Renting a property can be stressful for Landlords.
Many things can go wrong for the tenants and the owner, from contract wrangles to a difference of opinion. To avoid that scenario, landlords should adhere to a set of principles to ensure things work well for both parties.
Here are our 5 golden rules that should be on every landlord’s radar:
Conduct a background check
In the modern, online world, playing detective has never been easier. In just 15 minutes you can find out important details about your prospective tenants. If you’re unsure about a few tings that were mentioned during the interview, then check those, with a quick look on their social media activity – if it’s public.
While you’re looking, see if there are any signs of illegal or unlawful behaviour. You don’t have to go too far into someone’s privacy. But, a bit of quick research is a helpful way to help decide if potential tenants are right for your property.
Always insist on a deposit
No matter how trustworthy a person seems at first, unpleasant surprises are always a possibility.
Landlords can mitigate the initial financial risks, by asking for a deposit before the contract is signed. This protects you against late cancellations, while also creating a safety net in case the property is in need of repairs when the tenants leave.
Don’t leave your personal possessions in the property
Accidents can happen at any time. Because of this, you should always take any of your own items that have sentimental or financial value out of the rented space.
Of course, the property is still at risk of an accident. But, provided the items you care about are out of harms way, then anything else that’s damaged can be easily rectified. At the offender’s expense, that is.
Encourage good tenants to remain for the long-term
If you’ve managed to find the holy grail in the private rental sector (PRS) – good tenants who pay their rent and that you actually get on with, you want to keep hold of them. For as long as possible!
If financial incentive is the answer, then you should consider it. For instance, you could offer a month;y discount in return for a multi-year contract. Trust between tenants and landlords is hard to come by. So., when you do find it, you should do everything in your power to hold on to those tenants!
Don’t get too close
Mixing personal life with professional business is rarely a good idea. That’s also true when it comes to renting out your property, where the lines between business and personal life can easily blur.
While it’s fine to share a friendly moment or to with your tenant, anything more than that is an invitation for trouble. The last thing you want is to feel guilty when you have to collect rent or evict the person. A 100% business agreement ensures no emotional attachments. Which is exactly what you want.
If you want to know more about property management, don’t hesitate to contact us
Alessio Tondo & Fabio Tarantino
Two ordinary guys who turned their passion into a business.
Rent 2 Rent specialists, London
Focused on how to Increase Your Rental Income.