As a landlord, you want the right tenants in your property, and you don’t want any void periods without receiving rent. The UK lettings market offers many potentially lucrative opportunities, however, one crucial consideration is ever-changing legislation. Having the support of a knowledgeable and experienced property professional could be the key to success in your search, but here are some other top tips from The Guild.
Make sure your property is well-presented
If your property is clean, in good order, and presentable, then it will attract good tenants. Decorating it with neutral colours, installing good appliances, or doing anything that improves the energy efficiency of the property could lead to higher rents.
Check your property is compliant
Electrical inspections, gas safety certificates, and energy performance certificates (EPC) all help prove that your property is compliant. This is a crucial step in helping to prevent you from being liable for any accidents or potential prosecution. Utilising the support of a Member of The Guild in the management of your property will ensure you have the guidance of a fully-compliant professional.
Explore the full potential of your property
Whether it’s enhancing the bathroom or kitchen or creating outdoor spaces, it’s important to fully explore the potential of your property. Good outdoor spaces are in high demand, especially those that can be used all year round.
Market your property well
The key to success in marketing is having excellent photographs, videos or virtual tours, along with an accompanying strategy that connects your property with excellent tenants. Your chosen estate agent will possess a comprehensively vetted database of potential tenants.
Carry out background checks
It is in your interest as a landlord and a legal requirement to conduct background checks that are compliant and not discriminatory. You want to place reliable tenants in your property but do so in a way that is fully amenable. Credit checks are a useful way of gaining access to a tenant’s previous history when it comes to paying debts. Anything you can do to get an insight into how reliable a tenant is also an opportunity for the tenant to prove their suitability.
Set the right price
Letting a property involves managing costs, much like any other business. You want to achieve satisfactory levels of rent. You don’t want to set a price that falls short of that potential, nor do you want to overcharge and risk creating void periods.
Know your market
Knowing your market helps you target the right tenants. Once you know who you are targeting, you can prepare your property appropriately. Your local Guild Member will pride themselves of having a thorough understanding of the local property market and the demographic of potential suitable tenants.
Contact us today
Are you a landlord in search of a tenant or another property to add to your portfolio? Contact your local Guild Member.
