New landlord? Follow these tips for success
If you are new to the property rental market, starting as you mean to go on can help you to build a good reputation quickly.
Whether you are going to manage your property yourself or use a letting agent, always be professional. Get back to people when they ask you to, respond to queries quickly, and be polite and approachable.
Make sure tenants are given enough notice for any visits or maintenance requirements, and keep paperwork organised and easy to access.
Choosing your tenants
If your property is well kept, it is likely that you will have several interested parties when putting a property on the rental market. Always check a prospective tenant’s references and ask for evidence of their income.
Landlords are required to follow certain legal procedures. Make sure you do your homework and know what these are before agreeing to rent your property.
Many landlords use computer programmes and a property inventory software app from a provider such as https://inventorybase.co.uk/ to help them produce an inventory.
Make sure you draw up a lease agreement and that everything is covered, including breakages, damage, parking, and maintenance responsibilities.
You should also state whether tenants are allowed to undertake any decorative work and make it clear that the property is for residential use only. It is advisable to get legal advice on the tenancy agreement, especially if renting a property for the first time.
UK property prices grew at the fastest rate ever recorded last month, with confidence rising for the first time since Brexit.
If your tenant wants to bring a pet, you could charge extra to cover the additional cleaning costs at the end of their tenancy. Also, if the property comes with a garage that they don’t need, you could consider renting this as a separate space.
Health and safety
Keep a record of when the smoke alarms need checking and the boiler needs servicing and make sure that these are carried out. It could affect your insurance if you neglect to do this.
Keep your tenants happy
If you have good long-term tenants, try to keep them. If you have to put the rent up, send them a request in writing and give them notice. Reward them with new carpets or flooring if and when required.