Ten Steps To Success As A Landlord
Being a landlord comes with many responsibilities.
It can sometimes be difficult to make sure that you have met all requirements to provide your tenants with the best possible service. We have created this checklist to provide landlords with a list of factors to consider.
Do your market research
Before you publicly advertise your property as a landlord it’s important to do you market research. Knowing how long properties stay on the market to ensure you do not over-charge or undercharge for your rental property. Also the average rental income generated for properties can help you determine how much to charge for your property.
Prepare Tenancy Agreements
Despite the presence of laws which govern the relationship with a tenant, you must have a tenancy agreement. It would be unwise to lease out your property without such an arrangement. A tenancy agreement spells out expectations of both involved parties to minimise any disputes that may arise.
Security Deposits
A security deposit is essential and you shouldn’t lease your property without it. The deposit covers for loses and bails out the tenants whenever they fail to pay. The payment in most cases is a month’s rent. When setting the cost to receive as a deposit, be cautious. If your deposit exceeds the price of five weeks rent, the payment could be assumed to be a premium, which binds the two parties to a long-lease agreement
Screen Your Tenants
Ask your tenants to provide references to ensure they are financially stable and of good credit standing. This screening will give you some confidence that you will receive you payments as expected. It is also good to receive a previous landlord reference.
Make the Payment Process Convenient
The door to door movement in the name of collecting rent is hectic. Set up a suitable means of payment, helpful to both you and the tenant. Setting up a standing order will ensure that payments are made promptly when due. It spare you the pain of running around collecting your rents. You will also know when to expect rent money as it will always come through unless it has been stopped or is unavailable.
Provide Receipts for Every Transactions
Record all payments and give receipts. Both parties must have the evidence of payment. Provide a written document for all operations. These written records act as evidence in all legal matters. The two sides play their roles as stipulated in writing.
Property Management & Maintenance
As a landlord you are responsible for the maintenance and management of your property. You must make sure that your property is in tip-top shape. Well-maintained property will attracted better paying tenants who last.
Talk to Your Insurance Provider
If you are leasing out your property for the first time, be sure to talk to an insurance provider. Though it’s not compulsory, landlord insurance is beneficial as it can include many features. Such as accidental damage cover, financial protection against unpaid rent and building insurance to protect the brick and mortar of your property.
Attend to Tenant Issues Promptly
Do not let matters pile up that need your attention. If there are necessary repairs, or a tenants has not paid rent for a given month, deal with the issue as soon as it occurs. Not dealing with issues when they occur can result in bigger issues that may cost you more time and money. Please refer to our previous article on Maintenance Responsibilities Explained.
Select a Reliable Letting Agent
Should you leave your house in the hands of an agent, vet them. The agent must be responsible, trustworthy, and honest. Conduct a personality check on the agent to ensure they can take care of the house in your absence. Harringtons Lettings have been helping landlords successfully let their properties in Hove and the surrounding Sussex area for over 24 years. We solely focus on letting services to ensure our landlords receive the best possible service.
