Landlords: 5 top tips for a successful tenancy
Whether you’re an experienced landlord or have just purchased your first buy-to-let property, follow our 5 top tips to help make your tenancies as smooth and stress free as possible.
1. Always have a written Tenancy Agreement
It may be possible to rent out your property without any kind of written agreement with your tenants. However, while it may seem like unnecessary bureaucracy now, not having a Tenancy Agreement could cause serious issues further down the line. Without having something in writing that both you and your tenants are agreeing to, wires can get crossed and, at the very least, you could both end up unsure about exactly what was agreed verbally.
2. Being organised is crucial
Whether you’re managing one property or one hundred, it’s important to keep on top of what needs to be done in each property.
It’s a good idea to set up alerts on your calendar to remind you of when, for example, the gas safety record in your rental property runs out and when your Tenancy Agreement is about to expire. If you want a general overview of what’s happening throughout the year so you can plan ahead, a good old-fashioned planner stuck to your office wall is an extremely effective organisation tool.
Most importantly, never leave anything to the last minute, as things always take longer than expected.
3. Vet your tenants
It’s vital to know who is going to be living in your property. As well as proof of employment, you should ask for 3 months’ worth of bank statements, so that you can ensure that your new tenant can afford to pay the rent.
It’s also a good idea to meet your prospective tenants in person, if possible, so you can get a feel for them and make sure (or be as sure as you ever can be) that they will look after your property.
4. Check your insurance
Make sure your insurance covers rental properties, as many don’t. As well as landlord insurance, it is worth looking into whether rent guarantee insurance - which covers the rent if your tenants don’t pay - is right for you.
5. Visit your property regularly
Tenants may not tell you if, for example, there is a problem with the guttering or the front door is rotting. This means that it’s important to carry out regular checks to make sure that your property is being cared for. Normally, once every six months should suffice. That way, you can hopefully get on top of any smaller problems with your property before they become major issues.
Being organised and fully understanding both yours and your tenants’ obligations should make your life as a landlord much easier. Our Tenancy Agreement for Furnished & Unfurnished Properties is an easy, fast and affordable way to get your agreement with your tenants down in black and white.