Top tips for landlords in 2016
During the past few years landlords have seen record figures for letting property, particularly in London. However, a nationwide shortage of available housing in the UK can make many tenants desperate and willing to pull the wool over landlords eyes, particularly new or inexperienced ones, who may even fail to run tenant background checks. Therefore it is imperative right from the beginning, that if you intend to let property, you fully cover yourself against a range of potential problems.
Let’s look at a the following advice for landlords in 2016 to help avoid the pitfalls that can arise when letting property.
Not only run a background screening check, but announce that you will do this with every applicant when doing advertising. This will discourage some of the potential bad tenants from even applying in the first place.
No matter how nice or authentic anyone seems, when you interview them, never make any concessions to your original list of requirements. When the tenants have proved their reliability over a period of time, then it may be possible to be a little lenient on some minor issues.
Ask them to complete a full rental application, verify the details by contacting previous landlords and those giving them references. And include a credit check, any eviction or criminal background.
Don’t think because your property is at the higher end of the market that scammers would not attempt to move in, they may have no intention of paying once ensconced and then you have a terrible time getting them out.
Keep your rents in line with local market trends, if not just slightly below, to tempt potential renters looking in your area, they will know exactly what the going rates are.
You could never choose a tenant by appearance or demographics. Upwardly mobile professional people may move on quickly, children may be disruptive, but a good family is likely to stay for longer, because of local schools. Keep to a same for all screening policy that works in the same way for every applicant.
Be careful of room-mate rentals, any suggestion of subletting or bringing in more members of the family. Each agreed adult should be written into the lease and the same background checks completed. There should be one lease agreement with multiple tenants, to avoid tenants bending the rules. Speak with your legal advisor
Even long-term tenants can cause property damage, make sure you or your property manager has the right to inspect regularly. Even if they look after the property, regular inspections are imperative; a leaking pipe can cause a lot of damage and expense for the landlord. It’s necessary to plan repairs and maintenance and keep a working relationship with tenants and their privacy.
Having a reputable lettings agency take care of your property rentals for you can improve invaluable for assisting a smooth rental contract for both landlords and tenants.