What are the most common landlord mistakes?

Overpricing rental value.

      • Check with local estate agents and skim through the internet sites to confirm what the actual rental value of a property in that area should be.
      • Overpricing your property will ensure that it remains on the market for longer in a price-sensitive market while your outgoings continue.

Tatty décor and furniture

      • The presentation is important. People are buying into a lifestyle choice. Many tenants will rent on a long-term basis and they want to see a well maintained and clean property.
      • Good decorations, clean bathrooms/kitchens present the property better.

 What to consider when updating your rental property

Not getting tenant references

      • How do you know if a prospective tenant will pay the rent? Check the employer and bank references.  Rent should not be more than half of their income.  References will show if they will be a good tenant who will treat the property well and pay their rent on time.

Employ someone to manage the property if you cannot do it yourself.

      • This is particularly if you the landlord are based abroad. A good property manager will carry out regular inspections and ensure that all legal requirements are complied with.
      • They will deal with all issues quickly and efficiently.

Location

      • Tenants will always choose the property in the best location.
      • Choosing a property near good public transport and shops will ensure minimal void periods.

Not visiting the property

      • Landlords or their agents should visit the property on a regular basis.
      • When visiting you can confirm who is living there, the state of the property, and ensure any small issues are dealt with before they become a major issue (dripping pipes etc).

PAT (Portable Appliance Testing) – what is this?

Get the right insurance

        • Landlords need to purchase the right insurance for rental properties. This will include public liability cover.
        • Some insurance companies also offer rent guarantee insurance to cover unpaid rent if the tenant is still in the property.