Amer Siddiq the founder of property management software firm Property Portfolio Software (PPS).
The company specialises in providing property management software and landlord software solutions for landlords.
Amer said: ?People in the property business should realise that property is a people business and that their tenants are the most important people they deal with, as they are their customers. Looking after tenants correctly determines the cash flow landlords generate from their properties.?
He added: ?Failure to manage tenants correctly will most likely result in the landlord losing money, so it's vital to remember some essential rules to ensure tenants are paying full market rent every time.?
Amer's top five tips for landlords are:
1Show them you are a serious and ?professional landlord?: This seems obvious but tenants do fear the ?landlord from hell?, just as much as we fear the ?tenant from hell?. Don't fall into this category by not addressing property problems immediately, or raising rents without giving the tenants adequate notice.
There is nothing better to demonstrate that you are a serious and well organised landlord than providing new tenants with a tenant welcome pack. This will show you have nothing to hide and will contain essential information about the property. The typical information on a tenant welcome pack will include details of utilities suppliers and any insurance policies the tenant needs to be aware of.
Every good landlord software solution will have a tenant welcome pack report built in as one of the standard reports.
2Have the right insurance policies in place: Make sure you have maintenance and repair contracts for anything which can go wrong in your properties, and that tenants have the details in the welcome pack.
Covering every property for boiler breakdown, central heating failure, electrical problems and even appliance problems gives them peace of mind and you less hassle. Good landlord software solutions will allow you to track and manage any contracts or policies that you have on your properties.
3Be easy to contact: Always make a point of saying ?I can be contacted 24 hours a day?, again to give your tenants peace of mind. By including all essential information in the tenant welcome pack, contact from tenants should be minimal as they will have all the information they need at hand.
4Get the rent paid by standing order: Make sure your rent is paid by standing order around the time the tenant gets paid by their employer. This will help to make sure that the rent they owe you is one of the first debits that come out of their account.
5Be flexible and understanding: Everyone has problems in their life and somewhere down the line, your tenants may have financial difficulties or personal problems. If and when they do, it is important to listen to them, and try to help as best possible. Your understanding could be the difference between you continuing to receive rent or getting no rent at all.
