If you’re new to the world of renting, you likely have many concerns, worries, and questions. The fact is, there is a lot to consider, plan and prepare for. You need to make financial preparations, understand the legalities of the subject, and deal with the constantly rising costs involved in the rental market. At first, it can feel overwhelming. However, do not fear! Fortunately, there are a lot of specialists out there offering reliable guidance and advice to help you navigate your new and exciting endeavour with confidence. We have compiled some of their top suggestions that will give you the insight you need to make good decisions that will help you to survive and thrive as a landlord.
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Bad tenants – check up on your tenancy applicants.
To ensure the property is looked after and rental payments are made, you want to accept a reliable and trustworthy tenant. To do so, it’s vital not to skip background checks for your applicants. Ask for references and use them. In the event that you need to claim your rental insurance in the future, you may need to prove that you asked for references and did your bit to do some research about your tenants.
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Compliance – stay up to date with letting laws.
There are many legal regulations and responsibilities that landlords need to adhere to and in these changing times, it’s not uncommon for these laws to be updated and adjusted. You will face serious issues if you are not aware of the rules and regulations in place to protect yourself and your tenants. There is a great deal of legal advice available to help you remain compliant and truly look after the tenants in your care.
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Poor communication – keep contact details updated.
It’s great if you can exchange contact information at the beginning of the tenancy as good communication makes for a good landlord/tenant relationship. Occupants of your property can quickly contact you if they have any issues or need repairs, and as a landlord, you can organise inspections and installations with ease. To maintain this good communication, make sure to update all your tenants if you change any of your contact details and ask occupants to do the same. In this way, messages and phone calls will not be missed and issues can be resolved quickly.
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Maintenance issues – look after your property.
While your tenants are the residents, you are still the owner. In order to remain compliant with legal regulations, you need to maintain a high standard within your property. You are also going to attract and retain good, reliable tenants when you put the effort in to look after them and their homes. It’s important to carry out regular inspections not only to make sure the property is being respected but so that you can show your determination to provide adequate housing. Issues can be picked up early and resolved when maintenance is a property. (Remember you need to give at least 24 hours’ notice in writing before carrying out an inspection and organise a time that is convenient for your tenant.)
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Expensive damages – invest in insurance.
You may think you know the world of insurance. However, insurance for a rental property is very different to the insurance you will have taken out for your own home. This is because different problems can occur, unique to rented properties. With this in mind, it is essential to take out a policy specifically designed for landlords. Companies like Just Landlords are experts in helping landlords get the insurance and advice they need to make their role a success.