How Keeping Up With Market Trends Can Help Landlords

When investing on rental properties, it is important that the investor should be on top of what is happening in the industry. Without the right knowledge of current happenings in the rental property business, landlords would not be able to formulate the right plan to maximize profit.

The past year, 2011, saw the market tipping in favor of investors or landlords. The reason is the lower vacancy rates. One of the main reasons for this trend is the housing bubble burst in recent years. With many people losing their homes due to foreclosures, they are forced to rent.

By taking into account this trend, a landlord would be able to formulate a plan moving forward. This means that they can take advantage of the future state of the industry to gain more profit. Also, if the trend is pointing to an issue that could raise problems for the landlord, he or she can take precautionary measures to protect the business.

One of the biggest assets landlords could have in predicting where the market is going in the near future is data gathered from recent years. By compiling data from years past, landlords would be able to set an informed prediction as to where the market is going. These important data can be easily found if the landlord knows where to look.

For landlords who are not familiar with gathering data pertaining to the trends in the market, there is always the option of working with good property management companies. They can easily be found that a quick search online would give you a shortlist of companies working in the area where your property is located.

Property management companies can be expected to provide insightful information to landlords. If the agreement between the landlord and the property manager includes a clause where the property manager has to provide planning support to the landlord, the latter can require the former to curate data about the industry which would be used to create a plan for the business.

Of course, it is important that the property manager that you are working with is a competent one. This is why choosing what property management company to work with is a very important step for landlords to make. It might sound too complicated but nobody said that investing in rental property is a walk in the park. It is a significant investment and you should treat it as such.

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Landlords, Do You Know the Importance of Keeping Your Property Safe?

With the winter season well underway, domestic gas and electricity usage is on the up - and it's your job to ensure that your property and tenants are as safe as possible by checking all the electrical and gas appliances in use.

Hiring a fully qualified, registered professional to tackle any gas and electrical jobs, whether large or small, is of the utmost importance.

A good lettings agent should be able to organise electrical tests and gas safety checks for you, whether in house or by recommending trusted contractors.

Electricity

You're legally obliged to ensure that all electrical items and household appliances supplied as part of your property letting are safe. Look out for:

Badly frayed or damaged insulationOld or exposed wirePoorly fitted or cracked plugsScorch-marked or damaged socketsPlugs without sleeved, insulated pins

Be sure to repair or replace any equipment or appliances that are past their best with new equipment that meets current BS and EC standards.

If you have a property requiring a house of Multiple Occupation License from the Local Authority, by law you will need to provide confirmation of electrical safety. But it will give you and your tenants real peace of mind if you arrange for on-going checks anyway. A qualified electrical engineer should test every appliance and help you to keep a log of:

Item make and serial numberItem conditionDates of Portable Appliance (PAT) test

Remember, some insurance companies won't pay out if untested electrical items cause damage.

Gas

Any gas appliances and systems can pose a great risk if they are not fitted and maintained properly.

As a landlord, you are legally obliged to comply with the Gas Safety Regulations 1994 for any equipment that uses mains or liquid gas in your rented property.

Carbon Monoxide poisoning is a real danger that can cause severe illness and even death. Carbon Monoxide is a colourless and odourless gas, so you and your tenants may not even be aware of its presence until it's too late.

And any kind of gas leak can have catastrophic consequences, from gas poisoning to risk of fire.

A fully qualified GasSafe engineer should carry out an annual full check at any properties that you rent out.

It is important to be aware that a standard annual service offered by many tradespeople does not comply with the legal regulations for landlords and may leave your tenants and property at risk - so be sure that your engineer is GasSafe registered.

To comply with the regulations you must:

Hire a GasSafe registered engineer who is qualified to work on the particular appliances and systems in your propertyEnsure a full gas safety check is completed both prior to a let and every year thereafterEnsure all gas fittings and flues are maintained safely at all timesRepair or replace any defective gas appliances or pipework as soon as possible, ensuring any damaged items are not used until made safeWhen all checks have been completed, you must:Give a copy of the gas safety check certificate to your tenants

The Julie Twist Properties Maintenance Team can take care of all these responsibilities for you: http://www.julietwist.co.uk/Maintenance-Division

For more expert advice on property safety and maintenance, visit our website using the link below.

Julie Twist Properties has rented and sold property in Manchester City Centre for the past 20 years, and is a leader in the market. Julie won Estate Agency of the year in 2005 and has been on the judging panel in London ever since. Apartments in Manchester City Centre are her passion and she has hundreds of Landlords that are currently seeing fantastic returns on rented property.

Original article