Developments in technology have extended access to property markets far beyond an investor’s local vicinity. However, property management is the key to long-term success. Keeping abreast of new legislation, landlord and tenant liabilities together with the need to control costs are all part of the modern day landlord’s role. So how do you manage your properties from a distance?
DRAW UP A DETAILED TENANCY AGREEMENT
While many believe that tenancy agreements are simply a means for landlords to take control, this is not the case. A detailed tenancy agreement ensures that both sides, landlords and tenants, are aware of their responsibilities and liabilities. It will cover issues from payment of rent to repairs, property inventory to codes of conduct. A countersigned agreement indicates that all parties are aware of their liabilities/responsibilities and should be recorded and stored.