8 Things Landlords Should Consider Right Now
October 7th 2022
We serve landlords and tenants across Hertfordshire, Cambridgeshire and Bedfordshire and take enormous pride in our good reputation.
We've learned a thing or ten in over 20 years we've looked after our clients.
Below is a quick-fire run through 8 things every landlord needs to know and understand.
1. Choose your agent carefully
This is probably your most significant decision. First, look at the agent's track record and ask to speak with landlords they currently work with.
2. Price your property competitively
To secure the best tenant, you need to have several applicants interested. Suitable, quality applicants look for "a good deal" or "value for money".
3. Stay legally compliant
Pay attention to the legal aspects of the rental business because it is a business. The industry is heavily regulated, so work with a letting agent who keeps you on the right side of the law.
4. Budget sensibly
Budget for the unexpected, as well as for void periods.
The sensible idea is to have a separate bank account where the money for maintenance, repairs and improvements is saved.
5. Get Insured
Seriously consider taking out some of the different types of landlord insurance.
This is often money very well spent, and we'd be happy to share what's available for landlords.
6. Use gas and electric experts
When getting your gas and electric safety checks done, ensure that the people carrying the work out are fully qualified. Don't just take their word for it. Ask for proof.
7. Meet your tenant in person
This is a vital tip.
Try to meet your tenant before signing contracts. It would help if you felt comfortable with the (potentially) long-term relationship you are about to embark upon.
8. Cheap isn't very cheerful
When carrying out repairs/refurbishments, avoid the cheapest options. Poor quality materials usually have a shorter lifespan and will cost more in repairs and early replacement later.
Also, don't be dazzled by letting agents offer cut-price fees. Those cuts are often made possible by slashing the standards of service you'll receive.
There are several more points we'd love to share with you, so if you'd like to have a chat about your rental property, please get in touch today.