5 ways to prepare for a new tenancyThursday 13 December 2018, by The Media Team
Like any good business owner knows, a successful operation involves a happy customer and vendor alike. It’s important that you cover your bases so you can start your relationship with your tenants in a positive way and see it through in good faith for the duration of their tenancy. Take advantage of the time before your new tenants move in, and get started by reading these top tips below.
- Write an inventory
Keep tabs on the condition of your property and avoid potential tenancy disputes down the line by making a list of all fixed and freestanding items. A good inventory will include photos and be as thorough as possible.
- Check your smoke alarms
It’s your legal obligation as a landlord to ensure there’s a smoke and carbon monoxide detector on every floor that a room is being used either wholly or partly as living accommodation.
- Prepare your property
Ensure everything is clean and in working order before your tenants move in. It’s important to be on good footing with your tenants from the get-go, so be sure to do any repairs during this time.
- Set the right rent
Setting your rent can be tricky: too high and it will be difficult to attract potential tenants, too low and you could be missing out on a valuable opportunity for profit. Consider location (closeness to transport links, schools and local amenities), what type of tenant you’ll be attracting (families? Professionals? Students?), the condition of the property, whether it comes furnished and draws such as parking and outdoor space. If you’re stuck, take a look at what other landlords in your area are valuing their property at so you get an idea of market value.
- Consider rent guarantee insurance
Even when you’ve checked references and credit ratings, the potential for a tenant to not pay their rent can arise. Rent guarantee insurance will safeguard you against the losses you could incur from financial losses including covering unpaid rent, and the cost of repossessing your property.