Landlords who live far away from the property they are renting out are what you may imagine when you hear the term “remote landlords.” If you purchased a rental home in Glasgow but don’t reside there, this could be you. You might also be the owner if you inherited a house or if you formerly resided in Glasgow but have moved elsewhere in the UK.
Being a remote landlord may seem like a hassle for a number of reasons. Although this isn’t necessarily the case, you will need to be well-organised, have effective processes in place, and have the correct people nearby to assist you if needed.
Do I Need to Associate with a Property Management Service?
Consult a professional management business or renting agent to handle rental management on your behalf if you’re a remote landlord with a property in Glasgow. When property management is in place, you can rest easy knowing that a firm will take care of things when you can’t and be available to conduct viewings, do tenant referencing, and address any maintenance issues. If there are management-related tasks you would prefer to perform yourself, you may generally select the amount of service you need.
The significant disadvantage is the price because there will be fees to pay. You must, however, weigh these benefits against the potential time constraints of remotely maintaining a property. To make sure the management firm you choose will offer the correct service to you, you also need to carefully consider your options.
Manage a Property Remotely by Yourself in Glasgow
Here are some tips for making remote property management as easy as possible if you’re motivated to do so.
Have the Right Personnel On-site
It is a good idea to have a contact with a reliable individual who can hold the keys to the property and be present if there is a problem if you are not hiring a property management company. This could be a friend, member of your family, a cleaner, a handyman, or a person you hire for the job.
Having a list of trusted tradespeople you can contact in case of an issue is also important. Find a reliable plumber in the area and someone you can contact in case the heating system malfunctions. You will also need to locate a qualified electrician and gas engineer to perform safety checks on the house. And having an experienced local handyman on call is very much necessary for all those little jobs that, if ignored, may get bigger.
As an alternative, you may think about getting landlord home breakdown insurance so you’ll know someone will arrive if there is a problem.
Plan How Viewings will be Conducted
Unless you employ a property management company, the beginning phase of your property rental business is likely the most difficult to handle remotely. Since the pandemic, however, the increase in virtual viewings allows you to limit the number of people who see the home to those who are genuinely interested. You may need to be in close proximity to the property during final inspections. Otherwise, you will need to rely on that reliable friend once more. Additionally, you will need someone on the site to monitor tenants in and out personally.
Screening a Tenant
To screen a tenant is to do everything in your power to ensure they will take good care of the rental home and make their rent payments on time. You should check their credit history and ask for copies of their payslips and bank statements to make sure they are making enough money to pay the rent. You should also contact their employer and former landlord for references. Everything can be done online. The screening will be handled for you if you engage with a property management company, or you can use online tools and services.
Switch to Digital Documents
For the signing of lease agreements and other important papers, consider modern secure solutions.
Rent Collection Online
The fact that you handle your rent collection remotely should make little difference whether you are based in Glasgow or Ghana because it is unlikely that you will send someone out to collect the rent in person every week. These days, there are various payment methods available, but the majority of landlords demand that tenants set up a legal requirement when they sign the leasing agreement. This indicates that the bank will pay the money each month as long as there are sufficient funds. You can easily trace transactions and follow up if there are any issues because of this.
Plan Regular Property Inspections
If you are unable to visit the property, someone else must do so to ensure that it is being maintained and that the tenants have not reported any problems. You may want to do this more often at the beginning of a tenancy, perhaps every three months, but you must give your tenant 48 hours’ written notice and obtain their consent first. You may have a property manager conduct these inspections on your behalf, or you could ask a reputable individual.
Being available, responsive, and easy to contact can help you stay in touch with your tenants, which is important if you’re a remote landlord. This doesn’t require you to be nearby. Be helpful and quick to respond to enquiries whether you like to be contacted by phone, email, WhatsApp, or SMS. This will allow you to remain on top of problems and perhaps persuade your tenants to stay longer.
Set up a Security System
Tenants will appreciate the property’s security and it will help you maintain it, especially if it is unoccupied for a long period of time. Think about cutting-edge technology solutions like smart doorbells.
Use Property Management Tools
These days, there are several software options for landlords that might be useful, including those for financial management, contract signing, and sending out reminders to stay on top of landlord duties like safety checks.
We’d be happy to discuss our services with you if you’re a remote landlord in Glasgow so you can compare the advantages and disadvantages of using property management versus going it alone. Contact us right away.