Your property portfolio represents a significant financial and time investment. One of the best ways to protect that investment is to keep consistent and regular records of your activities. Keeping detailed records will prove that you are acting responsibly and legally. Additionally, in serious circumstances such as relying on a Section 8 or 21 notice to begin legal proceedings or for a tenant dispute, you will have a bank of evidence that you have behaved appropriately and within your rights. Record keeping as a landlord is a critical part of the role and should not be taken lightly. If it sounds like it may become too overwhelming or time consuming, consider having a letting agent take on the responsibility for you.
What records should landlords keep?
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Ingoing and outgoing payments
Any payments you are making or receiving as part of your private letting should be properly logged. This includes but is not limited to rental income, security deposits, holding deposits, maintenance and repair costs, insurance payments, council tax, and utilities.
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Safety inspection certificates
These will prove that you’ve had the correct inspections and checks undertaken at the proper intervals to verify your property is safe for tenants to inhabit.
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Communications with tenants
Handling tenant issues can be highly complex and stressful. Make sure the communications you’ve had, and any agreements made as a result, are recorded and properly stored for posterity.
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Inspection reports and subsequent communication
You should keep the reports, any recommendations made by contractors, proof that any remedial work was completed, actions the tenant should take, and the date of a future visit where relevant.
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Applications from potential tenants
Keep hold of any offers from potential tenants you receive, even if unsuccessful. You should also have tenancy guides to hand which outline the terms and conditions of living in your property.
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Renewal and rent increase information
There are specific procedures that must be followed to renew a tenancy or increase rent. Prove that you have done your due diligence by keeping records of the paperwork and communications you have sent to tenants.
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Log who has keys for the property
For the safety of your tenants and the property it is vital you know who has access. Make sure all keys are accounted for and only in the hands of trustworthy individuals who have a legitimate need for them.
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Contractor documentation
You should at the least check relevant information from any contractors that work on your properties. A trustworthy letting agent will store copies of these documents for anyone they work with regularly.
Why should landlords keep proper records?
Good record keeping is essential to protecting your investment and good due diligence as a landlord. Keeping copies of financial transactions, key logs, and contractor documentation will show that you are financially responsible and have the interests of the property and tenants in mind. Inspection records and rent increase communications will also be vital to proving that you are operating within the bounds of the law so you can continue letting your property and drawing market-appropriate income. These documents should be detailed, thorough, and properly filed. However, this can be a time consuming and stressful process. A letting agent will securely store highly detailed records on your behalf as well as conduct a broad range of property management services to deliver you hassle-free, passive income.
If keeping all of these records sounds like a stressful prospect, contact Pure Lettings. Having a team of professionals take care of everything will ensure that your paperwork is properly stored and easily accessed when needed. You’ll have peace of mind knowing that everything is being taken care of by industry experts while retaining the exact level of control over your property that you desire. To find out more about how Pure Lettings can help you with tailored property management services, call 01689 400100 or send an email to info@pure-lettings.co.uk.
