Necessary Checks of Self-Management | Revive Properties | Revive Properties

Necessary Checks of Self-Management

Self-managing your own investment property can make sense for anyone who has the time to spare, but there are several other serious considerations beyond simply having the time. Self-management may seemingly save a few notes in the short-term but the risks involved can have a far greater impact in the long-term.

There are many examples of investors selling properties for nowhere near their expected values due to problem tenants. These could be tenants refusing to pay the rent or leave, or simply just being uncooperative with viewings. They may also cause damage to the property which either directly lowers the value or requires expensive repairs to restore.

Such issues can be avoided by performing the necessary checks on tenants before placing them, though this is easier said than done for an individual. There are also other issues which can arise even with a good tenant, but there are solutions for these issues too as explained below.

How Self-Management Can Go Wrong

Many problem tenants seek out private ads posted by an individual investor planning on self-managing their property. This is because agencies and property management firms are known to carry out all the necessary checks on a potential tenant’s employment and previous landlords. Private landlords often do not carry out these checks as fully as experienced professionals, so they run the risk of accepting a troublesome tenant.

Property management firms also know how to protect the asset and thus its income. For example, it is crucial to undertake a thorough written condition report supplemented by lots of detailed photos of each room and feature in and around the house and garden. This eliminates the possibility of disputes about damage caused by the tenant and is important even if you have a good tenant. Accidents happen and even good tenants can be careless at times, so a detailed record both in writing and with pictures is the best protection.

Finding the Right Tenant

Our Tenant Find Service can be used as part of a bigger package of property management services or as a one-off service. Even as a one-off, it includes everything you need from marketing the property, conducting all necessary checks to ensure a potential tenant is trustworthy, and then administering the documentation and initial deposit payment and certificates.

As part of the Tenant Find Service, we will take care of showing potential tenants around the property and process their full application. We then conduct credit checks for both guarantors and tenants, as well as employer and previous landlord checks. We will also conduct a right to rent check before taking and registering the deposit from the successful applicant.

We will also draft ASTs and Guarantor Agreements, as well as provide the how to rent booklet to the tenant along with the EPC and Gas Safe Certificate when the tenant moves in.

Our Tenant Find Service takes all the stress out of the process and a load off your back, and all for a reasonable fee. Contact the team today to discuss your options 0151 933 1075

All information posted on this website is merely for information purposes. It is not intended as a substitute for professional advice. Should you decide to act upon any information on this website, you do so at your own risk

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