5 top tips for residential landlords

renting-your-homeIf you have residential property you rent out, or are thinking of entering this market, one of the best ways to keep property fully let and income producing, is to look after your tenants. Surprisingly, many landlords don’t do this, and ultimately they lose out. Here are my five top tips for new landlords.

1. Neutral decor is easier to let and maintain

You don’t want fussy wallpapers and neither do you want over bright colours that make properties look smaller than they are, and quickly go out of fashion. It is the easiest thing in the world to touch up neutrally painted walls and you also know when you need extra supplies, your DIY store will not have gone out of stock.

2. Research the letting market thoroughly, then purchase property accordingly

If the demand is there to buy one and two bedroom apartments buy those, but you may find detached houses rent better in your locale. Don’t buy small apartments if there is a glut of similar empty properties in your area, as there are in so many.

3. Vet your letting agents thoroughly

If you are using an agent, check them out thoroughly. Many agents are very good and work very hard for relatively small rewards. Other agents are a nightmare waiting to happen. Don’t let them explode in your face. Try and speak to some of their existing landlords and tenants. Good reputable agents are always willing to discuss their business and their clients. It is only the dodgy agents who have something to hide who are reluctant to provide appropriate information. If an agent stalls on being forthcoming, find another one, there are plenty more fish in the sea.

4. Treat your tenants well

If you do that, not only will they rent from you again, but they will pass your name round to their friends, business acquaintances, and relatives, and before you know it, you will have more good tenants than you know what to do with. If you treat your tenants poorly don’t be surprised if they treat your property in the same fashion, and don’t be surprised too, if they up and off at the earliest opportunity, leaving you with an empty property and dead money to boot.

5. Join landlord organisations

These can be very useful bodies and their fees are often incredibly low. They usually offer cheaper landlord insurance policies and always provide you with more guff and information than you can handle. At least if you have this information you can’t please ignorance of the law, never an acceptable defence in the event of a dispute. Landlords’ groups often supply inexpensive letting agreements and legal assistance too, should anything go wrong with your let.

Despite consistent warnings the buy-to-let bubble is about to burst, there are more properties being let and available for rent in Britain than ever before. Interest rates may have risen, but the rental market remains busy. If you are thinking of buying and renting in your area, make sure you thoroughly research every aspect of the market before you take the plunge.

David Carter’s property book SPLAM! Successful Property Letting And Management is available in hardcopy or by download. His new novel: “The Fish Catcher” is also out now. “The Fish Catcher” tells the story of a group of children evacuated from London during World War II to escape the Blitz bombing. It is a novel for adults and older children. You can find more details of both these books and read extracts on his website [http://www.davidcarter.eu]. You can contact David on any matter at supalife@aol.com

Kerry has a proven track record locally of providing a quality service for landlords and tenants - which means you get dedicated professional who is experienced at marketing your property.

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