Excel Formula To Calculate Hours Worked In A Week Daily Management of a Room Rental Property

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Daily Management of a Room Rental Property

So, you’ve decided to take the plunge and convert one of your existing homes and make it suitable for a “rental room” OR buy a property with this in mind. Congratulations – you’re taking property investing seriously! DO consider handing everything over to an agent to look at – if time freedom is one of your goals then this may be an option as looking at a multi-roomed house takes more time. The agency may charge you at least £200 a month as well. So let’s just think about running and managing the property OURSELVES (at least, for now!)

You’ve found a house, staged it, advertised it, found your tenants – now it’s just a case of watching the money roll in. OH YEAH?? No!!!!

Money will come in if you manage your property and tenants correctly. The property will need to be visited once a week and will need to be cleaned and maintained. You’ll be surprised at how broken it can be and how things you didn’t know could break will break. You will probably need to visit and collect the rents – but I would recommend that you arrange for your tenants to pay the money directly to your bank. You have to keep a close eye on your money coming in and going out! (You’re most welcome to have a copy of my spreadsheet to help you – please email me through my agency website below and I’ll send you one.) You may find yourself a social worker and involved in tenant disputes. Personally I try to avoid this in the first place by telling the tenants that it is up to them to keep up with everyone in the house.

So – here are a few top tips

1 – Get a cleaner. Pay him £20 to go a few weeks and give the common areas clean. It will keep up the maintenance and ensure that the house is visible when viewed.

2 – Buy a digital safe for around £45. Bolt it to the floor or wall and leave the keys on the side of it. I also tied the combination lock of the safe to the outside wall and put the front door lock on it. Never give out codes to employers out of desperation BUT if they lock themselves out then you have a solution. The internal safe also accepts rental payments in cash, this way you don’t have to move around so often!

3 – Use an excel spreadsheet to stay on top of your payments

4 – You will be paying bills – so make your life easier and put all the Utilities and Utility Warehouse. You get one bill every month with a direct debit payment. Simple

5 – If you advertise your Property on Spareroom or Easyroomate then never delete your property – just “park” it when it is full and return the ad when you find a vacancy.

6 – Try not to take cash payments. Directly from your bank is easy and safe.

7 – Visit regularly – no set schedule BUT we try to go around once every 2 weeks. Some houses need more than others.

8 – Give the tenants an “Information Sheet” with your number, internet codes, house rules etc. Let them know that harmony in the house depends on them – you are not involved. Email me if you want a copy of my paper.

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