Property Practitioners are to keep in mind the following administrative tasks required when dealing with a Landlord.
Record the following:
– Legal ownership.
– FICA details.
– Type of management contract.
– Property inspection report.
– Banking details/account payment details.
Record maintenance of:
– Market trends.
– Regular feedback sessions with the landlord.
– Body corporate / council payments & liaison.
– Monthly statement of monies received vs monies paid out.
– Regular property maintenance and inspections.
Management functions:
– The number of rentals turned to mandates.
– Rental property stock growth: number of new rentals vs existing, losses etc.
– Property market value and property capital gains vs rental returns.
– Additional properties purchased for buy-to-let.
Property Practitioners are to keep in mind the following administrative tasks required when dealing with a Tenant.
Record the following:
– All relevant contact details: names, telephone numbers, email addresses, etc.
– Current employment history + past references.
– Property inspection report.
– Signed application – specifically permission to obtain credit checks.
– Means of payment, i.e., debit order, EFT, etc.
– Receipt of the deposit paid and proof of us holding the money in trust.
Record maintenance of:
– Monitor activities as per the terms of the lease agreement, i.e., lease renewal.
– Payment profile and tenant detail updating on TPN.
– Monthly invoicing & statements and collection of rental payments timeously.
– Maintaining all communication via letter or email.
– Address property maintenance and recorded faults.
Management functions:
– The number of tenants converted to buyers.
– Track the number of on-time payments vs late or defaulted payments.
– Track average lease periods and rental increases.
– The number of to-let properties vs tenants placed monthly.
– Percentage of existing tenant base defaulting or in the legal eviction process.