Letting our properties to tenants is a good way to build a consistent stream of revenue, and it’s also a long-term investing strategy for some people. Owning properties and having them occupied by tenants is a tried and tested business model and it could be the way forward for you and your business strategy. But before you go ahead and do that, there are a few things about managing letted properties that you need to understand.
You Need to Have the Right Safety Checks Carried Out
Having the right safety checks carried out on your properties before letting them out is vitally important. Whenever letting a property to the tenant, you have certain duties and legal responsibilities. One of them is ensuring you’re providing safe accomodation for the tenant, so finding any problems and getting them corrected is essential when starting out.
Ensure Tenants Feel Supported
When you’re looking after tenants, they’re going to expect a certain standard of service from you. When they have a problem, they’ll want to know that you’re there to fix it and that you’re not going to leave them hanging. So, responsiveness and communication are two things that will be essential when it comes to managing letted properties and keeping tenants satisfied.
Put the Right Insurance in Place
Being properly insured as a landlord is essential. There’s all kinds of damage that can occur when you have a tenant in your property, and you need to know that you’re going to be covered no matter what happens. Regular home and contents insurance is not enough; instead, you need landlord insurance which offers a tailored level of cover that meets your needs.
Your Properties Need Energy Ratings
If you’re going to make sure that your properties are properly covered and have everything they need, one thing you wouldn’t want to forget is an energy rating. A good EICR supplier will be able to provide you with an energy rating for your property. Having one is a requirement under the law for any property that’s being rented out to a tenant.
You Need to Know Your Legal Position and Rights
Finally, you should fully understand the legal position you’re in. You can’t simply break a lease agreement and throw tenants out of your properties. And you can’t turn up at the property that’s tenanted just because you own it. Your tenant has rights, including privacy rights and these need to be fully respected.
Letting out properties can be a good business model if you have the capital to purchase those properties in the first place. If it’s something that you’re looking to explore and you want to build your own property empire, be sure to take on board all of the advice outlined above.