Ending a tenancy
We have created a new facility for landlords to create a closing statement at the end of a tenancy using our free property management software.
Like all good things, a tenancy will come to an end.
I personally like long-term tenancies and I now have a high proportion of long-term renters. Probably a good 75% have been my tenants for over 2 years and 50% of my tenants have been with me for over 4 years. Maybe I’m not charging them enough rent!
I don’t think so, but I do concentrate on getting in good quality tenants who indicate they want to make my rental property a home. I suspect that avoiding investing in the rabbit hutch style properties that tend to have a higher tenant turnover has also helped.
However for many landlords the average tenancy length for an Assured Shorthold Tenancy (AST) is short; somewhere in the order of 9 months. This means that many landlords are frequently faced with the labourious process of ending a tenancy, so therfore forced into the time consuming processes of:
Property Hawk’s online Property Management software hopefully assists a little with the process.
The Property Manager 2.0 now produces a closing statement to help landlords when ending a tenancy.
The Stig has been busily beavering away under the Property Hawk bonnet so that the property management software can produce a closing statement to help the landlord and tenant.
The closing statement sets out the essential details of the tenancy from start to finish and also a balance of account at the end of the tenancy. This should give both parties a complete record of the tenancy.
Details included in the closing statement are:
1. Name of the tenant
2. Name of the landlord
3. Tenants’ Details
4. Outstanding rental balance
5. List of all the rents paid during the tenancy
6. Deposit amount
7. Deductions from the deposit
8. Amount of the deposit to repaid including any deductions for outstanding rent
9. Tenants forwarding address for future records
10. Final utility readings
To create a closing statement
All a landlord needs to do to create a closing statement at the end of a tenancy is to open the Property Manager software and then access the Tenancy screen under the Management tab.
You should then bring the rental account up to date and then end the tenancy .
A landlord can then generate a PDF for the closing statement either with or without a rent history for the tenancy. The PDF can then be saved, printed or emailed to the tenant.
Administration made easier
Hopefully the addition of the closing statement feature will make the administration of a landlords lettings business; a little bit easier and a little more professional looking.