How to keep on top of property admin.
Being a landlord can be a full-time job, especially if you’re doing everything yourself! Owning property can provide an attractive passive income... but it can also come with significant burdens. There has been a surge of red tape over the last few years, and legislation updates are tricky to navigate. Tenants increasingly demand a high-level service from their landlords, not just the bare minimum for letting out your property. According to Hamptons International, the number of buy-to-let landlords has fallen to an all-time low, due to COVID-19 and increased tax levies.
What do you need to think about as a landlord?
When you’re renting out your property, keep track of all tenancy agreements, income/expenditure logs and maintenance/repair deductions. You’ll need to stay up-to-date with your legal responsibilities (smoke and carbon monoxide detectors, annual boiler services, gas and electrical safety checks, etc), and there are also insurance requirements (building and contents). The landlord is also responsible for council tax and utility bills during any vacant periods—penalties will apply if you fail to notify the council and utility providers of any temporary arrangements in between tenancies. This could even affect your credit score if you’re not careful.
How much time will this take?
This varies depending on the number of properties you own. Older properties tend to come with more hassle, such as repair work, and can absorb as much as 10–20 hours per month. Newer builds are generally lower maintenance, but don't underestimate the time required for ad-hoc jobs—anywhere between 5–10 hours per month. Whether an old property or new, being a landlord comes with the same responsibilities; you find the same issues cropping up time and time again.
Put an end to the stress of running your property and let us help you.
What if you don't keep on top of your admin?
If you don't have your paperwork to hand for tax auditing purposes, you could end up with a hefty fine. But you can avoid this by regularly sending us your invoices, receipts and rental statements on a quarterly basis, so there’s no mad dash ahead of the 31st January deadline. We’ll even send you a list of what we need, so you’re not scratching your head over Christmas!
How Libra VA Services can make your life easier.
Our property VA service can offer you exceptional support on a part-time or regular basis. We typically help you with income and expenditure tracking, chasing up invoices and receipts, and obtaining tradesmen quotes from our quality supplier list. We’re also a point of contact with the tenant. In line with legal requirements, we will send you reminders and book in annual services for boilers, gas and safety certificates. As part of our monthly package deals, we offer bespoke inspections, check-ins and check-outs, and viewings for landlords who don't live in the area.
If you’re keen to explore our services further, contact us at info@librava.co.uk. For up-to-date checklists and useful resources for landlords, please subscribe to our monthly newsletter. We would also be happy to send you our detailed property flyer, outlining our comprehensive services.