People often consider properties to be simple assets, like stocks and cryptocurrency, ripe for healthy returns with some savvy decisions.However, real estate is a little more unique than other investments because the success you see doesn't come from those early decisions; it comes from the long-term strategy you use to manage those properties. In other words, it's a hands-on investment. If you are getting started, here is a guide to help. We'll explain what should be on your radar if you want to thrive in property management in Surrey.
As a landlord, you must navigate existing and continually evolving property and tenant laws. So familiarize yourself with the basics and ensure you have an expert on hand to help you with the small print. In Surrey, you'll also have specific local laws to grasp. You'll find particular rules that span many aspects of property management, like security deposits and setting rental rates.There are also strict laws regarding evictions. Understanding this law is crucial because if you are ever faced with a tenant who refuses to leave, you may need to go to court. Building and zoning laws may also impact your property, as well as safety rules and noise restrictions.
The difference between a troublesome tenant and a reliable one is vast. The former can cause costly problems like property damage and eviction processes and should be avoided as best as possible. That's where tenant screening becomes so crucial. But don't leave your tenant screening to a brief background check. You could miss vital information.Instead, run a comprehensive one using a professional team. A proper tenant screening should include financial checks, including a credit score check and evidence of income, as well as a criminal background check.When you get references from applicants during a tenant screening, you should always follow these up, especially references from previous landlords. That often gives you the best insight into a tenant's behavior and how they will treat your property.
Minor maintenance and inspection tasks can often identify problems early, saving you money on an emergency repair if a major breakdown occurs. Create a schedule for your maintenance, including inspections for electrics, plumbing, and heating systems.If your tenant reports an issue, aim to repair it promptly to avoid snowballing costs. This is also crucial for maintaining tenant relationships.Don't forget to do minor upgrades and maintenance to keep your properties looking fresh and well-kept. Polish floors and replace cracks and stains. Paint walls and replace tiling in the bathroom when it starts to look worn. You should also consider upgrading systems like the heating and appliances to make them more energy efficient, saving money on running costs.
Here is some property management advice you've probably heard: once you find a reliable tenant, keep hold of them.
A good tenant who pays on time is a significant asset in any real estate business. Plus, if you can extend the lease, you don't have to spend time and money remarketing your property or incur the expense of having a vacant property that's not generating income. The best way to keep tenants happy is to maintain communication at all times. Be ready to take their calls, and if they have a problem, like a plumbing issue, be proactive and get a contractor over there promptly. Be flexible, too. If your tenant has problems paying the rent, don't go straight to enforcement, like fines or eviction notices. Instead, find a way around the issue, such as changing the payment schedule.
Investing at the right time and place is crucial to any real estate owner when managing their property portfolio.The best way to do that is to stay on top of local market trends. For example, suppose the market looks like it will be less favorable for tenants. In that case, you'll know you have a stronger negotiating position when discussing the lease.Understanding popular amenities in your local neighborhood can help you create a better property listing, which could speed up the time it takes to find a new tenant. Demographic shifts could help shape the decisions you make about property upgrades. A wealth of market knowledge at your fingertips is a powerful asset in any property management venture.
Newer real estate technology can make your life easier and your work more efficient, so it's a worthwhile investment. For example, you can use an online portal to help you manage tenants. These portals offer many features to help you reduce your administration demands, like rent payment processing and notifications.It's also a place where a tenant can report a maintenance issue, and you can track and coordinate a repair. Online portals are document repositories, too, so you can keep all your essential information in one place. Another valuable asset to have is a smart meter for your properties. Managing and automating energy use can make your property more energy efficient, saving your tenants money.
Profit is at the heart of any successful real estate business; you need excellent control of your finances to achieve that. Maintain a budget. Have limits on what you spend on properties so that you can remain profitable, but always keep some contingency money aside for emergency repairs.Run regular reports to monitor your income and expenses and determine whether there is scope for improvement. For example, maybe you can consolidate your contractors to run a more efficient and cost-effective maintenance operation for your properties.
Excellent property management in Surrey starts with having a solid strategy. You need to be proactive, focus on your profits, and use assets like screening processes and technology to your advantage.
Axford offers landlords a tailored and comprehensive suite of property management services. So we can put together a package that perfectly fits your needs. Discover more about what we offer here.
1. Get to Know the Law
2. Effective Tenant Screening
The difference between a troublesome tenant and a reliable one is vast. The former can cause costly problems like property damage and eviction processes and should be avoided as best as possible. That's where tenant screening becomes so crucial. But don't leave your tenant screening to a brief background check. You could miss vital information.Instead, run a comprehensive one using a professional team. A proper tenant screening should include financial checks, including a credit score check and evidence of income, as well as a criminal background check.When you get references from applicants during a tenant screening, you should always follow these up, especially references from previous landlords. That often gives you the best insight into a tenant's behavior and how they will treat your property.
3. Invest in Maintenance Management
Minor maintenance and inspection tasks can often identify problems early, saving you money on an emergency repair if a major breakdown occurs. Create a schedule for your maintenance, including inspections for electrics, plumbing, and heating systems.If your tenant reports an issue, aim to repair it promptly to avoid snowballing costs. This is also crucial for maintaining tenant relationships.Don't forget to do minor upgrades and maintenance to keep your properties looking fresh and well-kept. Polish floors and replace cracks and stains. Paint walls and replace tiling in the bathroom when it starts to look worn. You should also consider upgrading systems like the heating and appliances to make them more energy efficient, saving money on running costs.
4. Build Strong Relationships With Your Tenants
Here is some property management advice you've probably heard: once you find a reliable tenant, keep hold of them.
A good tenant who pays on time is a significant asset in any real estate business. Plus, if you can extend the lease, you don't have to spend time and money remarketing your property or incur the expense of having a vacant property that's not generating income. The best way to keep tenants happy is to maintain communication at all times. Be ready to take their calls, and if they have a problem, like a plumbing issue, be proactive and get a contractor over there promptly. Be flexible, too. If your tenant has problems paying the rent, don't go straight to enforcement, like fines or eviction notices. Instead, find a way around the issue, such as changing the payment schedule.
5. Stay Connected on Local Market Trends
Investing at the right time and place is crucial to any real estate owner when managing their property portfolio.The best way to do that is to stay on top of local market trends. For example, suppose the market looks like it will be less favorable for tenants. In that case, you'll know you have a stronger negotiating position when discussing the lease.Understanding popular amenities in your local neighborhood can help you create a better property listing, which could speed up the time it takes to find a new tenant. Demographic shifts could help shape the decisions you make about property upgrades. A wealth of market knowledge at your fingertips is a powerful asset in any property management venture.
6. Invest in the Latest Technology
Newer real estate technology can make your life easier and your work more efficient, so it's a worthwhile investment. For example, you can use an online portal to help you manage tenants. These portals offer many features to help you reduce your administration demands, like rent payment processing and notifications.It's also a place where a tenant can report a maintenance issue, and you can track and coordinate a repair. Online portals are document repositories, too, so you can keep all your essential information in one place. Another valuable asset to have is a smart meter for your properties. Managing and automating energy use can make your property more energy efficient, saving your tenants money.
7. Take Control of Your Finances
Profit is at the heart of any successful real estate business; you need excellent control of your finances to achieve that. Maintain a budget. Have limits on what you spend on properties so that you can remain profitable, but always keep some contingency money aside for emergency repairs.Run regular reports to monitor your income and expenses and determine whether there is scope for improvement. For example, maybe you can consolidate your contractors to run a more efficient and cost-effective maintenance operation for your properties.
Property Management in Surrey: Elevating Your Real Estate Business
Excellent property management in Surrey starts with having a solid strategy. You need to be proactive, focus on your profits, and use assets like screening processes and technology to your advantage.
Axford offers landlords a tailored and comprehensive suite of property management services. So we can put together a package that perfectly fits your needs. Discover more about what we offer here.