Image Image Image Image Image Image Image Image Image Image

Iceni Magazine | February 7, 2025

Scroll to top

Top

Tips for new landlords

tips for new landlords, rental property

Being a landlord is a challenging task with many factors to consider. Acquiring a rental property can be a great investment, however, it can also be a complete disaster if your knowledge of the process is inadequate.

As a landlord, you are required to make a number of big decisions, such as choosing your tenant. Whether you’ve been in the business for a long time or you’re new to the industry, it’s easy to make mistakes when renting out your property.

Here are six top tips for first-time landlords:

  1. Make your rental property attractive

The rental market is extremely competitive so it’s essential that your home, flat or townhouse makes a great first impression. Make sure your property is clean inside and out. Use high-quality images to market your rental properties in order to boost the interest from potential renters. Be sure to use a reputable electrician to gain the necessary EICR certificate, too, as this will not only make the property more attractive to potential renters, but it will also allow you to meet the necessary regulations.

  1. Be transparent with rent and make it a priority

Let tenants know exactly what their monthly rental costs will be by making the lease agreement transparent. Set the bar early and be aggressive in pursuing rent when it is overdue – remember rent is your source of income. Determining a rental amount can be tricky due to a number of factors. Gauge the correct figure by investigating the prices of properties of a similar size and condition in your area. You may also wish to consider guaranteed rent, as explained by the AMS Housing Group.

  1. Screen tenants properly

Screening potential tenants is important. Run a credit check to make sure they have no bad credit scores. Keep all records of your screening procedures for future references. Don’t make the mistake of renting your property to someone with a low credit score.

  1. Understand the landlord-tenant laws

Make sure to get everything in writing where both parties sign with witnesses. Know the fair housing laws and regulations. Be sure to educate yourself regarding applicable laws as you don’t want to violate them. Landlord-tenant law covers matters such as maintenance, notice, security deposits and the eviction process. Be clear if there are no pets allowed.

  1. Be prepared for problems

Rental properties require a lot of time, attention and involvement which adds to the difficulty of being a landlord. Make sure to have the finances set aside to deal with any unexpected repairs, accidental property damage, unpaid rent, maintenance and vacancies.

  1. Make use of self storage

Landlords should not underestimate the convenience, accessibility and affordability of a reliable self storage facility. Self storage is the perfect solution if a tenant prefers to bring their own furniture. Self storage facilities are safe and secure and units are individually alarmed and monitored by CCTV.

  1. Work With Consultants

There are so many factors that you need to think about when it comes to making your home better, and developing a successful property portfolio. As a budding landlord, it is important to make sure you come up with some of the leading factors that can help you achieve this in the right way. Doing the best you can to achieve success long-term is important, and this is why you need to work closely with companies like Whitecode building services consultants. They are perfectly placed to be able to help you get the care and attention you need to make your home stand out.

Working closely with consultants is one of the best ways for landlords to ensure they don’t forget important elements of owning a home, and to make sure every property is the best it can possibly be. This is vital for finding the best possible properties, and helping building your empire.


Visit Us On TwitterVisit Us On FacebookVisit Us On InstagramCheck Our FeedVisit Us On Pinterest