Top Tips for Landlords: Part 2
Letting out property can be very stressful and confusing at times, especially when letting to students. Finding the right tenant for you can be a tricky and long process, so we have put together some top tips that will help you along the way.
Overpricing the Property
Vendors will often try and talk up the rental value of their property to gain more interest in their property, but landlords this is not a good idea. They can easily check the reality by talking to lettings agents and researching online. In a price sensitive market, having overly high rent will mean the property could remain empty while the outgoings continue.
Poor Presentation and Poor Furniture
Due to property being so expensive, all sorts of people rent these days. Some as a lifestyle choice, but others because they can’t afford to buy a property. Many people will be renting long-term. Tenants will want a property that feels like just like home, not something that doesn’t feel theirs, so if the property looks like a throwback to their student renting days, they will either treat it badly or leave and find a better one.
Get Tenant References
Landlords need to know if a potential tenant can and will pay the rent on time. That is why you need to get a tenant referencing from them. It’s important to check employer and bank reference. References should also help determine whether they will be a good tenant who will pay on time and treat the property well.
Have the Right Insurance
Standard home insurance is not designed for rental properties. Landlords will need to take out a specialist buy-to-let buildings and contents policy that includes public liability cover, incase a tenant makes a claim against them for an accident they might have had in the property. You can also choose to take out rent guarantee insurance to cover unpaid rent if the tenant is still in the property. You will need to ensure that the letting agent is registered with the Association of Residential Letting Agents (ARLA) so that both the landlord and tenant’s money is protected.
If you are still having troubles you can ask one of us at Reactive for help at: http://www.reactiveinsurance.co.uk/about/#contactus
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