Are You Putting Your Rental Investment at Risk?
There’s a lot to think about when you are a landlord.
You’ve got the ever-changing rules around rental property to consider.
Then there’s ensuring your property is well maintained and your tenants are happy.
Add to that the cost of living crisis, pressures on the economy and political instability, and you could be forgiven for thinking, ‘what’s the point?’.
But before you sell up, let’s look at your alternatives.
We believe that the best way a landlord can run successful rental property portfolios is to
work with an experienced, knowledgeable and conscientious letting agent.
Now, more than ever, landlords must know what they are doing and have access to expert advice.
Below is an example of what can happen when that doesn’t take place and how much it can potentially cost a landlord.
The wrong (and right) way to find ideal tenants
Mr Scott is a landlord. He has marketed his property himself, putting it on a local Facebook group. He rented it to the person willing to pay the highest monthly amount.
Mr Scott didn’t bother with references as the person paid a deposit, and he also ‘saved’ himself money by using an online tenancy agreement template.
What Mr Scott didn’t realise was that he limited his number of potentially suitable tenants by only marketing in one place. He also didn’t check his tenant’s background and employment status.
If he had, he would have realised his tenant has a track record of falling behind with their rent, leaving properties in bad condition and generally being problematic.
Now, we must stress most tenants are responsible and reliable.
But by cutting corners to save a few quid, Mr Scott has potentially cost himself thousands of pounds in lost rent, the cost of court proceedings and damage to his property.
A good letting agent would have marketed his property across multiple platforms to showcase it in its best possible light and to the widest possible audience.
This creates demand for the property and gives Mr Scott several suitable tenants to choose from.
A good letting agent would then advise Mr Scott on the most suitable tenants (not just someone willing to pay the highest rent). Then, stringent referencing checks covering employment, rental history and financial backgrounds would ensure the risk of the tenancy turning sour is dramatically reduced.
Not only that, but once a tenant is in place, a good letting agent can manage the maintenance and repairs of a property so that small issues don’t become big, costly problems. Again, saving a landlord thousands.
We believe the key to unlocking your rental property’s potential (and saving you time, money and hassle) is working with an agency like us, now, more than ever.
So, if you are a landlord who wants to do things the right way, contact us today.