It has been reported that for the first time in 100 years, the percentage of people who own their own home has declined, and reports suggest this figure will continue to fall. Experts advise this decline is due to a combination of stagnant wages and overvaluation of property.
The same report also advised that figures in 2011 show that the number of people within the social rented sector, equals the same amount of people within the private rented sector.
Although this report brings bad news for the homeowner who would like their run at the property ladder, for Private Landlords it suggests more of a business boom, where the days of waiting for tenants to rent property appear as a distant memory. However, with a demand for rented property comes the necessity of ensuring that you, as a Landlord, can offer great housing opportunities at affordable prices. It was recently reported that in London, many renters felt they overpaid for the standard of their accommodation.
To ensure you always have happy tenants, here are our top tips for Landlord success:
1. Clean Clean Clean: Always ensure the property is presentable, thoroughly cleaned and without any maintenance issues before the property is marketed to tenants, and of course before tenants move in. Landlords should also be mindful of the fact that when maintenance issues do arise it is their legal obligation to act quickly to ensure the issue is resolved.
2. Property Presentation: It has been reported that the better the property looks, the better the tenant it will attract, together with a better rental price of course.
3. Communication is key: It is extremely important to build a respectable rapport with tenants to ensure any issues are always communicated effectively, and that any problems are resolved quickly.
4. Legalities: Always ensure that tenants are presented with the appropriate paperwork when they move in, and that all gas and electrical items are officially certified for means of safety. Finally it is necessary to ensure that visiting rights are arranged in writing, to provide the tenant with as much notice as possible. Many experts advise that the property should be visited every 3 months to check on standards and maintenance.
5. Property Management: For Landlords that have a portfolio of properties, effective management can be a difficult task. Such landlords regularly use a property management team who are able to act on the Landlord’s behalf and offer an invaluable service of marketing the property, finding and retaining appropriate tenants, and dealing with any maintenance or payment issues.
For more information on property management services please contact Hera Management Services at email@example.com or alternatively on 0845 683 8812. Hera Management Services specialise in both the private and social rented sector, and are the preferred managing agent for a major developer.