Overwhelmed by your property management? Unburden yourself with this simple key

Investing in real estate sounds really simple: buy a property, rent it out and enjoy the returns of your investment.. Unfortunately, reality often turns out quite different... Managing rental property takes time, a lot of time. Do you have a good view on all the to-do’s? On top of the meticulous administrative and strict financial follow-up, the technical and legal side are not to be underestimated. For your convenience, we focus on each aspect in detail.

What to consider when managing a rental property?

Administrative workload

Do you like administration? A tenancy agreement requires strict follow-up from the very start. Not only do you have to gather the necessary certificates (e.g. EPC or fire insurance), but also handle the registration of the tenancy agreement and the pre-tenancy inspection. Every correspondence with the tenant must be archived in a rigorous and structured way. Make sure you do not forget to send registered letters for indexation or termination on time, as these guarantee the correct implementation of the provisions in the tenancy agreement. When tenants leave, you are responsible for a detailed post-tenancy description and the correct transfer of energy meters.

Financial burdens

Unfortunately, the transactions you need to monitor are not limited to the monthly rent and any advances paid for (common) costs. Costs of any kind and specific expenses for repairs or taxes need to be on your radar. You will have to provide statements to settle consumption and maintenance costs on a regular basis. In addition, you need to ensure the follow-up of all contractual obligations. When tenants are moving in and out, you are responsible for settling the rental guarantee deposit.

Technical and constructional difficulties

Diligent care and regular maintenance can often prevent costly and structural problems in a property. In case of unexpected defects and repairs, a tenant expects a flexible and 24/7 available landlord who provides a quick and sustainable solution. Finding reliable professionals, requesting/comparing/chasing quotes, arranging the execution of the works are very time-consuming activities. Furthermore, are you actually fully aware whether the problem is your responsibility or the tenant’s? Although tenants are expected to take due and proper care of the property, detailed pre- and post-tenancy inspection reports will save you a lot of discussions.

Legal mist

Your rental agreement must be completely watertight and drawn up according to the latest legislation. The time of quickly downloading these documents from any official looking website, is over. The legal framework for renting properties is becoming more extensive and detailed. To make matters worse, tenant law changes regularly. If you want to rent out your property in optimal conditions and at the best price, it’s crucial to follow the rules carefully. When discussions come up (and especially in case of defaults), it’s important to (re)act swiftly and in full knowledge of your rights. The success of your investment, and your return as such are at stake.
Managing your property will cost you time, a lot of time and much more than you might expect. Wouldn't you rather spend your precious time doing what you love?
A property management contract with a steward can offer a suitable solution here. A steward manages all the tasks mentioned above and more. He is the first point of contact for you and the tenant on every level. As an experienced professional, he knows all the ins and outs to manage your property with the greatest care. In the meantime, you can enjoy the return on your investment in peace.
Want to know more about property management? Contact our team at 078/48 47 00 or info@ap-p.be. Together we can evaluate how we can unburden you.
Discover more on how you can enjoy the proceeds of your real estate investment here.

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Overwhelmed by your property management? Unburden yourself with this simple key