It’s the first worry for any landlord – how do you find the right tenants for your property? That is – tenants that won’t trash the property and actually pay the rent? We’ve compiled a list of top tips for letting and property management:
Stay protected. Don’t assume your tenants will always pay the rent, no matter how hassle-free they may appear. Consider taking out a rent guarantee insurance or ask for a rent guarantor. Also ask your letting agent about the rental guarantee scheme they offer.
Record all the costs associated with your property and add them to your tax returns. Claim for al tax deductible expenses such as mortgage interest, repairs and letting agent’s fees.
Get the carpets and property cleaned. It’s worth getting your carpets cleaned professionally prior to re-letting. This can normally be charged to the outgoing tenants.
Ensure decorations are in good condition. Create a good impression outside and inside. Walls and flooring are best if they are plain, light and neutral in colour.
Weigh up all the pros and cons of using a letting agent before you decide if an agent is right for you. Good agents can save you time and money as they can negotiate higher rents, deal with any repair issues for you and minimising voids. But even the best agents can need monitoring, so if your property is empty ensure that you hustle the agent to get it let.
6. Don’t pitch the asking rent too high. Marketing your property for slightly less than the market rent to generate the most interest. If you ask for too high a rent initially your property could be sitting on the market for longer than necessary – ultimately losing you money due to lack of rent.
7. If using an agent, check that they use all the major property portals. In today’s market, over 80% of tenants search for their next property online, so ensure that you are facilitating this platform on websites such as Rightmove, Zoopla etc.
8. Always do credit checks on a tenant. Don’t be afraid to say no to prospective tenants if you are unsure. If you are in doubt check with their current landlord and visit their current property – no tenant is better than a bad tenant.
9. Always ensure that your agent completes a full property inventory including photographs of each room and that the tenant/s have signed and dated this inventory.
10. Respond to property maintenance issues promptly. Attending to these will ensure a happy tenant and often save you money in the long term.
Have any questions? Don’t hesitate to get in touch with our team of experts on +44 (0) 345 894 8441 or email us at email@example.com.