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Successful Property Letting And Management is not something that just happens,
it is something that has to be worked at, and planned professionally. When
a landlord or an agent has a problem let, it is almost certainly to do with
the suitability of the selected tenant. If you do not have sufficient expertise
in letting property, then acquire some, or buy some. Speak to your Law
practitioner; buy some relevant books, both of these work out far cheaper
than the costs involved in dealing with bad tenants.
Many professional letting agents are called in by amateur distressed landlords
part way through the tenancy because the tenant might not have paid the rent,
they might have refused to leave the property, or they may be damaging the
building or abusing the neighbours. The first thing the agent asks is, where
is the tenancy agreement?
All too often the agreement has been hastily put together, even scrawled
on the back of a cigarette packet. I have seen that. Sometimes there is no
discernable agreement at all, sometimes the property has been let to the
owners best friend whom they just happened to have recently met in
a local bar, and sometimes it is let to a distant and barely known relative.
Surely that would be safe enough, wouldnt it? No, it isnt. Letting
a property involves a professional contract between two parties and it should
be treated as such. There is no room for making exceptions for
friends or relatives here. All tenants must be dealt
with in the same professional manner, regardless of who they are.
The vast majority of problem lets occur because the tenant has not been selected
carefully enough, and the references have not been exhaustively followed
through. Perhaps the references havent been taken up at all. Worse
than that, occasionally desperate landlords still proceed and insert a tenant
into a property even while they are clutching a bunch of bad references,
because the tenant has promised not to be a bad boy in future, or girl. How
stupid is that? Bad references mean one of two things. Forget it, the preferred
option, or insist upon a first class guarantor to sign the tenancy agreement,
as well as the tenant.
Landlords may also experience problems because the property is not sufficiently
well maintained. This policy is hard to figure out too. It may be a fact
that generally properties are much better maintained than they were say twenty
years ago, but there is still a swath of landlords who will not spend any
money maintaining their property, ever. Talk about pulling hens teeth, and
this is such a ridiculous attitude!
Imagine if you owned a manufacturing business that depended on the smooth
running of the machinery and equipment for the businesss wellbeing.
Youd have it regularly serviced right? So what is the difference with
maintaining your own property? It belongs to you, it is your asset, and it
is probably the biggest asset you will ever own. So why prevaricate when
it comes to spending a little money ensuring that it is in full working order?
That doesnt make any sense at all, and as everyone knows, a small
maintenance problem ignored today, will develop into a bigger and more expensive
problem tomorrow. Deal with maintenance problems quickly, and you will always
end up paying less for it in the long run
If you intend to embark on a career in property, make a pact with yourself
that you will always carry out your business as professionally as any big
city agency. If you are thinking of doing it on the cheap, by cutting corners
and taking chances, then please dont get involved at all. Youll
surely regret it. Taking risks and cutting corners is a sure-fire way of
meeting disaster head on. Sooner or later your enterprise will slip into
the mire of self-destruction and that will be fatal for your business. Remember
the rule, total professionalism always. Anything less, and youll fail.
David Carter has written many published articles. His latest work is SPLAM!
Successful Property Letting & Management. This 240 page book looks at
property letting starting out at finding properties. How to obtain them,
how to gain the landlords trust,right through to letting and protecting ongoing
lets. The book was written after 10 years successful property management,
and after completing 1,000's of successful property deals. SPLAM was originally
written for property people operating in Britain, but it is crammed with
useful property information and ideas for property people everywhere. A bad
tenant is a bad tenant whether they are in Wolverhampton, Winnipeg, Wichita,
Wellington or Wagga Wagga! There is an extensive section on how to deal with
problem tenancies, and more importantly, how to avoid them in the first place.
This book is not marketed and remarketed by everyone this side of the Orinoco,it
is only available online from David's publishers though it will soon be found
at Amazon and in your local book stores. Check out
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