Struggling with your rental property? Always finding tenants that don’t look after it? Through agents that cut and run once they are paid? Here’s our top tips to always have good tenants in, for as long term as possible (so it cost you less in agents fees).

When it comes to renting out a property, there is no doubt that it pays to invest time in finding the right tenant. Good tenants will pay rent on time and leave your property in a good state when they move out. So how do you find them?

Get your house in order

Before you start, make sure your property is clean and presentable. Don’t cut corners on maintenance and upkeep. If the property looks cheap and shoddy and advertises for below market value as a result, you’ll attract tenants who will treat it like a mosh pit rather than a high spec home. Remove clutter and ensure communal entrances are tidy. This sends potential tenants a signal that you, the landlord, can be trusted and, equally as importantly, have high standards that they expect you to keep.

Get the price right

Pricing low and attracting ‘the wrong sort’ is bad but pricing too high and attracting no one is even worse. It’s tempting to go for broke and try for the highest price you think you can get. But you don’t want to price yourself out of the market. Every week your property sits empty, is a week without rent and losing a month’s rent at £1,400.00 is madness when you could rent for £1,300.00 immediately and be £200 a month up on that over the coming year. Research the local market to find out what similar properties are achieving to ensure your agent isn’t snaring you with the promise of gold when the market can only deliver silver – it is up to you to keep your expectations real.

Target your marketing

Identify your target market before allowing your agent to write your promotional material. Don’t let them just mention bathrooms and bedrooms, include features like storage and parking if they’re on offer. Remember, you’re not just marketing a property, you’re selling a lifestyle. If you’re targeting young professionals, ensure they mention nearby restaurants and cafes, and transport links. If you’re aiming for families, ensure they talk about local schools (especially if they’re outstanding), parks and leisure facilities.

Screen time

Streamline the viewings process by screening people first. Ask your agent to ensure that potential tenants fit the criteria you want to rent to. This beats you receiving a hundred calls from your agent, and various people traipsing through the property only for you to cut them short before they even finish a sentence when offering you a tenant. Once you are happy with an applicant ensure that your agent has taken the applicant’s current address, place of employment and at least one landlord reference. Once you have this information, verify it’s true or ensure your agent does, before accepting an offer. Make a few phone calls (ring their place of work, for example) and do a little snooping on social media. If their socials reveal they’re headbanging party animals or breed fighting dogs, don’t bother with a viewing.

Get References and Right to Rent Checks

If you think you’ve found a suitable tenant, there are two more things you or your agent must do. Run a full credit check that includes affordability testing, and a Right To Rent check. The latter is something you are required to do by law if you are in England. It ensures a person has the legal right to live in the UK and is something that will become more prevalent now we are Brexiting. Most agencies will do this as part of their set up service for you but do check you are getting everything you need from these checks to be legal.

Get insurance

So many Landlords cut corners when it comes to insurance, both in terms of insuring the property and the rent. The former is so important that you could breach your mortgage terms by not having it. The latter is even more important – it isn’t enough to think that because they passed referencing they won’t default on their rent but even the best tenants in the world get made redundant or sick and struggle to pay. Insuring your rent can cost as little as £10 a month but could save you thousands in the long run. Your agent will usually be able to offer the rent guarantee insurance off of the back of the credit referencing so you won’t even need to search for a provider.

Stay on the right side of the law

Good tenants will know their rights and the regulations and will expect you to act accordingly. At the time of writing there are approximately 178 pieces of legislation that affect Landlords and their properties before, during and after their rental period. It is up to you to ensure the safety of the property and its tenants and to ensure that you and your property are fully compliant with industry rules and regulations at all times. Particular emphasis should be given to, but not limited to:

The Deregulation Act (2015)
The Immigration Act (2016)
The Consumer Protection Act (2016)
The Housing Act (2016)
Energy Performance of Buildings (Certificates and Inspections) Regulations 2007 and its subsequent amendments
The Furniture and Furnishings (Fire) (Safety) Regulations 1988
General Product Safety Regulations 1994
Gas Safety (Installations and Use) Regulations 1998
Electrical Equipment Safety Regulations 1994
Plugs and Sockets (Safety Regulations) 1994

Failure to adhere to these and other related regulations could result in you being imprisoned, banned from being a Landlord and/or heavily fined. Please ensure you understand your obligations, if you don’t feel free to give Sacha a call on 01737 887 674 any time.