So You Decided To Be a Landlord: Tips For First-Time Landlords

If you’re about to become a first-time landlord, continue reading to discover a few handy tips on how to safely rent out your first rental property!

So you decided you want to be a landlord: Tips for first-time landlords

1. Make sure to take out renters insurance before renting out your property

Before letting out your property for the first time check out homelet.co.uk/landlord-insurance, it’s important to take out renters insurance, which is useful as no matter how much time you spend picking your first tenant, there is still a small chance that your tenant may cause damage to your property.

2. Consider hiring an experienced property manager

If you’re short on time and don’t have ample time to vet potential tenants and to check up on your tenants from time to time, you may want to consider hiring an experienced property manager to act as the middleman or woman, between yourself and your tenants.

3. If you choose to hire a property manager make sure to research multiple property management firms

If you are keen to hire a property manager, it’s well worth researching the rates and services which each property management firm offers, before making a final decision. In order to ensure that you get the best possible value for your money. As the services and rates offered by competing property management firms can vary greatly!

4. Make sure to choose your tenants wisely

If you don’t hire a property management firm to vet your tenants for you, it’s important to look over each application which you receive carefully. As an example, only offer a tenancy contract to an individual, couple or family who has trustworthy, legitimate references from previous landlords.

As unless a tenant is moving out of their childhood home for the first time, there’s absolutely no excuse for a potential tenant not to have 1-2 references.

5. If in doubt, keep searching for potential tenants

If the first few applications which you read through don’t convince you that your applicants would make trustworthy, reliable tenants, don’t feel pressured to give in and to offer a tenancy contract to an individual or group.

Instead continue to list your rental property, in the hopes that you’ll attract further interest in your rental property.

6. Make sure to write up a detailed tenancy contract

As a tenancy contract is a legally binding document, it’s well worth stipulating a lengthy list of stipulations, for your tenants to follow. As it always pays to be safe, rather than to be sorry.

As an example, you may want to write out rules which any tenant must follow. As an example, many landlords stipulate that their tenants must pay for any damage which they cause to their property. Or that their tenants are banned from playing loud music late at night.

7. Take photos of what each room in your property looks like before your tenants move in

In order to be able to prove the original condition of each room in your rental property, it’s incredibly important to take photos of the condition of each room in your property, right before your first tenants move in.

If you follow the 7 tips listed above, you should find that renting out your first rental property, can be a relatively simple, straight-forward process!