Excel Formula To Calculate Number Of Months Between 2 Dates 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 either convert one of your existing homes and make it suitable for “room rentals” or you’ve bought a special property with this in mind. Congratulations – you’re taking property investing seriously! You may consider entrusting the entire lot to an agent to take care of – if time freedom is one of your goals this may be an option as viewing a multi-bedroom home takes a bit more time. An agent is likely to charge you at least £200 per month. So let’s think about running and managing the property ourselves (at least, for the time being!).

You’ve found a home, set it up, advertised it, and got your rent – now it’s just a case of watching the money roll in. Yes?? NO!!!!

If you manage your property and tenants correctly, the money will come in. The property needs to be visited once a week and it needs cleaning and maintenance. You’d be surprised how messy it can be and how things break that you didn’t even know could break. You will probably want to visit and collect the rent – but I recommend that you arrange for your tenants to pay the money directly into your bank. You will need to keep a close eye on the money going in and out! (You’re welcome to get a copy of my spreadsheet to help you – please ping me an email through my agency’s website below and I’ll send you one.) You can become a social worker yourself and get involved in disputes. Among tenants. Personally I try to avoid this in the beginning by telling tenants that it is up to them to get along with everyone in the house.

So – here are some top tips

1 – Get a cleaner. Pay him £20 to go every two weeks and clean the common areas. This keeps on top of maintenance and ensures that the home is presentable for viewing.

2 – Buy a digital electronic safe for around £45. Bolt it to the floor or wall and leave extra keys on it. I also bolted a safe combination key to the exterior wall and put an extra key to the front door on it. Never give codes to tenants except in an emergency but if they lock themselves out you have a solution. The interior safe will also accept fare payments in cash, this way you don’t have to walk around as often!

3 – Use a simple Excel spreadsheet to keep on top of your payments

4 – You will pay the bills – so simplify your life and put all the utilities in the utility warehouse. You receive a bill and direct debit payment each month. simple

5 – If you advertise your property on Spareroom or Easyroomate, never delete your property – just “park this” and repost the ad when you get a vacancy.

6 – Try not to take cash payments. Direct access to your bank is simple and secure.

7 – Visit regularly – There is no set schedule but we try and aim for once every 2 weeks. Some homes are more in need than others.

8 – Give tenants an “Information Sheet” containing your number, internet codes, house rules, etc. Let them know that reconciliation at home is up to them – you are not involved. Email me if you would like a copy of my sheet.

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