What You Need to Know about Joining the Landlords’ Club

So you’ve watched and re-watched every single episode of Property Virgins you could lay your hands on and yet you still have so many questions you feel as if you’re running out of time to get answers to with regards to your foray into the property letting business. Fear not, albeit there are indeed so many potential pitfalls lying in wait.

Here are some important factors you need to know which if approached correctly will have you earning some good rent money from some good tenants, sans typical landlords’ headaches:

Speak to other, experienced landlords

I would have in fact said that you should go direct in seeking advice from other landlords who are more experienced with letting out their properties, but that will sort of put them in ‘business mode’ whereas you’d rather have them discussing the matter with you on more of a causal basis. This is how you get much more information that proves to be vital, like how to handle unique issues with some renters who have a totally different outlook on what domestic life should be like.

Take advantage of the service provider rating system

If you can then try to get your subsequent tenants after landing your first one through platforms that have a rating system, such as the many popular ones short-term renters in particular use to source places to stay from landlords who use the same platforms.

Hope for the best, but prepare for the worst

Finally, as much as you want to give your justified cynicism the finger and hope that all goes well as a result of the efforts you’ve made to cover your bases, there’s the very real possibility that things may not quite work out well. Make sure to prepare for the worst either way, such as making sure you’re covered with homelet.co.uk/landlord-insurance for your specialised landlords’ insurance.

Many of the other problems you may encounter with your tenants can perhaps be worked out as you go along, but make sure any of those problems don’t cost you big time, financially.

What it basically all comes down to is making sure you get a tenant you’ll get along well with (you don’t have to be best buddies), so you’ll have to conduct a thorough vetting exercise.