Being landlord can be tricky at times and for beginner landlords the world of letting can seem a strange if not confusing place. As a landlord things are never going to be 100% perfect all the time but there are always things you can do to minimize mistakes and costly errors.
1. Have a Plan
Never go into renting out your property without planning. As the wise words say “If you fail to plan, you plan to fail”. This could not be truer than when letting a property. Having a plan will enable you to act swiftly and effectively in situations and make your life easier as a landlord.
2. Do your Homework
Part of the planning process is making sure you know the rules and regulations of letting properties. Once you’re up to date you must constantly keep refreshed on top of new legislation and regulations. If you need advice, you can contact us either by email or phone and we will be happy to help.
3. Know the local market!
As with any business opportunity it’s essential that you know your market in order to maximize your returns. Knowing what type of tenant is in your area will help you prepare your property to suit their needs and possibly longer tenancy periods.
4. Screen your tenants carefully
Someone who may seem the perfect tenant at first could turn into a nightmare overtime so always make sure you check the tenants carefully. Don’t be fooled by appearances! Of course no matter how many checks you do you’ll never be 100% certain of a good tenant or not but with extensive checks you can minimize your risk.
5. Always have a written agreement
This is a no-brainer!! Making verbal agreements is a big mistake. Always make sure tenancy agreements are drawn up and signed with the tenant understanding everything in the agreement.
6. Keep the property in good repair
Never let your property’s standards slip. Always make sure everything is in good working order. Not only does this make for a happy tenant but it also keeps your bills down in the long run.
7. Act quickly
No matter what happens, if problems arise at your property make sure you are quick to deal with them and communicate with the tenants effectively. Never let a problem go on too long or your tenants will become unhappy. If the problem is related to the tenant for example a late rental payment, make sure you contact them as soon as possible to resolve the issue.
8. Respect tenants’ privacy
Never turn up at your property unannounced or enter the property with your set of keys. Doing so (especially repeatedly) could see you faced with a harassment charge from the tenant. Always visit the property by appointment after speaking with the tenant.
9. Perform quarterly inspections
At ZEVIZO properties we always perform quarterly inspections. This allows us to get a good idea on how the property is being treated and so we don’t get any nasty surprises at the end of the tenancy. We recommend all landlords do the same.
10. Put everything in writing
Document and log everything!! Make sure any information is kept organized and to hand when needed. Make sure that any correspondence with the tenant is put in writing and if necessary send the tenant a copy for their own records and information.