ON THE SPOT  PROPERTY - Letting Agents for  PROFESSIONALS
RSS

Recent Posts

MANAGING YOUR OWN PROPERTY PORTFOLIO
LONG LEASE REQUIRED ON 3 BED HOUSE - CAN YOU HELP ?

Categories

LANDLORD HELP & ADVICE
URGENTLY WANTED
powered by

My Blog

MANAGING YOUR OWN PROPERTY PORTFOLIO

Managing your own property portfolio is highly rewarding. But there are challenges to be faced and overcome. These can be minimised by learning from the mistakes of others so here's our top five 'what not to do's'......
1) Not charging the market rate. This can work both ways. Either charging over or under the market worth. It's a common but understandable mistake. The landlord has a vacant property and wants to get a tenant installed as quickly as possible to maximise cash flow. The temptation to ask a rent below other landlords is obvious. Asking a lower rent will have prospective tenants falling over themselves to sign on the dotted line. Which is all well and good but once the tenancy agreement is signed the landlord is locked into receiving a low rent. Not at all good for business and a mistake which could have far-reaching consequences for the landlords business. An equally unfortunate consequence could arise from asking a rent above that of the market value. Again it's an understandable error especially if the property is in an area which is starved of rental accommodation. The problem comes if the higher rent puts off prospective tenants and the property remains un-let. No tenant=no rent=problems paying the mortgage. Charge the market value and let the property without running the risk of damaging your business.
2) Not screening tenants. It's something many landlords will be familiar with. You have a new property or one which has just become vacant. A friend or family member hears about the house and says: "Paul / Jade / Fred & Wilma are looking for somewhere and your place would be perfect." Now, helping friends and family is fine. But this is your business. If you are inclined to help go through the same screening procedure you would for any other prospective tenant including credit checks, taking a security deposit, and having them sign all the necessary legal documentation. If they don't pass the screening process than a polite but firm 'no' may cause a temporary schism in the family but may prevent bigger problems down the line. In a similar vein don't be in too much of a rush to rent. Always screen prospective tenants thoroughly even if it means leaving the property empty for a little longer than you would prefer. It will pay off in the long run.
3) Not carrying out repairs promptly. Repairs and maintenance is undoubtedly the biggest cause of friction between tenant and landlord. Every landlord will have stories of tenants demanding the earth and ringing to report minor problems at all hours of the night. Unfortunately that pretty much comes with the job. It is in the landlords best interest to maintain a healthy relationship with a tenant and responding quickly to reported problems and repairs is the best way to keep a tenant satisfied and happy to pay their rent. When you are notified of a required repair attend to it immediately yourself or send your go to tradesmen. Don't be tempted to let minor repairs go unresolved, get them sorted straightaway. A failure to do so will cause problems and you could end up losing a valued tenant and suffer an interruption to your cash flow. Not to mention you will be storing up issues which will still need to be sorted out before another tenant is installed into the property.
4) Not being covered by landlord insurance. Make sure your properties are covered by adequate and specialist landlord insurance. It sounds obvious but it is amazing how many landlords neglect this. Ordinary household insurance just won't do. Take out proper landlord insurance from a specialist provider and ensure the cover is high enough in monetary value and comprehensive enough in breadth to cover all eventualities and the complete rebuild of the property. Don't forget to revise the rebuild value every year when renewing the policy.

5) Becoming emotionally attached to a property. This may seem a strange one but when taking on a new property, especially if it is the first in your portfolio, it is easy to become emotionally attached and overspend on the decor. No one is suggesting that you skimp but, unless you are letting to the corporate market, an excessive finish isn't required. To take an extreme example; don't install a cool and contemporary cream carpet in student accommodation. It won't stay cream very long. In short, decorate practically and to a good standard, especially in the kitchen and bathroom, but hold off on the unnecessary luxuries and extravagant touches.

41 Comments to MANAGING YOUR OWN PROPERTY PORTFOLIO :

Comments RSS
assignmentland on 04 July 2018 15:07
really liked your background colour.. nice pick. pinball is well described by you in the article and looks like you're a great fan. thanks for sharing the post with us, enjoyed reading it.
Reply to comment
 
appliance repair langley on 28 June 2019 19:11


gustavo on 17 July 2018 10:04
Thank you for all your efforts that you have put in this. Very interesting information I like this site very much so much superb information. Snap Forms
Reply to comment


professional dissertation writers uk on 14 August 2018 17:46
I want to buy some property this year. Can you help me with that?
Reply to comment


Lewis rowlings on 19 August 2018 07:56
It is really great post and i really enjoy when i am reading this article. Thank you for sharing this great post with us. It is really happy to see this. Receipt Forms
Reply to comment


best cv on 17 October 2018 01:28
I don't have a property yet. But I am working hard on it at the moment.
Reply to comment


Charlotte Trujillo on 03 November 2018 13:45
Regular job.
Reply to comment


Zoe Melendez on 03 November 2018 13:46
Regular job.
Reply to comment


filled out receipt book on 28 November 2018 09:17
Thank you for all your efforts that you have put in this. Very interesting information I like this site very much so much superb information.
Reply to comment


replique franck muller montres on 29 March 2019 19:14
You have a considerable measure of composing ability.
Reply to comment


tableclothsfactory on 30 May 2019 04:31
MANAGING YOUR OWN PROPERTY PORTFOLIO
Reply to comment


wholesale eyelashes on 04 June 2019 03:32
MANAGING YOUR OWN PROPERTY PORTFOLIO
Reply to comment


wedding stubby holders australia on 06 June 2019 03:34
MANAGING YOUR OWN PROPERTY PORTFOLIO
Reply to comment


iphone 8 plus cases on 07 June 2019 10:23
MANAGING YOUR OWN PROPERTY PORTFOLIO
Reply to comment


Darren Bravo on 13 June 2019 12:08
I would be very thankful if you continue with quality what you are serving right now with your blog...I really enjoyed it...and i really appreciate to you for this....its always pleasure to read so....Thanks for sharing!!! rubber flat flooring
Reply to comment


Milli john on 13 June 2019 13:34
This is exactly what I was looking for. Thanks for sharing this great article! That is very interesting Smile I love reading and I am always searching for informative information like this Get heavy duty tarpaulin sheet online in UK
Reply to comment


Lara john on 14 June 2019 07:14
I really appreciate your blog. your blog is really cool and great. your blog is really awesome and cool.thanks for sharing the nice and cool post. click here to get casters wheels
Reply to comment


soulja on 16 June 2019 08:52
MANAGING YOUR OWN PROPERTY PORTFOLIO
Reply to comment


soulja on 17 June 2019 03:37
MANAGING YOUR OWN PROPERTY PORTFOLIO
Reply to comment


Shane Watson on 19 June 2019 08:39
Wonderful post.I was thinking about managing our own property portfolio and this post is so helpful for me.Thanks and carry on it. heavy duty shelving
Reply to comment


Lara john on 19 June 2019 10:20
I really like your blog. i am glad to really like your blog. your blog is really cool and great.thanks for sharing the nice and cool post. Ground reinforcement mesh in cheap price
Reply to comment


Emily on 19 June 2019 10:36
I am glad that you shared this helpful information with us. Thank you for sharing. heavy duty tarps
Reply to comment


Amey on 19 June 2019 10:57
Nice blog and absolutely outstanding. You can do something much better but i still say this perfect.Keep trying for the best http://furniturecasters.uk/
Reply to comment


Ana on 19 June 2019 11:42
I am hoping that you will continue writing this kind of blog. Thanks for sharing this information. http://expressrubberflooring.co.uk/rubber-matting.html
Reply to comment


Jack on 20 June 2019 07:59
I know that your post is really very fantastic. I am really very thankful for this. You have done very well job. Keep it up! plain safety flooring
Reply to comment


Mark henry on 20 June 2019 09:29
I really appreciate your blog. your blog is really awesome and cool. i am glad to read your blog.your way of working is awesome and cool.thanks for sharing the nice and cool post. shop Industrial mats online
Reply to comment


Alfred Mason on 20 June 2019 12:52
being creative is not something which can be learn but in today's era best services can help you understand how creative you are with words. Thanks for sharing this blog with us. London bricks
Reply to comment


Chris on 22 June 2019 07:52
I am very enjoy to visit this website. Very interesting information you share in these posts. I like all the posts and surely share these with others. Keep it up and keep sharing.Cereal Boxes in different design
Reply to comment


Tyson on 22 June 2019 12:22
All the posts of this blog is fantastic and amazing. I am going to bookmark your blog for upcoming posts. Thank you for sharing this with us. pillow boxes
Reply to comment


Jackson on 24 June 2019 09:55
Very interesting blog. I really appreciated your work. I am really happy to see your post thanks for share this post. Keep it up rubber tiles
Reply to comment


Robert on 29 June 2019 10:18
I am agree to read your blog. your blog is really cool and great. i am happy to read your blog.thanks for sharing the nice cool post.We are having fun reading all your sweet comments and counting votes. retail boxes
Reply to comment


Judith P. Thomas on 29 June 2019 21:20
North Coast Financial provides Accessory Dwelling Unit (ADU) financing for ... Contact North Coast Financial now to get started with an ADU Construction loan.
Reply to comment


botch on 03 July 2019 12:47
MANAGING YOUR OWN PROPERTY PORTFOLIO
Reply to comment


Ben Stoke on 24 July 2019 07:45
You are absolutely right that managing our own property portfolio is highly rewarding. I appreciate your working. we sell top quality rubber matting
Reply to comment


Website on 24 July 2019 08:24
This website has very good content. Thank you for the great article I did enjoyed reading it, I will be sure to bookmark your blog. It is really very nice and you did a great job.
Reply to comment


Robert on 24 July 2019 09:28
I am glad to read your blog. your way of working is really cool and great.your way of working is really good.thanks for sharing the nice and coll post. buy Industrial mats in best price
Reply to comment


Robert on 24 July 2019 10:02
I really appreciate your blog. your blog is really cool and great.your blog is really informative me and cool.+ buy gym flooring
Reply to comment


Ritin Parbat on 05 August 2019 11:38
Ritin Parbat blog related to travel. Ritin Parbat is from Walsall, he likes to travel to all different countries around the world.
Reply to comment


webstagram on 24 August 2019 07:34
I am glad to read your blog. your blog is awesome and cool. i am glad to read your blog.your blog is really informative and cool.thanks for sharing the nice and cool post
Reply to comment


Cheap Promise Rings on 27 August 2019 07:44
MANAGING YOUR OWN PROPERTY PORTFOLIO
Reply to comment


leo on 04 September 2019 11:32
It has been some time since I visited website with such high quality information. Thank you so much for providing such helpful information. engine optimization service provider
Reply to comment

Add a Comment

Your Name:
Email Address: (Required)
Website:
Comment:
Make your text bigger, bold, italic and more with HTML tags. We'll show you how.
Post Comment
Website Builder provided by  Vistaprint