter readings, review your inventory and assess any damage caused by tenants. As a landlord it is also your responsibility to ensure that all smoke alarms and CO2 detectors are in full working order.
Ensure your rent payments are made : The National Landlords Association revealed that approximately one third of landlords experienced rent arrears in 2014 with an average of £1,640 owed to each landlord. At Redstones our Platinum Total Care Service guarantees that rental payments are made on time, regardless of whether or not the tenant has paid their rent.
Be prepared for changes in legislation : Now is the time to plan ahead for forthcoming changes to legal obligations. For example, 2015 will see the rolling out of the ‘Right To Rent’ legislation as a result of the Immigration Act 2014. This means that as a landlord you will be required to vet the rights of new tenants to live in the UK. Looking further ahead, from 1 April 2016, tenants will also be able to request improved energy efficiency measures from their landlord. That’s only 15 months away. Are you prepared?
Are you fully conversant with your legal obligations as a landlord? Redstones offers a fully managed property service for your peace of mind.