While lockdown restrictions are gradually being reduced, landlords are still under pressure. In fact, tenants can still have financial problems, meaning rent arrears might still be a concern. Considering this, landlords must maintain precise records during the epidemic.
Landlords must keep even more precise records than usual because of this and the fact that leasing regulation is typically dynamic.
Unusual times call for increased landlord record-keeping
Are you considering guaranteed rent for landlords? That’s one less burden to worry about. Many tenants have made “special” demands during the epidemic, such as more time to pay their rent and grace periods while they look for alternative jobs.
Landlords have been forced to choose and take actions they may not have previously considered or been ready for. All unusual demands must be documented at this period, along with any unique agreements made and notes were taken on any answers.
In a disagreement, this is essential to safeguard you and your investment in real estate. Everything should be meticulously recorded, including phone calls, video chats, additional charges, and legal counsel received. Back-ups are crucial for digital records to ensure that none of the critical data is lost.
1. Recording calls
If you decide to record phone calls, you must first have the other person’s consent. If not, list some notes and confirm the chat by email so you have a written record.
Make careful to record any video calls you have with renters or other parties if you want to review them later. Once more, you must let the other person know you are recording.
2. Documenting decisions
If you decide to provide renters a payment holiday or give them time to catch up on their back rent, you should always clarify your decision in writing and make sure the other party responds to affirm their approval of the terms you have outlined. This is necessary to prevent any verbal misunderstandings.
3. Tracking expenses
Naturally, you will already keep good spending records, but it is crucial to document any additional costs incurred during the epidemic.
You should include them in your landlord’s taxable cost claim since you might be shocked at how rapidly they accumulate.
These might involve extra cleaning or sanitizing efforts amongst tenants and the expense of communications, technology, and digitalization.
4. Noting advice
You have likely received a deluge of recommendations and instructions throughout the COVID-19 outbreak. It’s crucial to remember the advice’s source and your response whenever you’ve implemented it.
Just in case you are ever questioned in a regulatory sense or want to make an insurance claim, it is crucial to preserve documents of how you stayed compliant and to be able to support your judgments with evidence.
Even while keeping records for your tenants may seem dull. Like yet another weight added to your expanding list of landlord obligations, it is more important than ever in these trying times when landlords are under even more pressure than usual.
Why not consider the guaranteed rent schemes if you want to unload some of these responsibilities, such as the unpaid rent situation that so many landlords are dealing with right now?
This way of renting out your home to local government renters ensures that your rent will be paid on time each month through standing order, even if your home is empty.
No letting agent fees, legal fees, inventory fees, or marketing expenses are associated with this service because it is all-inclusive.
To know more about how a guaranteed rent scheme could benefit you as a landlord and allow you to become entirely hands-off, you are welcome to get in touch with experienced property experts.
Suzanne Ashton, Founder of Everything Horse (Est, 2012), has a BA Hons in Marketing Management and a Diploma in Equine Science. Suzanne has ridden and owned horses all her life and has twelve years of experience in marketing, writing, design, SEO, and website creation.