5 Helpful Tips for First-Time Landlords

If you have bought your first rental property and are about to embark on your journey as a landlord for the first time, you may have many questions. Securing the right tenants, managing maintenance issues, and dealing with ongoing problems can be stressful, but with some knowledge and the right attitude, you should get the hang of it in no time.

Here are 5 helpful tips for first-time landlords. 

Using a property management company

If you lead a fairly busy life and don't have much free time, a property management company could come in very handy. Not only can they deal with marketing your property on your behalf, but they can also deal with many other aspects of the rental. They can help find the right tenants, make sure they are financially secure, and deal with any issues that may take place during the rental period. 

Most agencies will offer a range of services depending on your requirements and budget, so it’s worth looking into all of the options available before deciding which management services are best for you. 

Dealing with maintenance issues 

One of the biggest hurdles a landlord can face relates to ongoing maintenance. If the property is reasonably new, then it should be minimal, but if it's older, you may find that your tenants encounter various problems along the way. 

For this reason, it's a good idea to form good relationships with some local tradesmen. Having an electrician, gas-safe engineer, and local drainage company to hand should anything go wrong should help keep your stress levels down and your tenants happy. 

Landlords Insurance

As a landlord, you must have the appropriate insurance in place. Buildings and contents policies for landlords are slightly different from the cover offered for private residential property, so you must be sure to take out the correct products for your property. Insurance will ensure that you can recoup costs and have any damage remedied in the event of a future claim. Also, you learn more about rent debt collection services, there may be times when your tenants fail to pay their rent on time or not at all. In these situations, you may need to enlist the help of professionals to help you recover any lost rent and damages from your tenants.

To furnish or not to furnish?

Whether you should rent your property furnished or unfurnished depends on the location of your property and your target market. If, for example, you are targeting students, then there is likely to be far more demand for furnished property. On the other hand, if it’s a 4-bedroom family home, the chances are that your tenants will already have furniture, so you may get more interest by letting it out empty. 

If you decide to go down the furnished route, don't forget to take out additional content insurance coverage.

Decorating

If your property needs freshening up before advertising it for rent, set a realistic decorating budget, and stick to it. You may have grand plans and want to turn the property into a show home, but you must decorate with your target audience and proposed rent levels in mind. Overspend, and you could eat into your profits, spend too little, and you may not achieve the desired rental amounts. 

Keep it neutral, stick to your budget, and you are unlikely to go wrong.  

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