Landlord tips

Tip 1

Valuation - Get the asking price right! Too many landlords end up being greedy and set their asking price too high and therefore loose out on rent, due to long vacancy periods.

Tip 2

Property Condition – Make sure the property is in a good and presentable condition. Give the property a thorough clean and make sure all repairs are carried out. Any disrepair, mess or bad odours can put a tenant off immediately.

Tip 3

Tenant Background Checks – Always do credit checks and ask for references from prospective tenants. People who are reluctant to supply the necessary information should often be avoided. 

Tip 4 

Contracts – Ensure you sign a tenancy agreement and collect a deposit from the tenant before handing over keys.

Tip 5

Emergency Funds – When you have a property rented, always set aside a contingency fund for unforeseen expenses. This is an absolute must as many landlords do not show this discipline and are crippled when something unexpected happens.

Tip 6

Being Accomodating – Always show that you are willing to work with the tenant. It is important to build a good relationship with your tenant. Sometimes landlords get too caught up in the costs and overlook the importance of the relationship. If tenants are comfortable and can trust their agent/landlord, they are more likely to stay longer and generally be more cooperative.

Tip 7

Repairs – Deal with repairs promptly. Especially if it is an emergency make sure you are quick to respond. There is nothing more frustrating for tenants than a landlord who does not carry out repairs. If you don't feel the repair is necessary, have it checked to at least show that you are acknowledging it.

Tip 8

Arrears – If a tenant falls into rent arrears, notify them in writing as soon as possible. Find out why they have missed a payment of rent and work out a payment plan if you feel they are committed to paying it off. If they are not cooperating, you may have to consider legal action and issue them with a notice to quit.