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.
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.
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.
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.
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