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Five top tips for effective property management

Five top tips for effective property management

Your property is an asset and, if you can form a strategy for its effective management, you’ll be almost guaranteed to reap a sizeable reward.

Here are just a few tips to get you on your way to a profitable estate.

1.       Pick the right tenant

With a commodity as precious, and not to mention costly, as a property, it’s important to know you have the correct person living within it, and it’s easy to be stranded with a messy, disruptive or outright antisocial tenant if you don’t make a discerning choice.

Ideally, you should be interviewing tenants as thoroughly as you possibly can, finding out about their previous rental history, picking up on any bad habits and any other titbits that you can to distinguish between a good and bad prospect.

2.       Make sure your property is being looked after

Although you may initially feel that you’ve made the correct choice with your tenant, it’s important to keep an eye on your apartment or house at regular intervals to make sure it’s being treated with the respect it deserves.

Keep an inventory detailing the state of all walls, carpets and any furnishings that come with the place, and make sure your resident is keeping your ship in shape.

3.       Look after your tenants’ needs

But naturally, it’s not all about living in suspicion of your renters. While you may want to take care of your property as best as you can, the most effective way to do this is to find out the needs of the people residing within it.

Whether you’re dealing with flats to rent in Glasgow or New Delhi, a helpful and understanding landlord is always preferable to a domicile dictator.

Find out from your tenants where you could improve and how you can help make their living experience an enjoyable one.

After all, once these people move out, you’ll need others to move in - and you wouldn’t want to be struggling to find renters because word of mouth spread that you were a nightmare landlord.

4.       Provide services quickly and discreetly

The effective provision of services should come as part and parcel of your lease agreement, but it’s how you go about providing them that’s the key. No one wants to be constantly interrupted by invasive flat inspections, meter readings or repairs as they try and simply live in their home.

But, if these services are necessary, then give your occupants adequate notice and try to hire a contractor who you know will be discreet and efficient.

5.       Keep track of your property’s value

In this business of unsteady house prices, it’s important to know when to sell before your monetary bubble bursts. This is essentially the culmination of the last four tips, as you maintain and improve your stake to gain a reward greater than what you initially paid.

Be sure to keep an eye out for any dips or peaks for prices in the surrounding area as well as your own, and try to figure out when the right time might be to let go of your asset. As long as you’re mindful, you’ll reap the cash cow you sow.

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