26 Aug Advice for first-time landlords
Being a landlord can be very lucrative but if you’re just starting out, it’s likely that you’ve got a few questions milling around your head. At Kaytons Estate Agents, we’ve helped new and experienced property investors of all ages to build up their property portfolio. Not just that but we also have different landlord services to suit your individual needs. But before we get onto that, here’s our top advice for first-time landlords.
View it like a business
Whether you have another job or not, managing property should be treated like a business. It’s important to remain professional with your tenants, keep a close eye on your finances and ensure that you’re up to date with all the appropriate legislation. Not only will this mean you’re following all landlord regulations but it will also help to portray you as a reputable and honest landlord. As with any other business, it’s also important that you have the right insurance in place in order to protect yourself from accidents or liability claims.
Treat the property as if you were living in it
As well as being illegal, it’s also not nice to rent out a property that isn’t liveable. Regular property checks which include smoke and carbon monoxide detectors, boilers, fire hazards and air vents are important for the safety of your tenants and also mean you can spot potential issues before they become a problem. First-time landlords, and those experienced, should show that they respect the property and tenants, as it’s more likely that they will respect it too.
Know what your tenants want
Letting out a property isn’t as simple as listing it online. You need to do some research into the local area, find out what other rental properties charge each month and try to find out what tenants want from their home. For example, city centre properties may be more attractive if any outdoor space is maintained. Alternatively, a spare room that can be an office in the day and a guest room at the weekend may also be looked favourably upon. Speaking to an experienced and local letting agency will help with this though.
Vet your tenants
Finding the right tenant can be difficult. After all, you want someone that’s going to respect your property, pay on time and ideally someone who is planning on staying for a long period. A tenant application and screening process allows you to meet with any potential tenants, find out quick information about them, their job and any references and allow you to determine whether they’d be a good fit for you.
Of course, it’s important to set rules in a written rental agreement but you also want to keep good tenants. Whether it’s to do with payments, repairs or pets, if your tenant has paid on time for the entire tenancy, looks after your property and is great at communicating with you, it’s wise to work with them on any issues in the future and listen to their questions.
All of the above can be managed by a local letting agent like Kaytons in Manchester. With two packages to choose from, we can take care of property viewings, offers, tenant checks, inspection, check outs and rent increases to name a few. We’re also well-placed to answer any questions that you might have. So first-time landlords, and experienced investors, why not drop us a message today?