First things first… do a bit of detective work.
It is always important to check out what competition is out there. See how other landlords are marketing their properties and compare how much they are marketing them for.
Marketing your property
Next you need to market your property. The more methods you use, the more tenants you will attract. There is currently a big demand for rental properties so advertising your property will help you achieve a wider selection of tenants.
Use Gumtree – they are a free internet site that will allow you to market your property
Take advantage of social networking sites – eg. Facebook, Twitter
Advertise in the local paper, local shops and even the post office – make sure you give a clear description, provide photos and supply your contact details. Keep all information up to date.
Use a reputable agent – they will take the headache out of sifting through the prospective tenants (We will have more articles on how to choose a good agent coming up very soon!)
Viewings
The day of the viewing is the most important. Make yourself available if necessary and ensure you have the answers to tenants frequently asked questions:
When is bin collection day?
What council tax band is the property in and how much is it?
Where's the nearest...shop, school, sports centre, doctors' surgery, bus stop, etc?
Make sure your property is clean and odour free, if there is a garden – keep this maintained
Getting a tenant is the easy part – getting a GOOD tenant is harder.
Before you accept any prospective tenant, check their past and current employment status, take up references from previous landlords, arrange a credit check (Landlord Support Services can credit check your tenant for only £60). If the tenant is on housing benefit, make sure you get a UK based guarantor. That way if there are any problems, you will have someone who is worth chasing.
Once you have chosen your tenant, request a deposit and payment – be clear about the payment required, the method of payment and due dates. MAKE SURE YOU PROTECT YOUR DEPOSIT!
Ensure the requisite paperwork is in order before the tenancy starts. For example, tenancy agreements, inventory, guarantor forms, gas and electricity safety certificates.
arrange moving in dates and contact your tenants a few days beforehand to check everything is still going to plan.
Giveone set of keys to the tenants and retain two for yourself. Don't hand them over until you've received payment, signed the relevant agreements and been through the inventory.
Ensure that you have adequate Landlord Insurance in place and that your tenants have contents cover.
Ask your tenants to inform relevant authorities and utility suppliers of their tenancy. Follow this up a few weeks later to ensure it's been done.
Being a successful landlord is not easy but with the right planning, it is very much possible. Ensure your tenants are happy then you're more likely to have a stress-free time and reap the rewards.
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