Rental income is important for a landlord, but it is also important for a tenant. As a landlord, you need to consider the whole picture before deciding if it would be the best move to put your rent up.
You need to be an expert in the local area when you own property. Keep abreast of all developments – know the standard of properties in your area, how much they are selling for and how much they are renting for. If you can, speak to other landlords so you can get to know the general climate.
If you feel that your rent is below the average for the area, then you may well consider putting up the monthly rental price. Before you do so, think about your tenants. If you are looking for new tenants, then try putting prices up to see if your property goes. If you have existing tenants, consider them as well – if they are good tenants, it may be worth putting your prices up less to keep them.
As a landlord, finding good tenants is the most important thing you can do. If you find tenants who pay their rent on time, do not quibble about the bills and look after your property with respect, you need to try your best to hold on to these tenants. Make sure they are happy to avoid them choosing to move elsewhere.
The main thing to do is to ensure the property is in really good condition. Make sure everything is in good working order and has been properly maintained. If the tenants report any maintenance issues to you, get them dealt with as quickly as possible. This is especially important if it is something like a broken boiler or a leak, as it could endanger the tenants and cause further damage to the property.
Carry out regular inspections and try to talk to the tenants. This will allow you to fix any issues and to find out how you can keep your tenants happy.
Today there are many homeowners who rent out their property to tenants but there comes an awkward moment when the homeowners decide to sell up. When you have tenants in your property, you can’t exactly say ‘the house is being sold so you need to leave’. They have signed a contract and their entitled to fulfil that contract.
The only problem is it’s no longer up to the owners when it comes to showing the property to potential buyers. Viewings will need to be organised with tenants first, and if they’re not happy then a viewing will need to be rescheduled. You also have to trust the tenants with the condition of the house, and if it’s not well looked after, potential buyers may be put off.
Some tenants will understand and make the process as easy as it possibly can be, but you owe it to your tenants to treat them with respect. They entitled to stay in the house until their contract is up, and you must work your house viewings around the tenant’s requirements, after all they are renting the property.
Property maintenance companies are a great thing to have available, particularly if you are a landlord with multiple properties. Managing and maintaining a property can include a lot of small jobs, or a couple of big ones. The job of a property maintenance company is to bring all of the services required in maintaining a property together, so that they can get all of the work done. It could mean a gardening service, cleaning, or even some type of building repair. There are a number of different things which may give you cause to hire such a company; perhaps you’re leaving the country for an extended period, and you need somebody to look after your home, or you could have multiple properties, and you want them to look after your second home, or you have multiple properties, and you want them to make the building fit for rent. Whatever the reason, a good property maintenance company should be able to assist you.
A deposit can occasionally mean a payment in the world of lettings, and students, in particular have seen huge sums taken out of their tenancy deposits, perhaps for damage or using up the landlords time. This is however, unlikely if you have kept your house in good conditions.
An inventory is a valuable document both for landlords and tenants, and it can help make sure you receive your tenancy deposit. An inventory gives the tenant an opportunity to note down the condition of the home, therefore when they leave, they can say ‘the damage was already there’ or ‘I didn’t do this’.
We recommend you take images with a camera that records the date and time, so that the images can be looked at, at the end of your tenancy, meaning the landlord will have to give your deposit back, else you can take them to court.