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Headaches Involved With Managing Properties

August 15, 2012 By Leave a Comment

By now, regular readers of this blog know we operate on two distinct levels.  The first is to forewarn and forearm potential owners of property to rent in Liverpool to understand the processes involved in renting out your property. The second is to discuss the option of using an outside agent manage your property.

Lets recap on the typical responsibilities that will be undertaken by a property management Liverpool based company…

Typical responsibilities of a property management company include signing rental agreements and rental disclosures, complying with rental laws (such as lead paint tests and disclosures), taking care of all repairs and maintenance, fielding phone calls from tenants, screening tenants, and other such things. What is more, if desired, they will also help you make your accounts much easier by keeping track of everything as how the money is being spent on various properties. Therefore, if you want to get rid of all the headaches involved with managing properties and tenants, you should look no further than hiring a professional professional property management company.

What you can’t expect your property management company to do…

It is very important for you to understand that if you have houses to let In Liverpool you cannot expect your property management company to do everything for you. There are several tasks associated with your property that may not be included in their work profile. For example, they will not pay your bills, such as property taxes or mortgage payments. They will not even register your rental properties with local municipalities, unless you specifically ask them or upscale the particular contract. You will have to perform all these tasks yourself. However, if you do not have much time to handle these things, there are some other alternative options available to you. In order to save your time, you can have your mortgage lender escrow for the recurring bills, including ground rents and property taxes & insurance.

Food for thought

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Filed Under: Do your sums, Full Management Service, Tips For Landlords Tagged With: ,

What’s Next With My Rental Property

February 15, 2012 By Leave a Comment

You Have Your Property To Let In Liverpool… Next Steps?

If you have a flat to rent in Liverpool, and you’re determined to do it without any help from any outside agents, you need to follow these next steps. We must stress that this is a quick rough guide, you must take into account many other aspects and recommendations when letting a property, to ensure your property management tenure runs smoothly.

Getting The Right Consent

The chances are the property you intend to rent is already mortgaged. It is very important that you ask your lender for consent to change to a buy-to-let mortgage. If you don’t, you may invalidate all sorts of agreements and terms of the mortgage which can have very serious consequences. Do you have a leasehold property? You must check your lease permits and make sure you’re allowed to let.

Get An Energy Performance Certificate

It became a legal requirement in October 2008 for a landlord to provide an Energy Performance Certificate (EPC) when renting out a building.  Any prospective landlords should include the energy performance graphs when they advertise their flat and this can be an excellent selling point with prospective tenants.

Advertise

How much should I charge? What do I need to take into account to cover all eventualities? This has always been the downfall of the property owner who intends to find tenants. You may have a perfect property to let, but how do you do it?

You should always take advice and understand that everybody is different in respect of commitment to renting a property. You could choose a tenant find service, let only service or a full management service.  Have a look at the different services offered and don’t be afraid to call up and ask

Important Checks

Safety checks must be completed before you rent your property and your tenant(s) moves in.

Gas and electrical appliances in rented accommodation should be tested and certified safe on an ANNUAL basis. In the event of an accident you as a Landlord must be able to prove that all appliances were safe. It is a legal requirement that a Gas Safety Check is carried out before a tenancy commences and re-tested every year. Use our Gas and Electric Safety Checks to comply with current legislation and cover yourself.

Ensure all furnishings comply with current safety regulations. Any furnishings, which do not comply with the regulations, should be removed or replaced prior to offering the property for rent. The 2004 Housing Act also requires the landlord to comply with fire safety regulations

Next Steps

If this seems a little too much, then a property management company will take out all the headaches… at very little expense.


 

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Filed Under: Full Management Service, Let Only Service, Services & Fee structure, Setting the right rent, Talk to your lender, Tips For Landlords Tagged With: , ,

Can You Be A Landlord

January 27, 2012 By Leave a Comment

Can you handle it?

Many people decide to invest in property, you can create a passive income stream. Lot’s of people purchase a rental property with the intention of becoming a landlord.  Owning property is a good way of creating income, alongside the tertiary benefit that the property will usually increase in value.  However, if you have homes to let in Liverpool, you’ll know that being a landlord isn’t for everyone. You should consider whether or not you are truly cut out to be a landlord.

Renting Out Property Comes with Hassles

I know I’m not cut out to be a landlord, as the I’ve proved when I had properties to let in Liverpool.  Just the thought of the hassles that come with rental property have me worried and stressed out.  If I had to move, I would rather sell my home at a loss than rent it out while waiting for the housing market to recover.  But that’s just me.

Here are some of the issues I’ve had as a landlord:

Trying to collect rent: It’s difficult trying to collect rent, especially if I lived in a different city.  It becomes especially difficult if you have a tenant that gives you trouble about paying.

Repairs: Being responsible for general maintenance and repairs is also a massive hassle.  Some, more practical people enjoy doing the work, I didn’t.  And, on top of that, I don’t want to deal with the trouble of hiring someone else to do the work. Then I’d have to pay them out of the profit income.

Cleaning it up after tenants leave: Another issue is cleaning up after tenants leave.  What if they break something, or had pets?  Once again, you can hire someone to take care of those things, but it comes out of your rental income.

In the end, I have seen lots of friends I know trying their hands at being landlords, and running into no end of trouble.

Before you jump in and become a landlord, make sure you think through the hassles that might be a part of your duties of being a landlord.

Alternatively, I would recommend using a property management company to take out the stress.

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Filed Under: Full Management Service, Tips For Landlords Tagged With: , ,

The Full Management Service From Bluerow Lettings

December 15, 2011 By Leave a Comment

Bluerow lettings offer a variety of services, read about our Full Management option

As discussed in previous posts, Bluerow lettings offers a tenant find and let only service. We want to show you the benefits of our Full Management service as it minimises any hassle which you could incur from your rental properties.

Here is a breakdown of the ‘Full Management Service’ option

Marketing the property

You will get the same great service our letting agent provides for all our customers who have flats for rent in Liverpool. Without this type of marketing, you’ll make it unnecessary difficult to find the right tenant. We can assure you that potential tenants check the Bluerow website and call us for new properties… daily!

Accompanying all the viewings

We understand that finding the right tenant is possibly one of the most important considerations if you have Liverpool property to rent. With a wealth of experience, Bluerow lettings can help you find the right candidate and help answer all the questions, they’re likely to ask. We’ve seen it, heard it and done it all before!

Credit Checking tenants

We know that credit checking may not seem important, but trust us, it is! Imagine all the possibilities that could arise if you leave out this step. We have established links with agencies, and most importantly we go through this process on daily basis.

Producing assured shorthold tenancy agreements

The tenancy agreement is a contract between you and your landlord. The tenancy agreement gives certain rights to both you and your landlord, for example, your right to occupy the accommodation and the your landlord’s right to receive rent for letting the accommodation.

Setting up standing orders

Let us do this for you.

Writing to all the services providers

Advising on who has moved in, when and what the readings are.

Registering the Deposits

The deposit protection scheme has been law sine 2008, we know all about this, and are experts in setting this up.

Rent Guarantee Insurance Policy

This policy is against defaulting of rent, for the first inital tenancy term agreed regarding rent collection. Bluerow Lettings deal with any management issues which may arise whilst tenant is in situ

 

Full Management Service £395 pus VAT then 11% pcm

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Filed Under: Full Management Service, Shorthold tenancy, Tips For Landlords Tagged With: , ,