Time is a valuable commodity, that we all coulc do with more of. Here at Belvoir Lettings Corby we have a profound understanding of this and have highlighted below the reasons why, as a landlord, time can be so valuable
1.) Why may landlords want/need to save time?
In the present economic climate it is becoming increasingly apparent the landlords are not all professional property portfolio owners, who generate a full time income from their investments. For whatever reason, whether it be inability to sell a property, inheritance or the decreasing financial strength, we find that many of our Landlords are professionals, already working full time. Therefore the additional time and effort required to successfully let out a property and maintain a healthy tenant/landlord relationship can become increasingly frustrating for both parties.
The most common reasons for landlords to want to save time is for financial reasons. Delays in finding a new tenant can bring with it costly void periods, delays in maintenance works can escalate costs and rent arrears are few of a catalogue of problems, that require much time and attention to combat effectively. Saving time by instructing a professional letting agent can ensure that these issues are investigated at the most initial stages to avoid any unnecessary costs and landlord time.
2.) What are the most time-consuming things for landlords?
The preparation of a new tenancy can be time consuming particularly ensuring that the property inventory is thorough and detailed to avoid financial loss at the end of the tenancy, additionally completing extensive referencing to ensure that the tenants meet the landlords requirements can be difficult to be confident in when rushed. Other legal documentation such as the Assured Short hold Tenancy also require meticulous attention to detail. As a result of this it is extremely popular to use a lettings agency to do this work for them with professionals spending the time required to make sure the details are correct.
Should the Landlord wish to independently manage the property they will have to contend with any maintenance issues directly with the tenant at any given point that a problem arises, as well as sourcing independent contractors to look at the problem and ensure the tenant is able to give access for the works to be completed.
3.) How can landlords save time during a tenancy? (doing it properly the first time/getting an agent to do it for them etc)
It is important that any landlord carries out extensive background checks on any tenant that they intend to allow into their property, ensuring that not only the prospective tenant has rented positively previously but also that there is no indication that they cannot or will not pay the rent in future. Investing trust in a reputable letting agency will ensure that this is all done, and can offer you the possibility of a Landlord Insurance for the rent in future, saving you time and money should the tenant default.
4.) In what ways should landlords never cut corners, even to save time? (getting the right insurance cover etc)
Landlords have certain expectations and obligations to fulfill to ensure their tenants safety at all times and therefore no corners should be cut in ensuring that there is valid certification for the property, with any advisories investigated. It is also imperative that the landlord takes time to assess the various insurance deals on the market to ensure that their properties are covered for building and even contents cover. Policies can vary between providers so it is essential that the landlord does not rush this decision and also take care to get the best value for money available to them.
To see how we could help save you time, please do not hesitate to contact us on 01536 267755.