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The Dos and Don’ts of Being a Successful Landlord

Posted on August 30, 2019

The rental market is particularly lucrative for those looking to capitalise on their property portfolios. Being a landlord isn’t as easy as people think however, with a variety of moral and legal obligations that must be fulfilled as part of the role.

At Hackett Property, we understand that letting property is a huge step. Whether it’s your first buy-to-let or you have a portfolio of rental properties, being a successful landlord is the key to making the most of your investment. We assist landlords from all walks of life, and provide the advice and support they need to take care of their properties and their tenants. Here our experts reveal the dos and don’ts of being a successful landlord so you can make your rental as profitable as it should be.

Do choose your tenants wisely

We’ve all heard horror stories of bad tenants, but with the appropriate checks you don’t have to face the same fate. Tenant referencing during the application process is a vital route to finding tenants that are reliable and responsible.

Completing appropriate credit checks, obtaining references from previous landlords, and undertaking Right to Rent checks is beneficial to you. You also have a legal obligation to carry out some checks. Failing to complete the Right to Rent checks for example could land you with a fine or jail sentence under the Immigration Act 2014.

Don’t forget to apply for a licence

Not every landlord requires a licence. Approximately 20% of councils in England have made it mandatory for their landlords to have licences. Check with your local council to see whether licensing is applicable to you and your rental.

Do protect your tenants

Working with your tenants is essential to establishing and maintaining a great landlord-tenant relationship, a rapport that will certainly serve you well throughout their tenancy.

Start by protecting your tenant’s deposit. There is a selection of government-accredited schemes you can use to do this. Next draw up a tenancy agreement, preferably an Assured Shorthold Tenancy Agreement. Whilst having a tenancy agreement isn’t a legal requirement, this document provides security for you and your tenant.

Before your tenant moves in, make sure all the relevant safety checks are undertaken. You are legally obliged to check all gas appliances annually. Smoke alarms and carbon monoxide detectors should be fitted and tested regularly also.

Don’t forget to take out insurance

Protect yourself and your property against all eventualities by taking out specialist landlord insurance. The right policy will cover legal expenses, damage, loss of rent and liabilities.

Make sure your property is rental ready with a little help from our team. We deliver a number of landlord services to ensure your buy-to-let venture is as successful as it can be. Contact us now to find out more.