5 Things That Landlords Should Know/Do
Updated: Feb 26, 2020
These are the top 5 things a landlord should know or do.
1: Act within the law. There are over 150 pieces of legislation that a landlord should comply with when letting a property. These range from getting your property ready through to getting deposit money back to the tenants after they leave. If you enjoy self-managing and don’t want to use a reputable agent then it is well worth considering keeping up to date on legislative changes and attending training courses. The government is heading towards anyone who manages property needing to hold a formal qualification in the future. A good agent should be part of a professional body and at Orchard K Lettings we are members of the Guild of Letting and Management (GLM), the UK Association of Lettings Agents (UKALA), Property Redress Scheme (PRS) and Client Money Protection (CMP) . We follow their codes of practice to provide a professional service to both Landlords and tenants. We can advise you on the legislation relating to letting a property, holding a tenant’s deposit, maintaining and inspecting the property and keeping all the safety certificates up to date. Failure to meet legal obligations can result in large fines or even imprisonment. Ignorance of the law is no excuse.
2: Finding the right tenants. Getting the advertising right is key to finding the right tenant for your property. Getting a property advertising wrong can lead to fines. Properly reference checking your prospective tenants can avoid a very expensive experience. It is better to wait for the right tenants than to jump at the first person who comes along. It is important for the tenants to be a good fit for the property and the needs of the let. Getting your advertising right avoids time wasted with viewings by unsuitable tenants. But don’t take our word for it, see what our clients have to say with our Google and Facebook reviews.
3: Understand your area’s market. When you know what is in demand and why it helps to achieve the best rental value for your property. Getting this vital part right helps to reduce the time that your property can be empty it’s a balance between too high a rent and a long empty period but not undervaluing your property and therefore losing out on rent.
4: Errors can be costly. As a self-managing landlord are you prepared? A tenant’s situation can change very quickly and result in rent arrears or the complete inability to pay any rent for months at a time. It is well worth putting safeguards in place to protect income after all the mortgage provider will not wait months for mortgage payments. Rent guarantee and legal protection where the insurer will meet the rent and cost of eviction can be a huge relief to a landlord whilst the lengthy eviction process goes through.
5: Deposits must be held under regulated Deposit Protection Schemes to comply with the law. Not doing so can result in heavy fines that can be imposed on the landlord. We can assist in this process making sure you are protected as a landlord as the deposit responsibility stops with you. Using our deposit protection scheme we make sure your tenants deposit money is held legally for the duration of the tenancy and we can help to agree fair deductions with the tenants.