Running a tenant property isn’t always easy, and it can be difficult to be sure whether you’re doing everything right. Luckily we’ve put together this list of ideas to keep things running smoothly.

  1. Interview your tenants

Renting out a property is a great way to make money, but if you let it to the wrong people this can result not only in a lot of stress for you but additionally can be financially costly if they cause damage to the building. As well as checking rental references of any potential tenants,  it’s a good idea to interview anyone you may be renting the property to; not only is it a good idea to meet face to face, but you can additionally tell whether they’re someone you want to be renting to.

  1. Protect yourself

While nine times out of ten, letting a property runs smoothly, it’s still important to protect yourself with CIA landlord insurance just in case something happens; for example, if you need to temporarily re accommodate your tenants due to fire or flood, insurance will cover such costs. This is also important depending on the type of building you are letting, as some carry different risks than others – getting the right insurance for your lets is a very important aspect of being a successful landlord.

  1. Set out clear rules

When your tenants move in, chances are that a standard rental contract will be enough to cover all the usual expectations such as not causing damage to the property or causing excessive noise. However, if you have specific expectations about property maintenance or anything else then it is important to set these out clearly; for example if you are letting an old house where the radiators need bleeding once a month to keep them working, performing this task needs to be made a part of the contract.

  1. Inspect the property regularly

Even if you have faith in your tenants, it’s still a good idea to keep abreast of how the property is doing – inspecting the place in between tenancies is necessary, but especially for a long term let this isn’t enough. You should inspect the property perhaps once every six months, simply to check it’s being well looked after and sufficiently maintained by the tenants. That said it is important to give the tenants notice when you plan to perform an inspection, and specifically ask permission to check any private areas such as personal bedrooms; this is not only polite and professional, but in many places it is a legal requirement.

  1. Maintain a professional relationship

Especially if you live nearby, it can be tempting to pop round to your property often to keep an eye on things or make updates. However, as much as you may be the owner, it’s important to remember that the property is not your home and the tenants have a right to privacy and legally require notice for you to come over. Instead of blurring lines by visiting regularly or contacting the tenants excessively, maintain a professional relationship which makes it easy to solve problems whilst respecting everybody’s space.

Being a landlord has a bad reputation but as long as you’re keeping the property pleasant and safe, keeping these tips in mind, and not charging extortionate rents, you’re probably doing just fine!

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