Despite what many may think it isn't easy being a buy to let landlord. The business requires a lot of investment - both financially and time. Not to mention a lot of hard work. Managing a successful let involves so much more than simply handing over a key to a tenant. In fact, it starts with trying to find that tenant.
The obvious first step. Either take the DIY route and market the property yourself or enlist the help of an online letting agent. There are pros and cons to each approach. But when you have a shortlist of potential tenants do take time to complete your due diligence. Carefully reference your preferred candidate before offering them the tenancy.
One of the keys to a successful let is to make sure your compliances are in order. This starts with energy performance and gas safety certificates. But don't forget to also provide your tenant with the How to Rent booklet. If you're in England you must also carry out a right to rent check.
Finally, once you've received the new tenant's deposit make sure you immediately protect it in a government approved scheme. Provide your tenant with the details of the scheme and prescribed information within thirty days.
Following these steps will protect you from financial penalties further down the line.
Ensuring the tenant is aware of their responsibilities before the tenancy begins is a great foundation for a successful let. This begins with the tenancy agreement. Go through the contract with the tenant so they know exactly what is expected from them:
Also make the tenant aware of your policies towards pets, sub-letting and anti-social behaviour. Don't assume the tenant will know their responsibilities. Especially if this is their first rental. By setting expectations early you'll pre-empt many of the common issues which can arise during a tenancy.
Compile an inventory and have your tenant sign it before the start of the tenancy. The inventory is an invaluable tool if there should be any dispute over damages at the end of the tenancy. Check your tenant in on their first day. Make sure you take readings of any meters and test the smoke alarms. Day-to-day property management
Preparing, marketing and installing a tenant is hard work. But it doesn't stop once the renter has taken up residence. The day-to-day management of the property continues. Effective management will ensure the tenancy runs as smoothly as possible.
What happens at the end of the tenancy is as important as the start. Check out the tenant and make a thorough inspection of the property. Compare its current condition to that detailed in the inventory.
Inform the tenant if you discover any damage. Agree on an appropriate deduction from the deposit. If the tenant doesn't agree with your costings arrange independent arbitration through your deposit protection scheme.
But hopefully there won't be any damage and you can return the tenant's deposit in full. You should do this within ten days of the tenancy ending.
However, the work doesn't stop when the tenant leaves the property. Conduct a deep clean and prepare your rental for the next renter. Then simply rinse and repeat every six to twelve months.
There's a lot to running a successful let. And a landlord's job doesn't begin and end with finding a great property. But you can remove some of the stress and save time by outsourcing your property management. MakeUrMove proves a full management service which includes rent collection, maintenance management and regular inspections. And much more besides. You can find more details here.
Private landlords can find tenants fast by listing their property with MakeUrMove the online letting platform bringing landlords and tenants together.