Read on for three top tips for landlords letting property in London.
Being a landlord can be hard, and one of the many challenges that you face is finding the right tenants for your property. Empty homes cost money, yet failing to exercise due caution when choosing who to let your property to can also be a recipe for disaster.
In London, the task is likely to be complicated further by the sheer number of applicants you’ll receive. The process of vetting them is not only time consuming, but can cause some serious issues if you make the wrong decision.
Here’s how to get it right:
Enlist the Help of an Agent
One of the best ways to make sure that you don’t run into trouble is to enlist the services of a reputable estate agency like Morgan Randall. As soon as you do, you’ll instantly have access to the expertise and skills of trained professionals, who you can not only delegate tasks to, but also use as a front for marketing your property, seek advice from, and trust to safeguard your interests.
Give Yourself Enough Time
One of the main reasons that landlords take on unsuitable tenants is because they try to rush the process. If you know that you’ll be looking for someone to fill a vacant property without the next six to eight weeks, then start your search today. This will ensure that you have ample time to market your property, vet tenants, and find an ideal candidate.
There are lots of properties on the market, which means that if you don’t meet the needs of potential tenants they’ll simply turn elsewhere and find someone who does.
Make sure that interested parties are able to view at short notice. If your property is empty and you enlist the services of an agent, then this shouldn’t be a problem. However, if you have existing tenants, take the time to let them know that you’ll need the property to be available for impromptu viewings. Similarly, if you’re managing the rental yourself, make sure that you or someone you trust is always available to show people around.
This flexibility extends beyond viewings. If it comes to negotiating terms, be willing to make small changes where they’re requested. For example, if your property is furnished but you find someone perfect that wishes to take it unfurnished, consider their request seriously before turning them down, or perhaps try to negotiate a compromise if you can’t fully accede to what they want.
If you can show this flexibility early on, it will bode well for how you are viewed as a landlord, making your house seem far more appealing to those who are interested in it.
Follow these top tips today to find the perfect tenant for your property.