Being a successful landlord has a lot to do with how you manage your tenants and your money. Maintaining detailed tenant information:
Monthly Archives: November 2008
Why Gas Safety Checks are Important
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.
Getting the Right Kind of Landlord Insurance
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…
Sometimes it Makes Sense to Drop the Rent!
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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Open House Marketing of Your Property
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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Selecting the Right Tenant
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…
Better Tenancy Agreements and Notices
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.
