Can we make COMPLIANCE SEXY?!
Probably not... but our final instalment of our Bringing Lettings In-House series I'm gonna try!
Ok I'll admit, I can't make it sexy, BUT it's SO important when you are dealing with tenancies yourself. Ignorance unfortunately is not bliss when it comes to compliance and property and you could end up with some serious repercussions if you are not keeping up to date with any new processes and legislation.
Here is what we recommend to keep yourself up-to-date and compliant:
1. Membership to an accredited body
We are members of the NRLA and advise that if you are going to be taking over lettings you sign up to this or a similar service. We have a team member who regularly checks in on the website for any new training material or legislation that we need to know about. It is also useful for documents such as AST templates or notice documents (such as Section 21). They also have a helpline exclusively for members which has been a valuable tool for us, especially when we had to deal with our first eviction!
2. Team knowledge
Ensure you have at least one team member who is up to date with any compliance legislation, it may be worth investing in courses that are available. Again, we have found the NRLA membership to be very useful for this.
3. Automatic notifications
You should have notifications set up on your lettings management system for expiring certificates (with enough time to action before they expire!) and ensure you have appointed a team member to keep on top of this so they can take they lead in booking in any relevant inspections.
There is a lot to take on board when you first take over your lettings so you really need to assess whether you have the time and capacity to take all of this on before you take that next step.
Once your systems are in place, the time taken up out of the business is pretty minimal. As the business owners, we have found we are actually spending a lot less time worrying about lettings now that we have it all in house.
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