Why every landlord should carry out an MOT for their property investments.
One of the biggest concerns for landlords is that their property is being looked after while the tenants live there. As well as a niggling thought that they might be unable to regain possession of the property if needed. So, perhaps now is the perfect time to give your property a full MOT?
One of the biggest concerns for landlords is that their property is being looked after while the tenants live there. As well as a niggling thought that they might be unable to regain possession of the property if needed.
But, when a landlord comes to a letting agent with these concerns, it will often come to light that the landlord has done next to no management of the tenancy. Yes, they have collected the rent each month, but if their tenant is usually up to date with their payments, they have assumed there are no issues. What have they missed?
The reality is they've probably not seen inside the property since moving the tenant in. They've probably not inspected the property since the tenancy agreement started. It's little wonder the landlord is concerned about the property being looked after when they have no clue either way. Of course, inspecting your tenants and the property can feel quite awkward and uncomfortable, and so many landlords shy away from doing this.
And we frequently find that they've missed some of the legal requirements of renting a property. If there are compliance breaches for a tenancy, there is a strong chance that a section 21 eviction notice would not be valid and regaining possession of the property could be an issue.
It's strange, isn't it, that the biggest concerns of a landlord are relatively easy to overcome, but a self-managing landlord hardly ever does it. Their lives can get in the way, and it is easy to overlook or even forget to check these things, particularly when there are no complaints from the tenant, and you are receiving the rent without issue.
The potential repercussions of not managing your rental property correctly are huge and could be very costly.
So, perhaps now is the perfect time to give your property a full MOT? Check that you are compliant, all certificates are in place and up to date and carry out that all-important inspection visit.
Double-check that the rental account is correct and the rent is paid fully. Visit the tenants, and ask them if they are happy with the property.
Is there anything that needs addressing in the property?
How do they feel about the tenancy - are they happy there?
Perhaps they would like a fixed-term tenancy agreement for added security.
Perhaps, you should have increased the rent as the market has increased, which you should discuss with your tenant fully rather than just serving them the notice to raise the rent.
This may make you uncomfortable, and you don't know what you need to check and how you should do this. This is a perfect opportunity for you to instruct a managing agent to handle your tenancy. A letting agent can prepare the MOT as part of taking over the management for you. There would be no change to your tenant; you would not need to wait until they move out.
The long-term impact for you will be knowing that the property is compliant and all required certificates are in place properly. You will know that your tenant is looking after the property because you can see the inspection reports from the routine visits the agent carried out for you.
You will know that the rents are current and the rate charged is in line with market value. If you should be increasing the rent, the agent will be able to notify you of this and then action the increase for you.
A managing agent gives your rental property the professionalism that it should have. It will also give you a sense of separation, so you do not have to awkwardly ask your tenant to allow an inspection of the property.
If you are feeling lost with your rental properties and don't know where to start, contact our property experts, who will be happy to help.