Six tips to make your tenancies run smoothly

An income from a rental property is an attractive prospect, proving a particularly popular option for investors in recent years. With financial uncertainties for some due to the turbulence of the pandemic, the relative security of property investment makes sense. And with the recent stamp duty holiday also making purchases easier for many, there are lots of landlords making their mark in the Chorley area. But while buying may prove straightforward, managing property with tenants in situ can be a more complex process.

Here are six tips for a trouble-free tenancy:

  1. Research agent reputations – If you’re considering the convenience of a letting agent, it pays to do your homework on their suitability for your needs. Read online recommendations and if possible, research whether they currently manage properties similar to yours.
  2. Ensure tenants have references – When it comes to finding the right tenant, it’s impossible to know for certain how good a match they’ll be until they’re in. But you can minimise risk by ensuring beforehand that they have proof of income and if possible, references from former landlords.
  3. Have a robust tenancy agreement – To protect your rights (and your tenants’) a clearly defined tenancy agreement is a must. Make sure that the expectations of you as landlord (and them as tenants) are specific before anyone signs, to avoid future misunderstandings.
  4. Resolve complaints promptly – To maintain a good relationship between landlord and tenant, addressing any complaints in a timely fashion goes a long way. Failure to reasonably do so – especially where safety and security are concerned – could see you seeking new occupants sooner than intended.
  5. Include something extra – For what may be a relatively small outlay, you can make your property stand out and appeal to a wider pool of potential tenants. For example, providing high speed broadband or a washer-dryer can make tenants feel valued (and even yield higher rental income).
  6. Be compliant – Staying up-to-date with the security and building performance legislation expected of a landlord is almost a full time job in itself. Regulations change all the time – particularly relating to fire safety and energy efficiency – so ensure you (or your agents) stay abreast.

Want happier tenants and peace-of-mind? Whether a let-only or fully managed service would suit your requirements, why not discuss your options with a member of our helpful team? To take the first step towards secure and well-maintained property occupied by drama free tenants, please get in touch.

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