Saving money with Landlord Law
If you lead a very busy life
Sometimes people seem to think that landlords just lounge around all day, sipping champagne, waiting for the money to drop into their bank accounts.
As all landlords will know though, managing rented property can be hard work.
The amount of work will depend on the type of property you manage. So a modern flat rented by an elderly couple who pay on the dot and who keep the place spotless will take up considerably less of your time than an HMO housing single adults many of whom have mental health issues.
But all properties will need you to:
- Find and check new tenants
- Deal with checkin and checkout meetings
- Deal with any repair issues or emergencies that may arise
- Carry out regular inspections
- Deal with the extensive paperwork and record keeping
They say ‘if you want something done, ask a busy person’ and if you are organised these things can be managed. For example, you don’t have to do everything yourself:
- You can employ agents on a ‘find tenant only’ basis and then deal with the management yourself
- You can employ inventory clerks to deal with the check in and check out meetings, and perhaps also to do your inspections for you
- You can have regular tradespeople to deal with all the repair and renovation work
- You can employ an assistant or family member to help you with the paperwork
Many property portfolios are managed as a family business with maybe one person doing most of the management work or perhaps different family members taking on different tasks.
However, if you are a new landlord looking to deal with things yourself, do not underestimate the amount of time it will take you to deal with things properly. if you have no-one to help you and a busy and demanding job you should be using agents.
