Advice For Landlords
Posted on October 27, 2015.
Renting out your property to a tenant can be particularly rewarding, helping you earn some extra money but there are a number of issues that can arise along the way. At Global Guardians we have picked up a number of tips for landlords that can help manage or avoid tricky situations. Offering our own property guardians to secure your vacant properties in London, we understand what landlords and tenants want.
Choose the right person to invest in Before you rent your property you need to be sure on who the tenant will be. Certain checks into the tenant’s background will allow you to determine their reliability when it comes to making payments. All well as having secure and valid details, you will need to believe that they have a regular source of income, at an appropriate level to cover costs. Don’t rush into agreements with potential tenants. See renting your property and the tenant themselves as an investment; one which you need to get right. Listen to any problems or issues Many people that rent complain about the service of their landlords, leading to bad reputations surrounding the job. Don’t join the long list of ‘bad’ landlords by disappointing your tenants. If any problems or issues arise with the property that your tenant has contacted you about, try to fix these as quickly as possible. Certain things may be beyond the tenant’s control such as a leaky shower. Sorting broken items due to negligence though should not be part of the contract. Consider late payments There may come a time when your tenant pays for their rent slightly late. As well as being a fair landlord you will need to stay professional in order to best resolve these situations. Particular circumstances may cause this issue to arise but there is a fine line between being fair and being ignorant. Know what you will tolerate before getting a tenant to sign a contract. If late payments start to turn into a regular occurrence and seem to be elaborate excuses, the tenant needs to be spoken to directly. Clearly state parking arrangements Prevent any confusion amongst your tenants by clearly stating the parking arrangements within the contract. If the property does not come with a guaranteed parking space or there is the possibility to purchase a parking space make this apparent. Many properties now will be rented out without a parking space so if your property does have a parking space this can be a clear selling point. If parking requires an extra cost be sure to outline this as well. Know the area of the property Tenants are more likely to want to rent a property from someone that knows the local area. Being clueless to what’s around your property looks unprofessional. People looking to rent may ask certain questions beyond just the property itself, such as where the local supermarket, medical centre, and school are. Knowing the area can also help when it comes to working out how worthy an investment the property is to rent out. If you are interested in becoming a property guardian or have a vacant property that needs safe-guarding for a period of time, please get in touch with us. Global Guardians is a cost effective way to keep your property safe from vandalism or crime. Check out the rest of our blog for more advice.