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  • Writer's pictureKingsley Property

The Ultimate Guide To Renting Your Property.

1. Prepare your rental property,

One of the most important things you can do is to ensure your rental property is in tip-top condition before advertising it for rent. This means making any necessary repairs, giving the place a fresh coat of paint and deep cleaning it from top to bottom. You want potential tenants to be able to imagine themselves living there, so make sure your rental looks its best. Also make sure you have all the relevant safety equipment and certifications up to date.

2. Research Rental Prices.

Be sure to carry out your research on rental prices on similar properties in your area, if you can narrow your search to the same road it will give you a great understanding of what you could achieve, if you're not sure just ask a local Letting Agent what they think you may be able to charge.

3. Set realistic expectations and criteria.

When it comes to setting the rental rate for your property, it’s important to be realistic. You don’t want to price yourself out of the market, but you also don’t want to undercharge and end up losing money.

4. Market your rental property effectively

Once you’ve set a price it’s time to start marketing your rental property. This can be done online or offline, but be sure to use effective marketing techniques so that you attract the right kind of tenant, you can of course use a Letting Agent to do this for you.

5. Offer incentives to attract great tenants.

In order to attract great tenants, you need to offer incentives that will make your rental property more appealing than other properties on the market. Some landlords offer discounts on rent for signing a longer lease, or for paying rent on time each month. Others include amenities like broadband or cable TV in the monthly rent price. Whatever you do, be sure to list all of your property's features and amenities in your rental listing so potential tenants are aware of what they would be getting if they chose to rent from you.

6. Screen potential tenants.

Screening potential tenants is crucial, you want to be sure you’re renting to responsible, reliable tenants who will take care of your property. Be sure to screen them thoroughly by running a credit check, talking to their previous landlords (if possible).Contact references and verify employment Before you sign a lease with a potential tenant. This will give you some insight into their character and whether or not they’re likely to be responsible tenants before making your final decision. Most importantly don’t rush your decision.

7. Get everything in writing.

Once you’ve found the perfect tenant, it’s important that you get everything in writing before they move in. This includes the AST - assured shorthold tenancy agreement as well as any rules or regulations you expect them to follow. This will help protect you down the road if there are any issues.

8. Have a plan for handling tenant disputes.

When you're renting out a property, it's important to be aware of your rights and responsibilities as a landlord, as well as the rights and responsibilities of your tenants. Knowing the law will help you avoid any potential legal problems down the road. Having a clear understanding of the AST agreement, and being prepared to evict a tenant if necessary are all key components of being a successful landlord.

9. Have a plan for handling late rent payments.

If you’re renting out your property, it’s important to have a plan in place for when tenants don’t pay their rent on time. You need to establish clear policies and procedures for how you will handle late payments. This may include charging a late fee or giving the tenant a certain amount of time to catch up on missed payments.

10. Be prepared to evict a tenant if necessary.

No landlord wants to go through the eviction process, but sometimes it’s necessary. Be sure to understand your state’s laws on eviction so that you can proceed correctly if you ever find yourself in this situation.

11. Maintain good communication with tenants.

Maintaining good communication with your tenants is essential for a successful landlord-tenant relationship. You should always be available to answer questions or address concerns, and you should make sure to respond in a timely manner. Additionally, it's important to keep your tenants updated on any inspections, maintenance, and repairs to the property, as well as any changes to your policies or procedures.

12. Be a good landlord.

Being a good landlord involves more than just collecting rent each month. You need to be responsive to your tenants’ needs, respectful of their privacy, and diligent in your care of the property. If you can do all these things, you’ll likely find that being a landlord is a rewarding experience. A small gift such as a bunch of flowers or a bottle of wine on their birthday will do wonders for your relationship with your tenant.

13. Be proactive about preventive maintenance.

In order to avoid costly repairs down the road, it's important to be proactive about preventive maintenance. This includes regularly inspecting and cleaning your rental property, as well as taking care of any small repairs or issues before they have a chance to become bigger problems. By being proactive about maintenance, you can save yourself time and money in the long run. Be sure to have a budget set aside for these unexpected expenses so that they don’t put a strain on your finances.

14. Keep detailed records of all transactions.

Being a successful landlord requires keeping track of many different things, from rent payments and security deposit refunds to repair requests and tenancy agreements. It's important to keep detailed records of all transactions so that you can easily reference them later if needed. Additionally, good record keeping will help you keep track of your expenses and income for tax purposes.

15. Hire a professional property management company.

If you're not interested in being hands-on and if you don’t feel like dealing with the day-to-day tasks of being a landlord, or if you live too far away from your rental property to manage it effectively, consider hiring a professional property management company. A good property management company can handle all the day-to-day tasks of being a landlord for you, freeing up your time and giving you peace of mind that your investment is in good hands. This is especially helpful if you own multiple rental properties or if your rental property is located in the other end of the country.

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