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5 Things to Know Before Becoming a Landlord and Going it Alone

1.  If you don’t use a letting agent – you want to live near your property

Living close to your property allows you to check on it periodically (after giving your tenants the correct amount of notice), this allows you to take care of repairs yourself, and show the property when it’s time to list it for rent again.

Using a letting agent such as Belvoir is helpful if you want to rent out a property that is in a prime rental area that you may not be in close proximity to, if you live abroad or if other commitments make visiting the property difficult.

2.  Know your laws

There are many laws, rules, regulations and legislations when it comes to being a landlord, and new ones are being drafted and changed all the times. It is your responsibility to ensure that everything you do as a landlord and that the property you provide to tenants is always in line with these. For example, when it comes to deposits, if the tenancy is an assured tenancy, the landlord must put the deposit in a government approved scheme within 30 days from the date it was paid.

At Belvoir, we are always aware of laws and legislations, ensuring our landlords are on the right side of the law. Be aware of the very recent changes in the requirements to provide documents prior to a tenant’s commitment to a property and substantiation of evidence to ensure eviction notices remain valid.

3. Screen potential tenants

It’s worth doing background checks on your potential tenants, this can help you avoid any potential conflict or problems further down the line. Companies such as Experian can provide you with a complete analysis, from financial history to employment history.

At Belvoir, we run comprehensive checks for all our landlords on their prospective tenants, our referencing service is accurate and will guide you in the right direction when it comes to choosing the perfect tenant and our referencing goes way beyond that which is readily available through online providers.

 

4. Make sure you can enforce that the rent is paid on time

Communication is vital when it comes to rent payments. Make sure you're entirely clear about when the rent is due. You should also outline any fees or other consequences for paying the rent late.

You could consider offering your tenants a small discount for paying their rent on time. A small discount can provide an incentive for your tenants to pay on time. It also benefits you by greatly reducing the amount of time you spend chasing payments

Belvoir’s Rent guarantee ensures that landlords are always paid, even if their tenants are unable to for matters that are beyond their immediate control.
 

5. Inspect the property regularly

Landlords have the right to enter the property to carry out inspections and repairs, but unless it is an emergency, they must give the tenant at least 24 hours’ notice in writing before entering the premises. That being said, it is really important that you make regular inspections to ensure that your property is in a reasonable condition and that your tenants are complying with the obligations of their tenancy agreement.

At Belvoir we carry out quarterly inspections to ensure everything is shipshape and in good order for our landlords, if it is not, we rectify these issues with the tenants on your behalf.

… and remember! Being a landlord entails hard work if you’re doing it all yourself. There are many things that need to be sorted out, insurance, tax, ICO and deposit registration, and the responsibility of sorting out issues your tenants may face. It’s not a get rich quick scheme!

Using Belvoir to manage your property makes being a landlord stress-free we can take care of all of this for you. Get in touch with our team today!

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