Landlord
It is always important to always do things in the right way when it comes to managing your rental property or rental properties. Many inexperienced landlords find out the hard way through negligence and or complete lack of understanding about not what to do.
Here are the top landlord mistakes that all landlords should avoid making.
1. Failure to Know the Laws and Regulations
It is important for all landlords to always know the laws and regulations when it comes to rental properties. The laws are always changing, so it is important to always get updated. It can be hard to fully grasp if not monitored closely.
It can be tedious and time-consuming to learn all the laws and regulations. But it is always important to ensure that you know the current law and regulations and stay protected.
2. Cutting corners
Most landlords know that property repairs and upgrades are inevitable. However, several landlords will go out of their way to look to the cheapest vendor to try and save as much money as possible. While it may seem a good idea, but the cost of subpar workmanship can cause more damage. And the time consumed to look for the cheapest vendor instead of paying a little extra ahead of time.
Wasting too much time to cut corners to save money can lead to inadequate repairs and could even lead to unsatisfied tenants.
It is important to avoid these types of landlord mistakes and take the right approach to have an efficient way of repairing the property and at the same time your efforts with making you good tenant stay.
3. Failure to recognize the value of marketing your rental property
When it comes to marketing your property, as a landlord you need to make an effort to market your property to filling the vacancy much quicker. Efficient marketing is important and valuable. Whether your target market is students, family, or young professionals, it is important to make an effort to make sure that your market understands the value of your property.
4. Not screening tenants thoroughly
Many landlords are tempted to forego full tenant screening to fill the vacancy right away. However, this is a big mistake that landlords should avoid.
It is important to do a proper tenant screening to make sure that the prospective tenant will be able to pay the rent for the property.
The government is encouraging landlords to screen tenants. In fact, it is the landlord’s responsibility to check the tenant’s right to rent.
In addition to proving the tenant’s financial stability, the tenants must also prove that they have a legal right to be in the UK or to reside in the UK.
Do you want to find tenants easier? Consider Bluestone Properties in letting out your property. We are based in south London. We cover South London and surrounding areas. Feel free to contact us on 0208 355 3405
