The ten tips provided below are our quick reference guide to the most common ways to ensure you’re successful landlord.
1. Take thorough references. Whether you’re using an agent or not it is vital to ensure you ask for references to ensure you know as much about your prospective tenant as possible. A credit reference is also very useful. As well as giving you vital insight into the background of the tenant it also puts off would be applicants that have something to hide.
2. Get it in writing. If in doubt get it in writing. This covers your back and the tenant. For example; If a tenant needs to have something fixed get them to provide a written request as well as telling you on the phone or in person. This will help you with you income tax deductions and create a history for each tenant.
3. Provide a clean and secure residence. Sounds simple but a clean, well presented and secure home goes a long way towards having a stress free tenancy and a happy tenant.
4. Property mangement. If you do not have the time to manage your property yourself make sure you do your research before hiring a letting agent to do it for you. Spending a bit of time checking out your options at this early stage could end up saving you a lot of stress, time and money.
5. Be insured. Landlord insurance is vital. Having the correct level of insurance from a trustworthy provider could save you a ton of money and a shed load of stress if the worst does happen.
6. Repair promptly. Would you want to be kept waiting for important repairs to your property? No, neither would we. Resolving issues quickly saves money in the long run and goes a long way towards having a happy tenant. Happy tenants tend to pay their rent and respect your property.
7. Respect their privacy. Whilst it’s your property, it is their home. As such frequent intrusions can often lead to bad will and troublesome tenancies. Make sure you adhere to the contract your tenant signed. You expect them to keep up their side of the deal so its only fair you do the same.
8. No discrimination. Discriminating against prospective tenants because of their gender, race, religion, age or sexual orientation is a big NO, NO and could result in expensive legal action. The most important thing about your new tenant is that they look after your property and pay the rent and nothing else.
9. Have a sound Tenancy Agreement. This protects both you and your tenant and acts as a guide for both parties with regards the rights and responsibilities.
10. Be fair. Put yourself in your tenants shoes. How would you want to be treated if you were a tenant? Well managed tenancies reduce the amount of rent arrears and the number of costly void periods. Even if you dont like your tenant try to focus on the benefits of treating them with respect – it could save you alot of money and stress.
With around 700 properties managed Crucible Sales & Lettings are the experts in our field and can provide all the help and advice you need to have a stress free tenancy.
Call us now on 0114 2413430 to arrange a free valuation