Whether you already own an investment portfolio or are looking to purchase your first buy-to-let property, having a co-ordinated effective team of professionals assisting you can be invaluable.
Having your lawyer prepare a well drafted tenancy agreement will make both the landlord and the tenant’s obligations clear from the outset and the property manager will ensure that the property is managed effectively throughout the term of the lease by reference to the terms of the tenancy agreement.
Below are some key aspects to bear in mind:-
Finding a tenant
Property managers can offer a complete letting service from pre-marketing advice on how to present your property, through to marketing and advertising, carrying out accompanied viewings, and obtaining references and credit checks.
The tenancy agreement
It is in both parties’ interest to have a clear binding agreement. The new Residential Tenancy (Jersey) Law 2011 sets out certain points which must be included in the tenancy agreement. It also provides for a “cooling off” period for tenants before signature. A lawyer will ensure you are compliant with this law and give you guidance on common issues which often give rise to disputes.
The property manager will often assist with the preparation of an inventory to be attached to the lease.
Many landlords choose to employ a property manager to deal with all aspects of rent collection as well as the day to day management of the letting. Often too the property management company will hold any rent deposit.
The landlord is likely to be responsible under the tenancy agreement for structural repairs to the property as well as issues relating to the heating or water systems and fittings such as white goods.
Sometimes this means the Landlord will need to organise visits at very short notice and ensure that any repairs are carried out promptly. It’s often inconveniences like this that can turn managing a property into a real headache. A property management service with an out of hours emergency telephone line means they will deal with the issue whenever it happens, 24/7 and 365 days of the year.
An experienced property management team will have established a network of excellent local contractors who can provide great service and value for money, whether it is mending a leaking tap, maintaining a fire alarm or fully refurbishing a property.
To ensure that your property is being looked after properly, your property managers will carry out regular inspections and then provide detailed feedback to you. This can be especially helpful if you are away from Jersey for long periods. They will also check your property complies with safety regulations and current legislation.
Always good to talk
Whenever an issue arises, we would advise that you talk either to the property managers or your lawyers, both of whom can often offer a brief consultation at little or no cost to you. Often a bigger problem can be simply and cheaply averted by quick straight-forward action at the outset.
If you are a landlord that would benefit from our assistance, or would just like to talk to us about how we can help please contact Katharine Marshall at Ogier Property on +44 1534 514056, Chris Marsh at Voisin Hunter on +44 1534 507709 or Simon Gale at Voisin Hunter on +44 1534 507730.