Considerations for potential landlords

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Considerations for potential landlords

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April 4, 2014 9:38 am Published by
John Lewis Shopping Center in Leeds

Renting out your property is a good source of income, but for many new landlords, it’s a tough to know the best way of letting out your property. Letting your property out on your own requires special knowledge, time and effort, especially in cases of difficult tenants or when disputes arise. If you’re on the fence about engaging a letting agent or letting your property out on your own, here are some considerations that may help you to make an informed decision.

Finding a tenant

Looking for a tenant may seem simple enough, but ensuring that your tenant is credible is a little more challenging. Letting agents can help to make credit checks on any prospective tenant, ensuring that you are leaving your property in the hands of someone who is able to deliver rent promptly. An agent can also assist in arranging and managing property viewings as well as handling common letting queries. Leaving the process in the hands of professionals will help to prevent down periods where your property may be left unoccupied.

Managing your tenant

Finding a good tenant and signing the tenancy agreement is only half the battle. Before starting the tenancy, there’s important preparation work to be done, such as preparing an inventory list. You will also need to collect rent and check the property regularly. The day-to-day management of a rented property may also present difficulties at any time of any day, where tenants may call with issues about broken boilers, radiators, or being locked out. Letting agents can take control when such situations arise, and help to arrange for maintenance works where plumbers and electricians are required. This ensures that you do not have to deal with a problem that may crop up suddenly, and would interrupt your day.
Don’t be vulnerable

It is common to hear horror stories of tenants who leave a property in a poor state. You don’t want to be left out of pocket when it comes to restoring your property, so a professional letting agency will ensure and advise so that you aren’t left in a vulnerable position. You shouldn’t have to worry about potential additional costs, and repair and replacement works can be done on the property without burning a hole in your pocket.

Legal responsibilities

Entrusting a letting agency to handle the tenancy agreement will help to protect you, as the landlord, from bearing unnecessary costs in the case of any disputes. Disputes commonly arise regarding any deductions from the deposits, and with work and your own life taking preference, you don’t want to have to deal with issues like this. The legal agreement will detail your fair responsibilities as the landlord, and what costs you need to or do not need to bear. More importantly, the letting agency will ensure that your tenancy agreement adheres with national laws. In the unfortunate situation where legal action is threatened, your position will be protected.

 

There are a lot of important considerations to be made when becoming a landlord, and making the right decision would be crucial to getting the best out of your letting experience and leaving your property is the best condition possible. If you’re looking to let a property in the city centre and want to receive the best available service, make sure you check out our website.

 

Photo Credit: tricky (rick harrison) via Compfight cc

About John I
I work in the digital marketing team. For expert comments on news stories or press releases, please contact me on john@parklaneproperties.com

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This post was written by John I