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By Brett Smart
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Expert Author Brett Smart
1. Get your Property ready
2. Get loads of applicants knocking on your door
3. Be clear about your requirements
4. Vet Vet Vet
Getting your property ready is a vital part of managing your investment. Your property is competing against other rental properties in the same area. To attract the best tenants your property will need to be able to compete against them, a quick face lift after the end of each tenancy can help give you that edge .
As with any business the more customers you have knocking on your door the better. When marketing your property market it across any many mediums as possible. If you have opted for the DIY route make sure that you put your own sign up outside, run an ad in the local paper, put up adverts in local shops and remember to advertise online .
The clearer you are about the type of tenant you want the more likely you’ll be to find them. However its worth noting that the more specific you are the more you people you may have to interview. Getting the right tenant is vital to creating a successful tenancy .
Vetting your tenants is also an important phase in setting up a successful tenancy. Some of the key things to check include, a credit check, previous landlord reference, employers reference, bank accounts, guarantor, previous addresses, and benefits letter or statement .
Conducting an inventory is really important because it is the document that will be referred to if there is any question over damages to the property. Without an inventory landlords won’t be able to prove that damage is down to the tenant and therefore won’t be able to retain part or all of the deposit .
Ensuring that the contract is up to date and that it includes everything including any special requirements is critical. These special points may include reference to responsibility for white goods, or parking, smoking or pets. For example if you don’t want pets in your property you will need to include this in the contract .
Following the 6 Golden Rules to letting your property as outlined above will help Landlords maintain the value of their property and increase the likelihood of creating a successful tenancy. Using a local Letting Agent will ensure that you get it right but if you fancy saving some money, like many landlords, the DIY route is certainly worth considering .
Brett Smart runs a boutique Lettings Agency, is a Landlord and active Property Investor. He provides practical and straight forward hints & tips to Landlords learnt over the last 15 years at the school of hard knocks. For more information about Inventories and other Landlord related services visit his website http://www.findatenantonline.com