For landlords, finding reliable tenants is worth its weight in gold. We’ve all heard stories about disgruntled tenants refusing to pay, putting in a series of complaints about properties, or not respecting their home and keeping it in good repair. For landlords, this can result in money lost through a decrease in monthly income, or hefty repair bills. So, how can landlords make sure they get the right tenants, as well as making sure they want to renew their lease and stay in the property? This guide gives you some tips.
Vetting your Tenants
Do your homework on prospective tenants before signing any leasing agreements. You can do this yourself, or hire the services of an agency. Hiring an agency to do the work saves you time and hassle, as they will already be able to get access to all the records required. Checks include making sure the tenant has the right to live in the UK, as if they do not, landlords can face large fines. Other checks include three months’ worth of bank statements to ensure that the person has adequate regular income to be able to afford the rent each month. It is also a good idea to check social media accounts, to gauge a representation of what a tenant is like, and whether it is someone who you’d be happy to rent out your property to.
Maintenance on your Property
As a landlord, it is your responsibility to keep your property in a good standard of repair for your tenant. To keep your tenant onside, be available to answer any phone calls and respond to their queries or issues promptly. Heating, water, and electricity are basic living requirements that no tenant should have to go without, and making sure a property is basically sound to live in is essential. That means carrying out repairs to roofs, as well as sorting out issues such as damp. Having good landlord insurance is one way to give you peace of mind that the cost of repairs can be made in an emergency, such as if accidental damage if caused to your property. CIA is one example of a company that offers landlord insurance.
Keeping your property in good order will ensure that tenants are happy and make them more likely to renew their lease.
While the property is owned by you, it is your tenant’s home. Respect their privacy by not turning up unannounced. Always call to schedule visits, should you need to inspect or carry out a repair to the property.
Being a landlord can be lucrative, and building good relationships with tenants is key to keeping things running smoothly. If you don’t have much contact with your tenants, it is a good idea to have some sort of communication every few months, be it in person or through email, to make sure your tenant is happy and whether there are any issues that need to be sorted before it becomes a problem. Happy tenants are paying tenants, so make sure you fulfil your obligations as a landlord, and be a friendly face to contact should they need to report any concerns. That way you are likely to have an occupied property, and a good working relationship with your tenants.