Becoming a landlord for the first time can be a steep learning curve but with the right mix of knowledge and expert know how, you can maximise your income, protect your property and keep your tenants happy. Here are our top tips on how to navigate the rental market – for landlords.

Get to Know Your local Market

Understanding the market is vital for your success as a landlord. Research popular property prices in your area and keep this in mind as you set your rent prices so you can attract tenants but also get a good return on your investment. Keep a close eye on the latest trends such as demand for certain property types or preferences like energy efficient homes.

Attract Your Ideal Tenants

One of the most important steps in becoming a landlord is to screen your potential tenants carefully. Look at their references, employment, credit score and previous rental history to help you pick the most reliable and responsible tenants for your property. Setting the tone for good, two-way communication early on will help you to build a good relationship and trust with your tenants.

Maintenance and Repairs

Regular maintenance of your property and keeping on top of your responsibilities as a landlord will help you to keep good tenants in your property on a long-term basis. Scheduling regular maintenance checks and dealing with repair requests promptly will show your tenants you care about your property and their living environment. Happy tenants are likely to stay longer and look after your property.

Stay on Top of Legal Requirements

Landlords have certain legal responsibilities when it comes to letting out a property and it’s important to stay on top of these and to meet your safety and compliance regulations. As a landlord you will be responsible for regular gas safety checks and ensuring the property meets energy efficiency standards. This will help you to avoid legal proceedings and protects your investment.

Contact a Letting Agent

If managing day-to-day landlord responsibilities feels overwhelming or you have more than one property, working with a letting agent can save you time and give you some peace of mind that your property and tenants are in good hands. A letting agent can handle communication, repairs, paperwork, inspections, safety checks and can even help you find new tenants if your property is currently vacant.

If you need some assistance with your rental property, have any questions about becoming a landlord or buying a property, our experienced team is happy to help. Contact us here.