Category: Landlords

1) Understand the market

The rental market is a labyrinth, and comprises many different segments, each with their own nuances. Before you dive in headfirst, it’s incredibly important to ensure you’ve done extensive research into the lettings market and the area. You want to understand the best strategy for your property, how you can maximise your returns, and what contract terms are suitable for you and your property.

2)  Ensure that your property complies with legal requirements

There are many legal requirements that come with being a Landlord and these may differ depending on the area your property is located in. One thing which is a definite no matter where your property is based is safety!  It’s important to know smoke alarms are required on all floors of your property and it is the Landlord’s responsibility to make sure carbon monoxide detectors are installed in any room where solid fuels are burnt (such as wood, coal or biomass). These need to be tested and working prior to the first day of the tenancy.  Copies of the EPC, Gas Safety and Electrical Certificates must be up to date and given to Tenants. In some areas you may also require a Landlord License to earn rental income from your property, so make sure to do your research beforehand to avoid any penalties later down the line.

3) Get your property “rental ready”

Preparing your property for the rental market isn’t just about having great imagery and videos, it’s also thinking about whether you want your property to be furnished or unfurnished.  If the property is furnished you’ll want it to be modern and stylish, and may want to seek the help of an interior designer or stylist.  Once the property is photo ready, ensure you’re promoting its key features and attributes such as transport links, parking, a south-facing gardens etc, which will make your property more desirable to tenants.

4) Carry out regular inspections – with permission

It’s advised to regularly inspect your property, however, legally you can only enter with the Tenant’s permission. It’s recommended to give your Tenants at least 24 to 48 hours written notice before carrying out an inspection – and this should be highlighted in your Tenancy Agreement.

5) Consider hiring trustworthy letting agents or a property management company

Becoming a Landlord can be a profitable venture, but can also become overwhelming and timely. It’s often advised to hire Letting Agents or a Property Management company that can ensure all the legalities are done for you, and who will deal directly with Tenants so you don’t have to.  Choosing an agent with a proven track record of letting and managing property in your area and one regulated by a respected industry body is key.

To find out more about why Phillips Harrod is the right choice for you, read here.

“Phillips Harrod uniquely stands out!  They make me feel as a valued customer. PH’s team keeps providing me with reliable and efficient 24/7 service. I highly recommend their services.” – Mrs MF Property Owner/Investor, NW London

There’s an ever-growing web of do’s and don’ts in the residential rental sector, especially when you’re a landlord – or are considering making some extra income by becoming one. This is why hiring a property management company, especially one that specialises in lettings, is incredibly advantageous to both new and experienced landlords to take care of your property, tenants and the legalities behind them.  We’ve listed three great reasons as to why hiring a residential rental company can be a profitable move for landlords.

1) To increase your rental yield

A vastly experienced lettings department will specifically understand the rental market. Using industry knowledge and strategies focused on long term tenancies and goals, they help to increase your rental yield, whilst doing all the hard work and maintenance for you.

2) To maximise your property portfolio

With years of experience in the property market and servicing landlord’s needs, rental experts will have extensive knowledge on the most profitable areas and properties, helping you find new and proven opportunities to capitalise on.  Asset Management is a service which most rental agencies provide, helping you to grow your property portfolio and increase your returns, whilst ensuring minimal risk.

3) Better screening of Tenants

Rental experts have access to thousands of clients who they will have provided in-depth credit checks on, ensuring that the chances of taking on responsible tenants is as high as possible. Not only is a tenant who pays their rent on time and takes care of a property important for the landlord, but it’s equally as important for the property rental company as well so you can be rest assured that you’re in good hands and don’t have to fret about late paying or poor quality tenants.

Are you a landlord looking to grow your property portfolio in London, or need some assistance in finding the right tenants for your property?  Phillips Harrod are residential experts in London’s prime real estate, with extensive experience in London’s rental market. To find out more about how we can help you, contact us.