Renting out a property can be an excellent means to occupy an area that would otherwise remain vacant while simultaneously earning a bit of extra cash. However, the process itself can prove to be challenging and landlords will need to take into account several variables in ordered to be prepared well in advance. Besides procuring landlord insurance from trusted online providers such as HomeLet, what are some other tips and tricks to keep in mind? Let us take a quick look at what experts in the industry have to say.Become Familiar with the Housing Act of 1988
This document is arguably one of the most important pieces of legislation that the landlord will need to understand. It has been designed in order to protect both parties, so its contents should be thoroughly understood. The Housing Act of 1988 covers topics such as rental agreements, the security of a tenancy and when a client is able to challenge the rent charged by the landlord. In order to avoid future disputes, it is a good idea to become familiar with this document.
Always Remain in Contact with the Tenant
Even the most modern rental properties will encounter problems from time to time. From minor issues such as a broken refrigerator to an emergency in the middle of the night, it is critical that the tenant always has a method to contact his or her landlord. There should ideally be multiple possibilities including email, a mobile phone and a landline. Tenants who feel that their needs are being addressed will be much more likely to renew a lease at the end of their contract. Otherwise, the property could very well remain vacant for long periods of time.
Understand Fair Market Values
It should already be obvious that a flat located within Central London will be priced higher than one found on the outskirts of a rural area. One of the most common sticking points in terms of value is that landlords may erroneously overprice their property in an attempt to turn a short-term profit. It is therefore important to appreciate the fair market value of nearby locations based off of similar factors such as size, location and amenities. It will then be possible to charge realistic fees and to cater to the correct demographic.
Addressing Maintenance Issues in Advance
One of the sure-fire ways to lose a new tenant is to fail to address basic maintenance issues. Some common pitfalls include:
- Plumbing problems such a blocked drains or leaking pipes.
- Electrical sockets that may not function properly.
- Fading or chipped paint
- Worn or dirty upholstery.
Never forget that first impressions equate to lasting impressions. These are some of the top #RentingRules to keep in mind fro the very beginning. Following this checklist will ensure that both the landlord and the tenant are able to establish a mutually beneficial relationship that can last for years into the future