Just got back from a few days away and switched on my laptop to find two messages from my property management software system reminding me that 2 gas safety certificates were due on a couple of my properties. It’s a good job I got those reminders, as I hadn’t realised that nearly another year had gone by ! (Time does fly when you're having fun and making money!).
The software is worth its weight in gold, as it sends me early alert warning for tasks like the safety certificates, insurance, fixed rate mortgages ending etc. Having quite a number of properties it ensures that there are no oversights made with these issues – very, very important with the things that are a legal requirement.. Try to explain to a judge that you ‘forgot’ to renew the gas safety certificate and an accident occurred at your property – gas related. Trust me, it won’t get you very far.
Whether you only have one or many properties, it is vital that you professionally manage your portfolio and keep electronic control over it. It is important to be responsible, professional, and disciplined in managing your properties - after all the buck stops with you, and in a court of law, ignorance does not get you off the hook.
Oh, and another thing, don’t assume that because you have a fully managed service by a letting agent, that they will remember to get it done for you – after all administration errors DO occur.
I learned a very valuable lesson the other day that I think is worth passing on to you, fellow landladies. When you "assume" something, statistically, 60% of the time, you are WRONG! Assume = ass / u / me!. In property, it is dangerous to "assume" anything. Always do your homework, research, due dilligence etc to ensure you KNOW exactly what a situation, state of affairs, etc is.
After all, your property portfolio is and always will be YOUR responsibility, and if something goes wrong (even if you buy through a property club), you are the only person to blame.
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