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
