Top 4 tips for landlords
Know your audience –
Understand your audience and what their needs are so when you are deciding how to decorate you will already have an understanding of what the general opinion is and needs are. Knowing your audience will help to reduce the chances of having to re let the property every 6 or 12 months as you should already understand what they are looking for and how to appeal to them. As well as reducing the re let periods it will also enable you to understand what price point you can achieve rather than just expecting get a certain amount.
Understand your legal requirements –
This is a key part that a landlord needs to understand and make sure you follow, as there can be a lot of repercussions if legal requirements are followed correctly.
The main legal requirements are to make sure that a contract has been written and signed by everyone who is part of the tenancy agreement. You should also ensure that you follow the correct procedures for getting tenants out of your property, as there can be problems if you illegally evict them. There is also a lot of legislation that you will have to follow such as ensuring the property has had a gas safety certificate completed by a registered gas engineer, the EPC rating should also be a minimum of an E and that all carbon monoxide and smoke alarms are all working correctly.
Get the property ready for being put on the market –
Make sure the property is well presented and ready to be marketed by either yourself or a letting agent as this will help to get more interest in the property. Get any mould or condensation treated before the property is marketed and always make sure it is done before the tenants are due to move in. Depending on the local market it can sometimes be better to do an update of the property such as putting in a new bathroom or kitchen – this entirely depends on the state of the property and how long it would take to regain the money.
Where a property is can have a big impact on how much interest it gets. If you’re looking to appeal to families think about having a property that is within the catchment area for schools as this will help to attract families and if you’re looking to attract working professionals look at what big organisations are within the area, organisations such Jaguar Land Rover will always have people that are looking for places close by which would make renting the property a bit easier.