7 Secrets of a successful property investor - Secret #5 Managing your properties

Once you have a tenant in place you should ensure that your agent adopts the following practices.

The agent doesn’t have to be a local agent because you have now marketed the property on a find only basis using a local agent and now you can be really fussy about which agent you instruct to manage the property for you. These are some of the things we do for our clients which you may find useful in selecting your own letting agent.

•          Take control of referencing process

To ensure the best possible tenants are secured and credit checked. References are taken from employers and landlords to qualify the tenant.

•          Video Inventory checking.

We also carry out a full video inventory check on all items in the property to ensure all damage or loss is documented and costs recovered from the deposit. Date-stamped evidence at the beginning and end of the tenancy is vital for protecting the landlord from loss or damage to the property and contents.

•          Rent guarantee policy

We also introduce a rent guarantee policy on every tenant which guarantees your rent when a tenant falls out of work or becomes made redundant. We also implement a £25'000 legal cover policy which covers the costs in the unlikely event of an eviction.

•          Never allow contract to expire in a dead time

We never allow a contract to expire in a dead time i.e. We do not allow a 6 month contract in July avoiding the possibility of a property coming available in December and having it empty for months or a serious reduction in rent to secure a new tenant.

•          Never charge landlords for re-signing tenants

We never charge landlords for resigning current tenants, potentially saving landlords up to 50% of the 1st month's rent each year.  We also take care of any changeovers in tenancies instructing agents in the area of your property to find tenants.

•          Use a 2 month notice period on all tenancy agreements

We contact tenants 2 months before the end of the contract to find out if they are resigning and making the property available again with all the agents if they are moving out.

•          Conduct regular rent reviews

Midas will then always conduct a rent review 2 months prior to the end of a contract to see if an increase is possible. This gives us the maximum advertising time to secure new tenants ensuring as little of a gap as possible between tenancies, a real money loss for landlords.

•          Single point of contact with one management company

Having a single agent for the management ensures you are dealing with one management company and not having to deal with lots of different practices and procedures and therefore standards.

•          Nationwide maintenance team

Midas employs a quality management team of over 50 experienced staff covering every aspect of maintaining your property throughout the UK 365 days of the year. We pride ourselves on being able to respond to all repairs and maintenance queries on our clients behalf and we stay in touch with our clients to authorize all costs.

•          Landlord dispute service

We have access to an expert legal team who have an extremely cost effective service. You should identify an expert in landlord disputes to be able to deal quickly and effectively.

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