Having recently been asked to contribute to an e-book, I could hardly refuse such an offer! Homelet are creating a wonderful ebook entitled “Landlords Advice with Regional Relevance”, set to be launched at the end of this month, featuring tips and advice, keep up to date here.
Having been immersed in the landlord sector since being a baby, I have seen so many changes over the years and have many horror stories alongside heart-warming experiences to tell, especially during my own time as a Landlord.
My top tip to offer any newbie landlord is: Understand your surroundings and find the right tenant for your property.
It goes without saying really and surely it is common sense? Well, you may think that, but even professionals can cause thousands of pounds worth of damage to a property!
My first foray into being a landlord was supposed to be easy, I had hired a local estate agency to run the tenant finding process and the management of the property during the tenancy. BIG MISTAKE!
The estate agency were not particularly concerned with finding a suitable tenant, they just want to find anyone who could pay their fees and on paper looked like the tenant ( a single 35 year old father who worked) could pay the rent.
In a 6 month contract, I had numerous dealings with the Chairman of the flats, several phone calls with the police, neighbours who had been threatened by the tenant’s ‘colourful’ partner and a main communal door that had been broken. I shall not go into details of a ruined £800 carpet and many dealings with bailiffs once he left. Needless to say, no deposit was returned!
The next tenants, a seemingly lovely young couple, one of whom was a teacher moved in after being personally vetted, which brought into question my own judgement of perspective tenants. All was hunky dorey until the couple decided to split, yet the male teacher remained in the property. Bills went without being paid and much damage was caused to the property, despite being one of those landlords that bends over backwards.
On my third attempt at renting out my property, I finally handed the reins over to an agent who was familiar with the property and surroundings and knew exactly what was required from a tenant. He found the most wonderful elderly lady to move into the property, who has actually made it her home as opposed to just a stop gap. There are no calls from the police, bills are paid and I even receive Christmas cards from her son!
I learned my lesson the hard way! All the expense, heartache and stress could have been avoided by simply understanding the surroundings and finding the right tenant.
The Landlord Advice Ebook will certainly be a good read and I’m sure even I will pick up new tips from reading it when launched. If you are looking at dipping your toes in the rental sector make sure you check it out!