Managing a property from afar

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Managing a property from afar

    Hi all

    Does anyone manage a property that is not very close to where they live? How do they go about it? I.e.
    do you have a list of tradesmen and if something goes wrong you contact them to go and have a look at the problem?

    Also when the tenant leaves, I assume you get a check out clerk to do the inventory and do you arrange further cleaning with a cleaner if required?
    Where do you leave all the keys for the new tenants if for example the previous ones have lost some?

    Many thanks

    #2
    How far are you asking about? I still self-manage one property 505 miles away (1,010 round trip), 10 hours each way. Not recommended.

    I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...

    Comment


      #3
      I manage a couple 100 miles away. You need the number of at least 2 reliable plumbers and a handyman. I buy in agent 'tenant find' (for me to meet the applicants), inventory/inpsection and cleaning services (if necessary). The agent does the keys. All seems to work well. Having the property in good condition at the outset is important so there is less to go wrong.



      Freedom at the point of zero............

      Comment


        #4
        I'm often abroad and self manage my UK properties. With modern communications, it makes no difference if I'm in the next street or next country. I wouldn't be turning up on the doorstep if there is a problem either way.
        I use local trusted professionals for routine repairs and emergencies.
        I select mature sensible tenants.
        Schedule inspections, maintenance, handovers/takeovers.
        On occasion, I use local letting agents I know well or friends and family.
        It can be inconvenient for me but that is the price I choose to pay. It takes organisation but makes no difference to the tenants.

        Comment


          #5
          Have the right property: somewhere tenants will want to make their home and stay a long time.
          As with boletus, mature sensible tenants and a decent property.
          Talk to them; explain that you are in it for the long term (assuming you are) and when you might need to sell.
          Get confidence that they are right for you, or find someone else.
          be prepared for lower rent for right people, or keep rent the same for years to keep a good tenant.
          Get them to arrange tradesmen visits to suit them (after they have agreed it with you).
          Visit twice a year.

          I have a property about 100 miles away that has had the same family in for 9 years.
          They email me to say "X is a problem"; I normally email back "get Y to fix it and send me the invoice".
          When gas service is due I email them to get them to arrange service and safety certificate; they do it; gas engineer send me the bill, I pay and certificate is then sent.

          Comment


            #6
            Originally posted by MdeB View Post
            certificate is then sent.
            gas engineer has a copy for tenant which they should leave in the property.

            Or are you saying you send it to them so then you've got proof you sent it?

            Comment


              #7
              It’s entirely possible to self-manage a property from any distance, provided you know what you’re doing, follow the correct procedures and have a good knowledge of housing and landlord and tenant law.

              If you’re a novice, you can find yourself making costly mistakes regardless of how close you live to the property.

              Comment


                #8
                Originally posted by tatemono View Post
                gas engineer has a copy for tenant which they should leave in the property.
                Tenant copy left with tenant; LL copy posted to me when I have paid.

                Comment


                  #9
                  Originally posted by MdeB View Post

                  Tenant copy left with tenant; LL copy posted to me when I have paid.
                  ah right... yeah. Got it.

                  Comment


                    #10
                    boletus,

                    How often do you schedule inspections please? Do you use a clerk for that? Thank you

                    Comment


                      #11
                      HantsAgent,

                      Thanks for that! I am thinking of becoming a member of a Landlord service so I can get advice from them when I have tenant issues or questions.
                      The National Landlord Association comes to mind. Any other good ones that you think please?

                      Comment


                        #12
                        Originally posted by kesm View Post

                        How often do you schedule inspections please? Do you use a clerk for that?
                        Depends entirely on the tenant and the property. With some, it isn't necessary at all after an initial inspection, others perhaps annually. But I'm very careful to select mature sensible tenants. And I have known the trades I use for decades and they will flag up a property if they think there's a problem when they visit.

                        Some local authorities insist landlords treat all tenants as irresponsible kids and inspect everywhere in the property, frequently, regardless of circumstances. I prefer to treat tenants as responsible adults.

                        I don't use a clerk for inspections, but sometimes do for handover/takeovers.

                        Comment


                          #13
                          In my opinion, you should be using a local letting agent. You need to vet them. Read the T&Cs. Call them on a Sunday, and see if they have an emergency service number on their answering service.

                          You can self-manage, if the property was refurbished. Including preventative maintenance.

                          However, if the property is dated, it will have things going wrong every few months. That is a difficult to self-manage.

                          How do you know the tenant is n't wrecking your property? How do you know a builder you phoned up, is n't taking advantage of you?

                          From a legal viewpoint, if you have a letting agent, then some responsibility falls on them.





                          Comment


                            #14
                            Flashback1966,

                            Thanks. I just prefer to self manage purely for the financial side of things so looking to see how others go about it.

                            Comment


                              #15
                              boletus,

                              Thank you. Do you do the inspections yourself?
                              Also are you a member of a governing body so you can get legal advice if needed? Like the NLA?

                              Comment

                              Latest Activity

                              Collapse

                              • Reply to Stock Market - Yes or No ?
                                by landlord-man
                                Yes, they have a demo account where you can play with £75,000 ($100,000)

                                I did put $10k into one copy on April 4th and its now on a profit of $4,915, so nearly 50% in just under 4 months.

                                I guess as Im only playing, I should "invest" all the funds and see how they...
                                24-07-2021, 13:28 PM
                              • Stock Market - Yes or No ?
                                by landlord-man
                                I will post here but it may get moved - but at least it gets a bit of exposure to begin with lol

                                I've used a platform called etoro for 2 or 3 years to hold shares in some cruise stocks (don't laugh) - mainly because we do 4 or 5 cruises a year and the shareholder benefits can be quite handy....
                                24-07-2021, 09:50 AM
                              • Reply to Very difficult tenant issues
                                by landlord-man
                                Has he paid the rent on June 15th and then again on July 15th?

                                Sounds obvious but have you double checked you have done all the correct paperwork and deposit registration/certificate - triple check it !!

                                Personally, going forward I would not liaise with the tenant in any way...
                                24-07-2021, 13:19 PM
                              • Very difficult tenant issues
                                by Helvie
                                I'm going to keep this short as its a long story. I have a tenant who signed the new tenancy contract on 15th June and then on 27th June I received about 20-25 messages and pictures the evening saying the flat was unliveable due to pests and that he had only moved in the night before. I went round to...
                                24-07-2021, 12:46 PM
                              • Reply to Changing Lease Clause to Permit Letting
                                by Hudson01
                                Even if you were my opinion would stay the same, i think that given it is a converted house the noise isolation and other issues are not the same as separate purpose built flats, so having one as a rental will have far more of an impact upon the other owners who live there. It really is a one way street...
                                24-07-2021, 13:12 PM
                              • Changing Lease Clause to Permit Letting
                                by witsend55
                                Not sure if this is the best section to post in, so please move if it is considered best place elsewhere.

                                I have had ownership of a flat, one of just four in a converted house, for many years. There is a simple flat management structure; the four owners are directors and have one share...
                                24-07-2021, 11:53 AM
                              • Reply to No Fault Eviction
                                by jpucng62
                                This is not my understanding - perhaps others can clarify. I thought you had to give your usual notice if you were leaving before the end of the LLs notice period....
                                24-07-2021, 13:09 PM
                              • No Fault Eviction
                                by Gdunwell
                                Hi All, I have been living in the same house for 7 years and have just been served a form 6A giving 4 months notice to vacate. The owner is returning from overseas and wants to live in the house. Whilst disappointed I get that this is one of the perils of renting but it has raised a few questions. ...
                                24-07-2021, 07:54 AM
                              • Reply to Stock Market - Yes or No ?
                                by doobrey
                                Yes, there are some who seem to have fairly consistent positive performance over a period of years. I would be skeptical, though. Could be explained by them having holdings in a few companies (e.g. Amazon) which have done very well over that time(?) I would suspect survivorship bias.

                                Can...
                                24-07-2021, 13:00 PM
                              • Reply to Very difficult tenant issues
                                by Hudson01
                                I suspect he is a professional scammer, i do not believe anyone can be such a wimp as to be running scared over a few spiders etc, he may be doing this to simply be paid off to leave the tenancy etc. I would engage a solicitor given he will try all he can to get money out of you, offer to end the tenancy...
                                24-07-2021, 12:55 PM
                              Working...
                              X