Renting out a property is a great way of gathering some income on the side of your normal job, or as part of a diverse investment portfolio. The problem is that many would-be landlords dive into the rental market without doing their research and making sure they are completely au fait with it. It can sometimes be difficult, particularly in the early days. Here, we look at how to start out as a landlord, from making sure your property is rental worthy to finding and sifting through tenants and getting everything into place.
Remember that it is a business
It might not feel like a business, but it is one and it is vital that you treat it like one, for your sake and your tenant’s sake. You must register with all of the appropriate authorities in your country and/or your state. The last thing that you want to be doing is falling foul of tax and income laws and property laws! Whether the tenants are someone that you found online or your best friend, it is important to maintain a professional relationship with them and perform comprehensive screening before they move in. This could save you a lot of heartaches further on down the line.
Make sure that your property is up to scratch
As well as looking aesthetically pleasing, it is crucial that your rental property is a safe place to live before anyone moves into it. It needs to be in line with regulations and codes and that all of the utilities are in working order. Call out qualified electricians, gas engineers, and plumbers from East Coast Water to come and check it over and carry out any necessary repairs. This does not stop once your tenants have moved it. As a landlord – or landlady, it is your responsibility to keep the property safe and maintained. Encourage your tenants to let you know if there is a problem as soon as possible and carry out twice-yearly inspections to make sure everything is in order.
Advertising your property
Most tenants look for rental properties online, so this is where you need to be focusing your marketing efforts. There are plenty of sites that allow you to advertise for a small fee. Make sure that you include plenty of quality photos showing your property in the best light and include details of bedrooms, bathrooms, and so on. It is always a good idea to include a floor plan if you can and details of local amenities and facilities such as schools, hospitals, and train stations.
Consider a property manager
If you do not have the time or experience to be a hands-on landlord, consider hiring a property manager to take care of the day-to-day management of your rentals. While you still have to authorise repairs and make final decisions on tenants, your property manager will do the bulk of the hard work for you. Of course, this will cost but can be worth it to save you a lot of time and hassle.
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