Being a landlord is not as easy as it seems. While buy to let properties have become some of the most common investments around the world, managing a buy to let property is not that easy! From finding the right tenants to deciding on the right rental price, there is so much that landlords and property investors have to look into. So, before you decide to rent a property in Bracknell, or anywhere in the UK, here are 9 tips that landlords must keep in mind before letting out a property.
Know your responsibilities
Becoming a landlord entails a lot of responsibilities. This list includes, but is not limited to, maintenance, repairs, fixing wear and tear, collecting rent, paying land tax, paying homeowners insurance and so on. Before you start letting out your properties, make sure you have a checklist of everything that needs to be done.
Ask potential tenants to fill out a rental application
Ask potential tenants to fill out a rental application which will include basic details like their name, family history, employment status, employer name, credit score and so on. Not only will this give you a fair idea of what the applicant is all about, but it will also help you screen applications. Also, you can use apps and AI technology to score potential applications, which will further help you, screen tenants.
Screen potential tenants properly
That last thing you want as a landlord is a tenant who doesn’t pay the rent on time! And of course, we’ve all heard horror stories about bad tenants. Hence, the most important thing to do before letting out a property is to screen the potential tenants thoroughly. Check credit history, employment status, credit score, income level and so on before giving your property on rent. Good tenants always have happy landlords!
Get professional help
Hiring professionals to do their job is always a good idea. If you’re thinking about putting your property on the market, get in touch with professional agents and letting agents. Not only will they help you market your property but they will also help you find good reliable tenants. Also, lettings agents might help you stage the property, take professional pictures and even market the property online, all of which will help with lead generation.
Post good pictures online
Nowadays, people can view properties online from the comfort of their homes. So, you need to make sure that the pictures you post online of your property are picture-perfect. Before you start taking pictures, be sure to clean your property thoroughly, get rid of any clutter and stage every room to show off the best features. Also, it helps to hire a professional photographer.
Treat it like a business
Treat your rental property as a business. First and foremost, your rental property must give you a profit. Also, you need to keep putting money into your property to earn more – this includes, repairs, maintenance and so on. And finally, a good business is always cash flow positive. Also, make sure to follow all the rules and regulations of the local area to avoid any legal trouble.
Set the right price
If the rental price is too high, you might lose out on some potential tenants. If the price is too low, you’ll lose out on your profit! Also, potential tenants might feel there is something wrong with your property. It is very important to price it just right – by doing so, the tenant demand will be high and your rental property will always be cash flow positive.
Market your property
In this day and age, marketing is of utmost importance. In order to make your property stand out from the rest, you need to market your property on social media as well as on real estate websites. Be sure to mention all of the standout features of your property, such as a private garden, a modular kitchen or an indoor fireplace, which will further ensure a high tenant demand.
Always have a written rental agreement
Anything that you and the tenant agree to verbally must be mentioned in the rental agreement! A rental agreement is very important as it is the best way to protect yourself legally while stating all the terms and conditions of the rental property. Be sure to include important details like monthly rental price, date of rental payment, security deposit, applications included in the property, payment for repairs and damages, pet policies and so on.