Apart from following the legal legislation in place which affects landlords in the UK, everyone manages their property investment enterprise differently. Whilst landlords, of course, have legal responsibilities, the rest is up to them in terms of pricing their properties, offering extra amenities, choosing tenants and so on.
As a landlord, however, it’s essential to remember that offering the best service to tenants is more than likely going to benefit your career for the long-term. Consistently getting things right is key, so here are some of our top ‘best practice’ tips for private landlords.
Stay in contact
Throughout a tenancy, make sure that you have up-to-date details of those occupying your property. They should also be able to access yourself or your agency easily and expect a response within an appropriate timeframe. No tenant likes a non-existent landlord. By staying in touch, they’ll be reassured that you care about them and that in turn, they’re likely to care about your property.
Stay in-the-loop with industry changes
Take advantage of online news outlets which focus on the latest news and industry changes for landlords & letting agents. The past few years alone has seen many changes in legislation affecting landlords, such as the ban on agency fees and changes to minimum EPC ratings. Getting caught out with any new changes could be costly, so make sure you stay in-the-loop as best practice.
Research local letting agents
Like landlords, letting agents all operate in their own way. Be sure to make an informed decision before deciding on a letting agent – don’t just go with the most continent, or the first one you’ve seen. If you know other local landlords, ask about their experience with letting agents, and who they’d recommended. There’s likely to also be online reviews – so these are worth having a look at too.
As a final check when deciding on a letting agent, be sure they’re members of relevant regulatory bodies as it means they’ll be following recognised codes of practice.
Extensive background checks
Having the right tenants occupying your property can be the difference between a tenancy from hell or stress-free few years. Finding out as much as you can about any prospective tenants through references from previous landlords and employers is likely to help reduce the risk of a stressful tenancy.
Visit properties frequently
Arrange regular checks to your property once tenants have moved in – making sure to give them plenty of notice beforehand. Aim to inspect the property quarterly to ensure it’s being taken care of, and that tenants are staying in line with their tenancy agreement.
If you are looking to let your property, we use our experience to help sift the good tenants from the not so good as well as taking up a full range of references/checks to minimise any risk and we can also offer landlord insurance to cover against a range of eventualities.
We offer three main types of services click here to find out more.