Being a Landlord comes with so many demands, there is a lot of information that you need to be aware of which can be confusing and daunting, especially if you are a first time landlord. But If you prepare your property and obtain the right kind of tenants, one of your most important assets will become a great investment.
You may think that being a landlord is tough but if you follow our top tips, you will be well on your way to become a successful landlord.
Know the laws
To become a successful and respectable landlord you must follow UK property landlord laws. There is a lot of information out there, so be sure to carry out all the necessary research before deciding to become a landlord.
Some of the key responsibilities a landlord must follow are:
- Keep your rented properties safe and free from hazards
- Fit and test smoke alarms, carbon monoxide alarms and follow property fire safety regulations.
- Carry out regular health and safety inspections
- Obtain a written tenancy agreement - This will set out what your tenant must comply with and when they need to pay the rent.
There are so many more responsibilities and laws which landlords must follow, ensure that you are compliant with all regulatory landlord responsibilities by visiting the government's website or talking to your local letting agent professional.
Screen the applicants
Choosing the right tenant to live in your property is the most important thing to get right. By using a screening process and asking relevant questions such as “what is your current state of employment?”, you can start to build up a profile of the applicant and make a decision on whether to move forward.
Other questions to ask potential tenants include:
- Why are they moving?
- When do they plan to move in?
- Can you get references from a previous landlord? - You can ask previous landlords if the possible tenant was late paying the rent and if they kept the property in good condition.
- Will they give consent to running a credit check?
- How many people will be living in the property?
Before you let your new tenant move into your property, carry out a full inventory of what is in the house and what condition everything is in so that if there is damage to your property, you resolve any disputes quickly and efficiently.
Listen to your Tenant’s needs - It’s your duty as a landlord as the owner of the property to listen to your tenants needs to keep any disputes and problems at a minimum.
Get expert help
It’s important that you recieve the right support and advice in order to become a successful landlord. We are experts in the property industry, if you are looking to rent your property in Worcester consider the benefits of what a local letting agent can achieve. We have a good knowledge of the area, are on hand to answer any questions and know the local property industry well.
We are expert letting agents in the Worcester area, if you have a landlord question, Check our out Landlord FAQ’s or contact us on: 01905 616330.