Being a reluctant landlord - how to rent out your property when you have no other choice I The Property Fox Leicester
Posted on 28th December 2022
If you find yourself in the situation of being a reluctant landlord, it can be tough to know where to start.
You may have inherited a property, or been forced to move for work and are now stuck with a house you can't sell.
Renting it out might seem like the best option, but it comes with its own challenges.
Here are some tips on how to make the most of your situation and be a successful reluctant landlord.
Decide on the rental price - research what similar properties are renting for in your area
Deciding on a rental price can be a tricky and overwhelming task.
It's important to do thorough research of the area to compare prices against similar properties.
Consider factors such as location, amenities, the age of the property, and home size.
Don't forget to consider whether you want to offer incentives such as parking spots or a discounted rate for longer-term leases.
With this knowledge in hand, you'll be able to come up with a rental price that is fair for all parties involved—while also optimising your chances of finding potential tenants faster.
Find a good property management company that will screen tenants and take care of repairs
If you're letting out your property, it can be a daunting experience.
You want to make sure that whoever lives in your house or apartment is responsible and respectful, and that any repairs are taken care of swiftly.
The stress involved with letting out property is why it's important to find a good letting agent - they'll screen tenants on your behalf, draw up a tenancy agreement and take on the responsibility of maintenance.
A letting agent will make the process easier for you so you can be sure your property is looked after without having to do all the work yourself.
Get your home in tip-top shape before letting it out - make any necessary repairs, paint walls neutral colours, and make it an easy home to look after
As a landlord, it can be nerve-wracking to let someone come live in your home. Not only do you want them to feel welcome, but you also want their experience of the space to be positive.
One of the best ways to ensure a successful tenancy is to get your home in tip-top shape before you let it out.
Take care of any necessary repairs, paint the walls neutral colours so it's easier for your tenant to personalise the space, and generally make sure it's an easy home to look after.
This way, you'll create a great foundation that will support both renters and landlords alike!
Be prepared to be flexible with potential tenants - they may have specific requests that you'll need to accommodate
Whether you're a seasoned landlord or just starting out, it's important to remember that each tenant is unique and will have their own needs for the residence.
When looking for potential tenants, be prepared to be flexible if they have pets or children - as these tenants may require specialised accommodations. Consider if pets are allowed in the rental agreement and if extra deposits are necessary; or if there may be safety considerations that need to be addressed when accommodating children.
Having an open discussion with potential tenants can help ensure both parties have suitable expectations of the rental property.
Have a solid tenancy agreement in place that outlines expectations for both you and the tenant
Having a solid tenancy agreement in place before beginning a landlord-tenant relationship is essential.
Without it, both the tenant and the landlord can find themselves in a difficult situation in case of disputes.
Even if you know the tenant, use a letting agent to draw up an agreement that outlines expectations for both parties to avoid any confusion or misinterpretations down the line.
Be sure to include clauses about rental payments, use of premises, repairs and maintenance and pet policies; these are all important topics that need to be covered in your joint agreement.
Taking the time upfront will help protect both you and the tenant from potential issues later on.
Be available for questions or concerns during the tenancy, but respect your tenant's privacy
As a landlord, it's important to be accessible when your tenants have questions or need troubleshooting help.
As much as you want to be available and helpful, you also want to respect their privacy and make sure they feel comfortable in their home environment. Setting boundaries that make it clear you're willing to offer assistance but will never invade their space can be the key to a successful landlord-tenant relationship.
Striking this balance is probably one of the most difficult parts of being a landlord, but when it's done right, everyone benefits!
Being a landlord can be a lot of work, but it can also be very rewarding. With a little bit of preparation and research, you can set yourself up for success. If you need help getting your property ready for renters or finding the right property management company, give us a call. We're here to help make sure that your experience as a landlord is positive and stress-free.
If you have any more questions, or would like to talk with a member of our team, please don't hesitate to contact us, we are here to help!
WANT TO FIND OUT MORE?
Brilliant, we will be more than happy to speak with you and see how we can help further.
Contact us on one of the methods with any queries that you may have, or use our contact form and we will be back in touch very soon!
Please fill in the form below and a member of our team will contact you shortly
Tagged as: Lettings
Share this post: