Being a successful landlord has a lot to do with how you manage your tenants and your money.  Maintaining detailed tenant information:While this seems simple enough at first glance, in reality most landlords spend more time on this activity than they actually realise. The fact is that every tenant engagement has some unique angle to it, whether it is a special clause in the agreement or a different rent payment schedule. A landlord usually relies solely on his experience to try and keep all this information intact, but it is really the best way to manage tenant information? (more…)

When you are buying a property with the intention to rent it out, it is mandatory to carry out a Gas safety inspection before you let it out. There are other checks too, but this is the most important. A failure to get the inspection done could result in large fines, and in the event of an unfortunate incident, you could even face manslaughter charges and a prison term. (more…)

Buying a good insurance policy is vital to make sure your business is protected in both good times and bad. An insurance policy that covers a buy-to-let property is similar to that of a standard home insurance policy. But there are a few important points you should note…

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It still amazes me when I find that landlords are not prepared to drop the rent on a property in order to try and let it quickly. Sometimes we are just too concerned in making sure that the ‘numbers stack up’ that we fail to see how much we could lose in the short-term and that we could be playing ‘catch-up’ for a while.
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When you have a property that’s up for rent, it might make sense to organise a multiple showing, or an open house. This is especially true for residential properties.
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Choosing the right tenant is possibly one of the most important things that a landlord has to do. In many ways it’s like the beginning of a business relationship. Not only is it a pleasure to interact with a trouble-free tenant who abides by the mutual agreed rules, it also allows you to focus on other aspects of your business.  

There are a few things you could do to make sure that you pick the right tenant from the applicants…

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Whether it’s an agreement for a new tenancy, or a notice concerning a rent increase, renewal or updated terms and conditions, any documents related to the tenancy agreement are very important items for a landlord.  A good tenancy agreement is one of the most important factors in ensuring that your interests and property assets are protected in a landlord – tenant relationship. It also ensures a smoother relationship, since there are lesser chances of misunderstandings or misinterpretations from either party.   (more…)