Landlords and Property Management
Letting out your property can be a great way to generate an income and make a good return on property investments. If you’re a first-time landlord, there are a few things to consider when thinking about letting your property.
Here are our tips:
Choose a Tried and Trusted Letting Agent
When letting a property some people choose to manage the process themselves but are then often surprised by how time-consuming property management can be – even with just one property. From marketing your property and vetting potential tenants to collecting rents and arranging repairs, there is a lot to do. You also need to think about paperwork such as tenancy agreements and inventories as well as ensuring that you comply with all the latest legislation regarding deposits and tenant rights. A lettings agent can take care of all this for you and will help you avoid costly mistakes. Choose an agent with a good reputation who is experienced in letting property in your local area.
Know your Tenant Rights
Tenants have a number of legal rights that protect them when renting a property. As a landlord it’s important that you understand the latest legislation so that you can uphold your legal responsibilities and provide a great service to your tenants. If you’d like further advice about property letting law, give us a call on 0208 682 5100, or email: info@globaleagents.com
Resolve Disagreements Quickly
From time to time, landlords and tenants can disagree. As a landlord it’s important that you respond to any tenant complaints or queries quickly and professionally. As we mentioned above, tenants have lots of protection when letting, so it’s important that you manage disputes correctly. Again, by using a good lettings agent, you can avoid having to deal with tenants directly and will gain the peace of mind that any tenant queries are being handled promptly and professionally.
Keep Your Property in Good Condition
It’s a good idea to maintain your property to a high standard to ensure you can command maximum rents and help you find tenants quickly. You don’t need to spend a lot of money on expensive fixtures, just ensure that everything is clean, modern and in good working order. It may be worth decorating in between tenancies to keep the property fresh. Ask your tenants to report any problems as soon as they arise so that you can make any repairs that are needed before they become a bigger issue.
Keep Money Aside for Repairs and Decoration
Following on from the point above; it’s a good idea to have a separate bank account to keep a reserve of cash specifically for property repairs. This way, you can address any problems as soon as they arise – keeping your tenants happy and keeping your property profitable.
For further advice on lettings or to discover the rental value of your property, call us on 0208 682 5100, or email info@globaleagents.com.
