Landlords need to carry out regular checks on the condition of their properties in order to avoid unexpected problems arising when tenancies come to an end, a leading body in the lettings industry has warned.
According to the Landlord Syndicate, problems ranging from unreported floods to sub-letting can occur when landlords fail to keep a sufficient track of their portfolios, so staying in touch with tenants and visiting properties at regular intervals is an effective way to prevent such issues from rearing their head.
The organisation is urging landlords to check their assets a minimum of every six months to ensure that they're taking sufficient steps to guard against the risks associated with neglecting repairs or maintenance work.
Nick Lyons, managing director of inventory management company NoLettingGo, explained that investors who do take a responsible and proactive approach to monitoring their properties will be in a strong position to tackle any problems quickly before they start to develop.
"If there is a problem, such as condensation build up, the landlord can advise the tenant on how to resolve and prevent the issue happening and carry out any necessary repairs," he commented.
"Landlords are the responsible party in renting a property and should not assume that tenants are going to automatically rectify any issue, especially if they consider it the responsibility of the landlord."
Indeed, while there are impressive yields to be had in the lettings game, investors are increasingly being urged to consider their portfolios as a business if they want to reduce the threat of losses.
As such, it is vital that their landlord insurance policies are up-to-date, detailed inventories are carried out at the beginning of a tenancy and regular checks are performed to keep a track of any potential issues.
By taking a responsible and proactive approach, investors can cut the risk of having to cover unexpected costs that can result from irresponsible or neglectful tenants.