Cavendish Rentals are celebrating 20 years in the lettings industry this month. Much has changed over the years with dramatic legislation changes in recent times. We have put together our 20 top tips for landlords to ensure that you make the most of your rental income, reduce your stress and cover your responsibilities!
Know your audience
Ask yourself who your ideal tenant is. Having a clear understanding of the intended target market for a property and presenting it accordingly will maximise rental yield and minimise void periods in between lets. Before investing, know your market. Talk to your local letting specialist to determine your tenant requirements.
Ensure that your property complies with legal requirements
Landlords need to be aware of their responsibilities and of the penalties for failing to comply, which can range from civil action to criminal prosecution. Every stage of the property management process is governed by legislation. If you are unsure, Cavendish Rentals are fully qualified letting agents and are here to help!
Vet your tenants
Always meet everyone who’s going to be living in your property face-to-face and don’t be afraid to ask lots of questions, including basic stuff such as where they work and how long they intend to stay. The tenant might think you’re being a bit nosey, but if they want your property they won’t mind!
Set the standard
Before the tenancy starts, a thorough cleaning of the property is essential. This sets the standard you expect when they leave.
First impressions
The better the property looks, the better quality of tenant it will attract. Ensure you present your property to its full potential – this should help secure a longer tenancy, good tenants and a good price.
Key communication
Good communication is key. Regular communication between the landlord or agent and tenant will help any issues that arise during the tenancy to be dealt with proactively.
Essential information
Ensure your tenant is given all the essential paperwork when they move in. We supply the tenant with a ring binder which includes all the necessary paperwork, such as the EPC, Gas safety certificate, tenancy agreement and copies of appliance manuals etc.
Be prepared
Sometimes things can go wrong, so thinking ahead is likely to save money in the long run. A fully managed property allows you to rest easy, knowing that every eventuality will be taken care of for you!
Good timing
Set clear expectations for the rental payment schedule from the outset. You need to know when the payment will leave the tenants account and it will show yours.
Keep in touch
Keeping in touch with the tenant is important. Cavendish Rentals makes personal contact with your tenants, visiting the property and maintaining open lines of communication so there are never any surprises.
Be aware of hidden costs
Ensure you are financially covered for unforeseen eventualities, such as a void period and/or maintenance.
Occupancy is key
Work with an agent who has systems in place to reduce the amount of time a property remains empty. Cavendish Rentals have tried and tested processes to ensure that a property is left in good condition, advertised effectively and rented out quickly!
Payment problems
If the rent is late, talk to your tenant as soon as possible. Don’t assume they are deliberately not paying. It could simply be a bank error and they will want to be told so this can be corrected.
Business plan
Being a landlord should be treated as a business, and it’s important that you don’t get too attached to the property.
Treat your tenant as a customer
Landlords should view tenants as customers and treat them as such. Good customer service leads to customer retention. It costs less to retain good customers than it does to attract new ones
Rental review
To ensure your investment keeps pace with market values make sure your rent is reviewed at least annually. If you decide not to increase it in order to reward/keep a good tenant, then it’s important that you let them know. This will build goodwill and loyalty and may encourage your tenant to stay longer and take extra care of the property.
Important insurance
Take out Rent and Legal Insurance. The cost of the policy is likely to be far lower than the estimated costs if the tenant falls into arrears.
Nuture long-term relationships
Don’t take long-term tenants for granted. When you visit, consider if furnishings need updating. Are these things which would be done if the tenants moved out? If so, you may retain that tenant for much longer by doing them now.
Maintenance matters
Landlords should be mindful of their legal obligation to repair and to act quickly when something needs fixing. Tenants are more likely to stay longer and treat the property well if the landlord looks after them in this way.
Agent help
Put your ‘trust’ in a good agent. Delegate the authority and let them get on with doing their professional work.
