Discipline, systematic approach and knowledge of how things work are very paramount to successful landlording.
So here are some essential steps that can help you succeed as landlords:
1. Have a Successful Landlording Strategy
As a house owner, you need to have a clear plan for successful landlording.
If you belong to the DSS, the student sector or Houses in Multiple Occupation (HMO), your plan should include more management time.
As well as a full understanding of the student market, the HMO rules, and Housing Benefits system.
Fortunately, you will get a higher return on your investment.
The issues you will have to deal with will be lower if your property falls under the middle or upper end.
However, you need to be careful with how you choose your tenants so that you can get good returns on your investments. Reneza makes it easier.
2. Understand the Basics
Without a doubt, the success of your letting investments depends on commitment, strategy, and discipline.
Property owners must understand that the management of rental properties takes lots of times.
In that case, Reneza service is a great option to solve your problem.
Notably, permissions may be required from your mortgage company, insurance company, and the planning, building and environmental health department in your locality.
If you own the house on a lease, you should obtain permission from your freeholder or landlord.
Understanding of the paperwork, legal obligations, basic letting guidelines and other important regulations related to lettings is important too.
If necessary, Reneza team is always ready to answer all your questions.
3. Understand The Local Market
Do not just start being landlord.
Unless you take the time to understand what is happening in the local market.
Know the demands, best and most profitable letting properties, trends, and future developments in the area.
4. Make Your Application Form Detailed
To ensure the successful landlording, ensure that your application form captures all crucial elements.
These elements include the tenant’s background, identity, histories of accommodation, income and employment status, personal information, references and so on.
It should also have the type, length, and terms of tenancy as well as the rent and deposit.
In case you are too busy, Reneza will take care of all application forms, agreements and etc.
5. Make Sure Your Tenants are Carefully Screened
As a property owner, do not be too anxious about filling your vacant house that you do not screen your tenants enough.
Landlords should conduct a thorough check of their tenants to avoid any problems.
6. Keep a Written Tenancy Agreement
Although it is legally possible to have an oral tenancy agreement in the first 6 months of getting a new tenant, doing so will put you at risk.
Therefore, avoid troubles by having a compressive written tenancy agreement that is signed appropriately by you and the tenant.
Such agreements should be written in plain English, up-to-date, and in compliance with the important regulations.
7. Consider Security Deposits
Be fair in handling the security deposits which is meant to offer you some forms of security for your property.
Be considerate; do not charge too much.
8. Ensure Your Rent In is Line With the Market Levels
Make sure the rent you are getting for your property is near market levels.
Remember that if the rent is below market levels, the value of the property and your return on investment will be affected.
9. Be Mindful of Safety
It is the responsibility of the landlords to safeguard the tenants, their properties, the appliances, the installations, and so on.
Therefore, you must understand that safety is your obligation and manage it cautiously.
10. Be Mindful of The Discrimination Laws
Whether as a result of religion, race, disability, gender or others, discrimination is prohibited for you as a house owner.
Make sure that you understand Discrimination and Immigration Checks.
Nevertheless, discrimination is allowed on the basis of credit checks and financial status of the tenants.
11. Have Sufficient Insurance Cover
Landlords are expected to ensure their property and its contents.
Get a detailed insurance policy that covers any injury to the tenants, guests and others, and loss of rent.
You should advise your tenants to ensure their belongings.
12. Repair the Property Regularly
Do not wait until the property or any of its installations is fully damaged until it is repaired.
Have regular, small repairs when necessary. In this regard, buy properties that are in good condition, renovate or repair if and when necessary, and conduct mid-tenancy inspections.
In case you are to busy with thinking about properties repairs, Reneza has 24/7 services. Tenant reports an issue – repairman is on his way instantaneously.
13. Respond Quickly to Any Issues
Be quick with your responses when any issues arise.
Some of the issues that demand quick responses from property owners:
- Missed rental payments,
- Damage to the property,
- Repairs done by the tenants,
- Nuisance caused to the neighbours by your tenants.
14. Be mindful of Harassment Claims
You need to be careful of any acts that may make it seem as if you are harassing or threatening your tenants.
If you are inspecting the property or demanding anything, give your tenants enough time to be notified of what you want to do.
If your tenant is unreasonable and denies you entry into the property, document all contacts you have made and have a witness which will be useful in case of a lawsuit.
15. Secure the Property
Loss of the properties of the tenants may lead to a claim against the house owner; so, the owner must put the necessary security measure in place.
Also, when showing a property to strangers, property owners should keep records of all contact details, go with someone else, and be cautious.
16. Keep Written Record of Everything
It is important to record and file everything about your properties and each tenant:
- price and details of the purchase,
- land registration,
- finance details,
- property survey,
- agent’s and solicitor’s details and insurance coverage are some of the things that must be recorded for the properties.
For the tenants, the landlords should keep the records of tenancy application and agreement, details of all checks.
Also correspondence with tenants, references, deposit paid, type and duration of the tenancy, rental amount, date of agreement and move-in, contact details, and inventory.
Try Reneza now and let us manage payments, events and maintenance issues in the palm of your hand.
17. Avoid Costly Litigation
Disputes are bound to occur between a property owner and a tenant; however, litigation should be avoided if possible.
In addition to taking lots of times, litigation can be very costly.
If you need more information or assistance about successful landlording, you can count on Reneza for all sorts of help regarding real estate.