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Tag: Property Management

Property management insights: key facts every landlord needs to know

Posted on by Sophie Winter

Managing a rental property can be rewarding, but it’s also time-consuming. On average, landlords spend up to 15 hours per month handling various tasks related to their rental properties. From tenant communication to maintenance coordination, these responsibilities can quickly add up, eating into your valuable time. Now, imagine what you could do with those 15 hours instead—whether it’s focusing on your career, spending quality time with family, or simply enjoying a hobby. The truth is, property management doesn’t have to consume your life.

Legal support and regulations

One of the most challenging aspects of being a landlord is navigating the complex web of legal requirements. Did you know that 1 in 5 landlords accidentally breach regulations? These mistakes can lead to hefty fines and legal complications, turning your investment into a potential liability.

Landlords responsibilities and property laws and regulations are constantly changing, and keeping up with them can be overwhelming. A property manager is always up-to-date with the latest legal developments, ensuring that your investment remains compliant and protected.

Fewer vacancies and higher income

Landlords who partner with professional property management companies typically experience fewer vacancies and higher income. Studies show that professionally managed properties can earn up to 10% more annually compared to those that are self-managed. This increase in income is not just from better tenant retention but also from expert marketing and strategic rent adjustments.

Property maintenance

Maintenance and repairs are another significant concern for landlords. Keeping a property in top shape is crucial, but it can be time-consuming and stressful, especially if you’re not handy yourself. Our property managers handle all maintenance and repairs, so you don’t have to lift a finger. They have a network of trusted contractors who can address issues quickly and efficiently, ensuring your property remains in excellent condition.

Tenant registration

Another major advantage of working with a property management company is our ability to screen tenants effectively. Bad tenants can cause endless headaches, from late payments to property damage. Our professional tenant screening ensures that your property is occupied by reliable, responsible tenants, reducing the risk of these issues.

So, are you ready to enjoy a stress-free landlord life?

Partnering with a professional property management company like CR Real Estate offers peace of mind, reliable income, and expert support. It’s time to take the next step towards maximising your investment while reclaiming your time. Contact us today and experience the benefits of professional property management!

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The challenges of managing rent collection on your own

Posted on by Sophie Winter

Making sure that rent collection payments are on time and paid in full each month is an important task for any landlord managing a rental property. Rental income is the lifeblood of your investment, covering mortgage payments and regular maintenance, and providing a profit margin.

Many landlords face financial strain if rent is missed even briefly, as they may rely on rental income for personal expenses or need to cover mortgage payments themselves. This highlights the importance of:

  1. Conducting thorough referencing and credit checks before accepting a tenant to confirm they can afford the rent.
  2. Monitoring rent collection payments on the due date.
  3. Contacting the tenant immediately if payment is missed to determine the cause and take appropriate steps:
    • Resolve bank issues or forgotten payments promptly.
    • Arrange a payment plan if the tenant has short-term financial difficulties.
    • Consider eviction if the tenant cannot afford the rent or is deliberately not paying.

Challenges for DIY Landlords

DIY landlords often face specific challenges in rent collection:

  • Forgetting to check the rent due date, especially when busy or on holiday.
  • Handling repeated non-payment legally and appropriately to enable potential eviction.
  • Avoiding harassment and knowing legal limits in rent collection.
  • Risking legal claims if tenant rights are violated or the collection process is mishandled.

Benefits of working with professional rent collection services

Working with a property management company like CR Real Estate can alleviate these issues:

  • We ensure timely and full rent payments with established procedures.
  • We will notify and follow up with tenants on late payments.
  • We have expert property managers who effectively communicate and negotiate with tenants, detecting any issues early.
  • We assist in evictions if necessary, ensuring the process is legally sound and efficient.
  • We help end tenancies quickly to bring in new paying tenants.

While most tenants pay rent on time, the odd occasional issue requires immediate attention to avoid financial loss.

How to make sure tenants rental payments are on time

To help tenants make timely payments:

  • Provide your bank details and request tenants set up a standing order for rent.
  • Mark the due date to check payments with your bank.
  • If rent is missed, contact the tenant and confirm the conversation in writing.
  • For short-term affordability issues, consider a written and signed payment plan with the tenant.
  • If persistent non-payment occurs, consider starting the eviction process:
    • Serve a section 8 notice for rent arrears after two months and pursue a possession order if necessary.
    • Alternatively, issue a section 21 notice with two months’ notice, potentially using an accelerated possession order.

After eviction, you may pursue overdue rent, though it might be more practical to focus on finding a new tenant quickly.

Contact us for professional property management

Managing property rentals, especially rent collection, can be challenging. Let our team at CR Real Estate handle it for you. We work hard to ensure timely rent collection payments and hassle-free property management, giving you peace of mind.

Call us today on 01634 570057 and experience stress-free property management.

Looking to rent out a property as a holiday let?

If you want to know more information about holiday lets please contact our local lettings experts on 01634 570057 or book a free online property valuation.

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