Mini e-course Part 6 – Tenant management

This is the sixth part of our free e-course, if you missed the fifth part or need a refresher click on the following link -property investment finance

Managing tenants can be easy or difficult

It depends to some degree on you as a landlord / landlady. Prior to accepting a potential tenant we would always recommend a number of checks such as credit checks, employment status with proof, affordability (bank statements, wage slips) and also any previous landlord references.

A good tenant will cost you so much less in money and time and so long as you provide a good service and establish your relationship with them, they will probably stay long term.

Manage your own properties! Well.......atleast at first

If you have the time we would always recommend managing your own properties and using the letting agent to find you a tenant only. The experience gained in managing your own properties is invaluable and will save you at least 10% in management charges per month.

Should you need to ascertain any information in regard to the tenancy deposit scheme whereby legally you will have to register yourself as a landlord and pass the deposit onto one of the tenancy deposit schemes for safekeeping, please visit: http://www.direct.gov.uk/en/TenancyDeposit/index.htm

An Assured Shorthold Tenancy (AST)

An AST is set up with your tenant , you can get a copy by visiting our landlord resources and tools page.

Also if you could get your tenant to set up a standing order, this way you will not have to collect the money every month and chase. It is simply paid into your account.

That’s all for today but if you want to speak to us about any tenant issues or indeed simply want a chat, feel free to get in touch.

See you soon…watch out for the final chapter in this e-course which drives you to put learning into action!

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