The dangers of Landlords Seeking their own Tenants
Being a landlord is tough, but we know many letting industry professionals are keen to do as much as they can by themselves. Some landlords take this approach to save money, while others do it because they want to manage every aspect.
However, there are dangers associated with landlords seeking their own tenants. By doing so, you increase the likelihood of problems arising during a tenancy, but we can help.
At Regal Estates, we are more than happy to seek tenants on your behalf and conduct the steps to protect you as much as possible.
We will screen your tenants
One of the most important steps in achieving success as a landlord is to have a reliable tenant in place. You might not be able to know absolute certainty which prospective tenant is dependable, but it is possible to increase your chances of selecting a suitable tenant.
At Regal Estates, we will screen your prospective tenants, and we will focus on a number of critical components.
It is vital you undertake a credit check on prospective tenants. When you know an applicant’s credit history, it is easier to weed out prospective tenants with a track record of missing payments. This automatically enhances your chances of success as a landlord.
It is also important to conduct reference checks on prospective tenants. By connecting with previous landlords and employers, it is possible to create a more thorough assessment of an applicant’s personality. Other legal aspects such as Right-to-Rent checks must also be carried out. Check out our latest article on Right-to-Rent.
Combining this information makes it easier to select a dependable tenant.
Regular visits are a sensible idea
A crucial tip for landlords is to visit the rental property on a regular basis. While the tenant is entitled to privacy, and you should provide advanced notice of any visit, regular visits offer a range of benefits.
Under Property Management, we are more than happy to liaise with tenants on your behalf, and reviewing the rental property. Regular visits motivate the tenant to better maintain the property, and allows you the chance to spot any problems and resolve them before they become unmanageable.
Also, regular visits help to minimise the chances of your tenant sub-letting the rental property. This is a concern for many landlords, as in some cases, it can make your rental insurance invalid. Therefore, by checking on the property regularly, you can ensure that the people staying in the property have the right to do so.
Also, with landlords still having to comply with Right To Rent regulations, reviewing the property and who is staying there regularly is of benefit to the landlord.
We are more than happy to manage this aspect for you, giving you fewer things to worry about.
You don’t have the time to take care of everything
One of the things landlords should prepare themselves for is not having the time to manage everything. Even landlords with the best intentions often find they underestimated how challenging and time consuming the role is.
In addition to managing tenants, there is a considerable level of compliance matters to contend with. Also, the list of regulations is continually being added to and updated. At the end of 2020, there were more than 160 regulations for landlords to comply with! Ensuring your rental property is compliant isn’t a one-off matter; it is an ongoing thing.
You must provide tenants with a safe and secure rental accommodation. Your rental property must be gas safe, electrical safe, it must have the required number of smoke alarms, and if required, carbon monoxide alarms. Even matters like the furniture you provide, if applicable, has regulations, and we will ensure your rental property is compliant on every important issue.
If you are interested in our lettings or property management services or you are looking to buy, sell, let or rent property in or around North West London, call us on 020 8459 2530 and a member of our estate and letting agent team will be happy to help.