One of the worst horrors for a relatively new Landlord is finding a Tenant and realising they’re a complete nightmare to deal with, from broken property to unpaid rent - So, what can you do to make sure the next occupant is a good, lasting one for you?
Make sure everything is above board and is water tight, there is nothing worse than a bad Tenant who knows his/her way round the loop holes. Once someone is living in the property they could stop paying rent and it will take time to propose your eviction notice.
Tenants can live rent free for up to ten months, it is sensible to have Legal protection insurance to cover you in the event of eviction etc. You should also get bank statements and a copy of their passport, driving licence, previous addresses, employers references and parents addresses.
Matching your tenants to your room or property you're renting out can appear difficult on the face of it, however if you have a good strategy it won’t be too long before you find the right fit. But keep in mind your target client, whether that be a young family or a student accommodation.
Using a Letting company to find Tenants for you, can take that stress away. The only stumbling block comes if you are unwilling to have less control of who is in your property, it is understandable that you will want some involvement with the process and some agents will let you have some sort of choice in the matter by judging the clients for yourself with a meet face to face.
The next trepidation for a Landlord is to have an empty room or empty house. After all, people living in a room makes your much needed slice of income. But suddenly leaping into a rental agreement straight away is not always the way forward, having yet another wrong Tenant could come at a far higher cost - than the vacant room or property you have on the market. Ultimately, making the same mistake again and finding yourself back at Square One.
If your strategy is about long term capital growth and you want to be hands off - you might want to consider renting out to a local authority for social housing tenants. Councils can guarantee you rent for 4-6 years.
As much as it is nice to have a long lasting Tenant in the property, having a turnover of tenants can make good business - there’s often less that goes wrong in terms of problem tenants - and multiple housemates tend to keep tabs on each other and let you - the Landlord know who is and isn’t playing by the book.
What you want is to get tenants who’ll stay for months rather than weeks, this will work better if you’ve got the right mix of people - Don’t put an elderly Gent with three student girls, but that comes under your target tenant as previously stated.
There should also be an element of trust between a Tenant and Landlord, despite any bad past experiences. For instance, if you’re round there three times a week checking up on them or popping in with your key - this could unsettle a Tenant and cause friction.
If you can be flexible with a Tenant then that will be a bonus, if your property is a family home you will obviously be an attractive proposition for a family with young children and possibly pets. More often than not, they will be in the property for the long haul and treat it like a family home if these are granted - If you look after them, they should look after your property.
If you want to get in touch and find out more about Lettings at Palmer & Partners, please contact firstname.lastname@example.org or alternatively telephone 01255 444385.