Landlord Guides: Avoiding a Negative Letting Experience
A looming cloud of extravagant horror stories hovers intimidatingly over the property letting industry, with those who have experienced it eager to dissuade budding landlords from delving into the same mistakes. It is true that these horror stories can prevail in everyday letting, making for unfortunate circumstances to say the least. However, it is also true that with the right management, your let, whether it be a spare room or a 4-bed family home, can provide an extremely lucrative opportunity. With this in mind an increasing number of landlords seek methods to ensure their let is protected from the perceived risks of letting. As property management experts with over 30 years of experience in the field, we’ve got to know letting. Here’s some of our top tips to avoid a negative letting experience.
Preparing the Property
Preparing a property for let is often one of the most obvious yet commonly misinterpreted aspects of a landlord’s role in renting. Many landlords focus on preparing a property by redecorating with new carpets or a fresh lick of paint, but it actually requires much more thought. To avoid difficult legal situations if a crisis does arise, it is suggested, and in many cases required, that landlords have a number of health and safety measures in their property. Health and safety precautions implemented by Etimon include smoke alarms, heat alarm, fire extinguishers and flame-retardant furniture. We also ensure that qualified personnel, such as electricians and gas engineers, review our properties and deem them as safe. Finally, properties should adhere to repairing and tolerable standards which you can read more about here (Link to page).
Make A Detailed Inventory
A property inventory is essentially a document which includes the condition of the let and indeed, the contents within it. The true importance of a detailed, in depth inventory is underestimated by many landlords until their tenants vacates and they are left with damage or missing items. A common misconception when creating inventory’s is that it is primarily the large, high-cost items that should be accounted for. However, it is often the case that these items are largely left untampered with. Etimon inventories are vast in detail and include a range of pictures as evidence of the items, making it easy to approach a tenant if something is wrong or missing. It is also useful to take a note of meter readings, to ensure neither the tenant or the landlord pay more than they must.
Consider Letting Through an Agency
One of the safest, and easiest, ways to let your property is to let through a letting agency or property management firm. With access to industry resources, professionals and advertising sites then know how to source the most lucrative opportunities for your property. Property management companies essentially act as a middle man between a tenant and landlord, meaning the landlord need not have any direct contact with the tenant and can rest assured that a team of people are looking after their let. One of the biggest benefits of this approach is that the external company deal with nearly all tenant relations, advising on safety regulations, compiling inventories, completing paper work/tenant reviews and dealing with repairs.
For more detail on Etimon’s property management services, or to discuss how you can optimise your let investment, visit our landlord page.