1 Look after your tenants – your tenants are not only paying your rent but also living in your investment. Keeping good tenants for the long term is generally so much better than not looking after your tenants and having to spend time and money finding new tenants once or twice a year. Property maintenance issues should be dealt with quickly and even a Christmas card and bottle of wine a Christmas ensures that your tenants know that you are a human and not just a scary landlord.
2 Keep notes on tenancy renewals – to keep voids to a minimum keep track of your tenancy renewal dates. Keep a note in your diary of two months before the tenancy is up and contact your tenant to ask if they plan on staying in your property. If they are planning to move out start marketing your property with a letting agent or marketing it directly to tenants via a tenant finding company or local newspapers.
3 Finding tenants directly – more and more tenants are keen to rent directly off the landlord rather than via a letting agent – this can save both the landlord and tenant money. You will need to make sure you are available to do viewings yourself, carry out the proper tenant referencing and use a deposit scheme for any tenant deposits.
4 Great value advice – have a problem with a tenant? Need some advice on new legislation? Don’t contact a solicitor as these can be very expensive – in the first instance contact your Landlord Association. They are experts in the letting/landlord industry and from less than £100 a year you have access to an advice line for free!
5 Save money and time – If you have more than one property use the same carpets, tiles and fittings in each one – much easier if you need to replace something quickly and you can keep a record of the cost and supplier they were sourced from too.
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