If you’re an existing Landlord, you might be using a property managers to effectively look after your properties and are wondering how to do it yourself and whether it would be cost effective.
If you’re a new landlord, congratulations! You’ve started building your portfolio and are now looking to start taking on tenants and building a passive monthly income.
By now you’ve probably figured out that being a landlord isn’t easy by any stretch of the imagination and when it comes to management properties can be a real handful.
So let’s dive into the real meat of the article. Is managing your portfolio yourself simple?
Can you dedicate enough time to managing your own properties?
It’s important to keep in mind that a large percentage of Landlords work full time and fund their portfolio with their annual income.
So, if you fall under this category, ask yourself if you’re willing to dedicate a large chunk of your time to being the Landlord your tenants need.
If your answer to this holds a degree of uncertainty or is a straight no, we recommend letting a management company look after your portfolio.
Truthfully, the last thing you want to do is deliver a bad experience to your tenants as this will just end up costing you your money and your reputation.
Also, you’ll want to consider complications that may rise in the future such as evictions, which are long and drawn out processes.
Alternatively, if your answer is a resounding yes, then go for it!
Managing your own properties definitely comes with its perks. If you’re new to the industry, you’re going to need to give it your all and dedicate a large portion of your time researching what it truly takes to be a top tier Landlord.
You’re also going to want to make sure no stone is left unturned in regards to the law. We recommend visiting websites like Landlord Law to make sure you’re kept up to speed with legislative changes so you don’t make any mistakes.
How Far Away is the Property?
Location location location…(excuse the horrible pun..)
In short, if your rental property isn’t local or is in a different area (or even country) then self managing your property can be incredibly difficult, and for a few reasons.
Maintenance becomes a lot harder as the value and the quality of the work being done on the property is rarely visually inspected by you. This can make your tenants feel a little short changed and can cause disputes.
If your property is local, that’s great. You’ll be able to give tenants a heads up on what the surrounding area is like and you’ll (hopefully) be familiar with reputable local suppliers and tradesmen.
What Your Duties Might Look Like...
When considering the amount of time required to be a brilliant Landlord, you’ll first need to understand what’s required of you. Here’s a non-extensive snapshot of duties that you might encounter when managing a property yourself.
Finding & Managing Tenants
Arguably, one of the most challenging aspects of property management is managing and keeping tenants. Unfortunately, a very small minority of tenants can be an absolute nightmare.
Attracting the right tenants needs due care and attention. You’ll need to establish the right screening processes.
If you’re not sure about the questions you should be asking tenants or what kind of screening you’ll need to be doing, Alphaletz actually offers a free tenant screening checklist to help you make informed decisions about the kind of tenants you take on.
Putting the correct hurdles in place via a well designed screening checklist can help you thwart disaster tenants before they even step foot into your property.
Free Tenant Screening Checklist
A free, pre-tenancy application that you can provide to your tenants to thoroughly screen them!
Arguably, one of the most challenging aspects of property management is managing and keeping tenants. Unfortunately, a very small minority of tenants can be an absolute nightmare.
Attracting the right tenants needs due care and attention. You’ll need to establish the right screening processes.
If you’re not sure about the questions you should be asking tenants or what kind of screening you’ll need to be doing, Alphaletz actually offers a free tenant screening checklist to help you make informed decisions about the kind of tenants you take on.
Property Management & Maintenance
A pretty obvious point, hopefully.
Your property is your investment, so it’s in your best interest to keep it prim and proper. If your house starts falling into disrepair because of lack of maintenance, tenants could start withholding rent and this could cost you a lot of money.
So keep up with maintenance. Encourage your tenants to approach you at the first signs of damage so any leaks or cracks can be fixed before they sprout into a bigger problem.
If you want your tenant to keep on top of certain areas of maintenance, like the garden for example, you’ll need to set this expectation to begin with so they know effectively what their responsibilities are.
Creating & Providing the Right Documentation
As a Landlord, you’re responsible for handing over the correct legal documentation that every tenant requires when they move into a new home.
This could consist of Energy Performance Certificates (also known as EPCs), Gas Safety Certifications and EICRs (Electrical Installation Condition Reports) and even lease agreements.
You’ll also need to give your tenant a copy of the How to Rent Guide which can be found here.
If you want to make sure that the right documentation is given to your tenant, you can use our Welcome Pack template by clicking here too.
Our Welcome Pack outlines the legal essentials you’ll need to give to your tenant as well as other bits and pieces that you can adhere to in order to improve the quality of your move in experiences.
Free New Tenants Welcome Pack Template Download
Grab yourself a copy of our free, customisable welcome pack and enhance your move-in experiences.
Have You Got the Right Tools?
No.. No. Put the toolbox away (although this is equally just as necessary if you’re taking on the maintenance yourself.)
We’re talking digitally. You might be familiar with the Making Tax Digital regulation that’s coming into effect in 2024. If you’re not? You owe us a coffee. (Just kidding!)
You’ll also need to keep signed tenancy agreements as well as documentation for your mortgages and insurance in a safe place.
That’s where we come into play. We’re Alphaletz. We’re a very popular Property Management Platform that Landlords love. We’re helping digitally transform the way Landlords manage their properties.
We also like to give out the odd free trial here and there, so feel free to give us a test drive by clicking here.
