Landlord Tips

Whether you are a seasoned Landlord or just starting out with your first rental property, keeping on top of current legalisation, preparing tenancy agreements, carrying out inspections and the many other tasks that being a Landlord requires can be daunting and stressful experience. DLM Property Management Ltd have years of experience letting properties in the Birmingham rental market and want to share some of our top tips with you.

Reference tenants thoroughly. You want to make sure the person living in your property is available to afford the rent and will be a reliable tenant. If referencing proves that your tenant is unlikely to afford their monthly rent there are other options available if you feel the tenant is right for you and your property, please contact Louise Kean on 0121-272-5800 or email lkean@dlmpropertymanagement.co.uk.
Carry out regular inspections. As a Landlord you will want to know that your property is being looked after and kept in a good condition. If you notice any issues you can address them straight away. Sorting issues out swiftly could end up saving you a lot of money in the long run. Keep in mind you must give your tenants 24-hour notice before a visit.
Fix and repair any problems. Your reputation as a Landlord can be damaged pretty quickly if you don't take care of your rental property. If a tenant tells you the heating is failing, then send a gas engineer out ASAP nobody likes to be without hot water or heating. If you take care of your property your tenants are more likely to look after the property and remember your rental property is somebody's home.
In order to carry out repairs you will need to have a team of qualified handy man/ contractors, especially if your property portfolio is large. Make sure you do your research and source reliable contractors who will turn up on time and do the job properly and are certified and have insurance in place.
When calculating your rental yield in order for it to be profitable (that's the aim of the game at the end of the day) you will need to take into account all charges. If you are using a lettings agent, you will have a property management monthly fee. You should also factor in for any repairs that will need to be carried out too.
Be prepared for pets. It's becoming common in the rental market for tenants to search for properties that will allow pets our furry friends are often part of the family after all. It's important to specify that an additional deposit will be taken if a pet is allowed. You should create an agreement that states exactly what animals are allowed and that any pet related damage will be charged to the tenants, tenantscan also look into pet insurance
Tenants might want to change the electricity/gas suppliers or change to a water meter. Make sure your tenancy agreement stipulates that they must request your permission to do this first, otherwise you could end up having a property stuck on a water meter that you did not want.
Make sure you keep on top of all legal requirements. Your property should always be kept in a safe condition, have an in date EPC certificate, undergo an annual gas safety/service check and have electrical certification to prove all electrics are safe. It is also a legal requirement that your tenants deposit is kept in one of the registered deposit schemes in case of a dispute.
If you are looking to purchase a property at auction and the property has sitting tenants, be sure to take a good look at the tenancy agreement in place. You don't want to invest in a property hoping to put your own tenancy agreement in place when the existing tenancy is active for another 12 months, seek advise first.

Remember, DLM Property Management Ltd are here to help you, if owning rental properties sounds appealing to you but the hassle of managing them yourselves doesn't, then make sure you speak to us about our fully managed service. Start growing your Birmingham based property portfolio today.