Using our knowledge as estate agents working across the South of England, we have put together a number of tips that will help you to be the best landlord possible.
Presentation is key
It might sound obvious, but keeping your property in tip-top condition will appeal more to prospective tenants. If the house you’re looking to let is attractive, well-maintained and well-presented, you’ll also be in a better position to charge higher rents. Subtle, neutral colours are best when it comes to décor, as these are likely to appeal to the widest audience.
Get an inventory
Having a comprehensive inventory of your property and its contents is absolutely vital. This inventory should be given to the incoming tenants on the very first day they move in and, ideally, they should check, sign and then return a copy of the inventory to you to confirm their agreement with it. Without a good inventory in place, you could leave yourself in a very vulnerable position if you then try to deduct money from a tenant’s deposit for alleged damages.
Play it safe
Keeping your tenants safe and sound is of paramount importance. Checks on all gas and electrical appliances should be carried out before your tenants move in, whilst they should also be provided with an Energy Performance Certificate. Landlords should also be fully aware of the Housing Health and Safety Rating System (HHSRS). Failure to carry out these measures could lead to a fine or, in serious cases, prison, so it’s absolutely vital that you put your tenants at no risk.
One out, one in
It might seem a little harsh, but this is how you should look at the turnaround period between tenants. You may be sad to lose good, long-term tenants, but there is unfortunately no place for sentimentality. Your rental properties are, first and foremost, an investment, and the worst thing for a landlord is an empty house that is losing rather than making money. Employing the services of a cleaning company, so the property can be returned to its very best state as quickly as possible, will make sure there is no delay in getting the next batch of tenants in.
Furnished or unfurnished?
Properties can be rented out fully furnished, part furnished or unfurnished. Typically, unfurnished properties are most popular, as tenants want to put their own stamp on the place they are going to call home. However, at the very least, you will need excellent quality carpets, light fittings and curtains.
Set a fair rent
It can be tempting to charge over-the-odds – especially with demand currently being so high – but it is always better to let a property at a reasonable rent than having it remain empty. Long-term tenants will also appreciate being rewarded for their loyalty with fairer terms.
To summarise, the trick to being a good landlord is to treat your tenants as you would like to be treated – build a relationship, react quickly to any issues, make them feel wanted. This will increase the chances of renewed tenancy and a regular, reliable stream of income.
Additionally, you should fulfil all your legal obligations to make sure your tenants are kept safe, go the extra mile where possible, and provide all the necessary information regarding council tax, car parking and local authority practices, as well as relevant emergency numbers and instructions on how to operate the boiler and heating. All this info can be put together in a tenant’s handbook, to give you and them clarity and peace of mind.
For advice on renting out your property, please contact us on:
0844 809 993. Chimney Pots also offer an instant online valuation of your rental property, while further information for landlords can be found here.http://chimneypotsestateagent.co.uk/how-to-be-a-successful-landlord-2/
