Top tips for landlords
Monday 24th November 2014
Whether you are new to the buy-to-let market or an experienced landlord, you can always benefit from expert advice and guidance. The NLA, the leading landlord association in the UK, has produced following top tips to help you make a success of your lettings, regardless of your circumstances.
1. Choose your target market - Speak to local landlords and letting agents about rental demand in the area and start with a property in an area you know well and can access easily from home.
2. Buy a property where you can add value - Consider a return on your investment, capital appreciation and set a competitive rent that offers a positive rental yield.
3. Become a member of a professional landlords’ organisation - Even experienced landlords come across new challenges so it’s advisable to have access to advice and guidance. For details on the benefits of NLA Membership click here
4. Build a reliable team around you – You never know when something could go wrong so it’s essential to find reliable maintenance contacts. You could ask local landlords and letting agents for their recommendations. The NLA also offers a range of essential landlord services like mortgages, Property Insurance, Rent Manager and more. For details click here
5. Become an accredited landlord - Accreditation offers you the opportunity to develop your knowledge and skills and to set yourself apart from others. Find out about NLA accreditation
6. Vet tenants - Carry out thorough background checks to confirm potential tenants are in a position to meet their rental commitment. NLA Tenant Check checks potential tenants against a range of criteria and NLA Full Members benefit from discounted rates, too.
7. Use the right paperwork - Ensure you use a proper tenancy agreement that outlines the length of the tenancy, amount of rent and when it is to be paid. You should also issue a detailed inventory which is signed and dated by both parties, to avoid any disputes at the end of tenancy. If you take a deposit then you must protect it with a government-approved scheme such as my deposits. NLA Full Members benefit from discounted joining and deposit protection fees.
8. Nurture tenant relationships - Meeting your tenants in person is essential to establishing a positive relationship from the start. In addition, providing good customer service is vital; always ensure repairs are carried out promptly.
9. Avoid voids -Long-term voids will consume spare cash and may even cause your business to fail. Offering tenants six month or annual contracts allows you to plan ahead and discussing future plans with your tenants will enable you to plan marketing and maintenance in advance of a void.
To find out how we can help you click here
Editorial Contact Details - Conor Shilling