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Four common landlord mistakes and how to avoid them

12 March 2019 2707 Views
Four common landlord mistakes and how to avoid them

For landlords, buying a property, making a few renovations and renting it out may sound like a simple feat, but it can be a complex business, and it’s only natural to make some mistakes along the way.

The good news is that in most cases these errors can be avoided. With this in mind, we have compiled four common mistakes that landlords fall victim to and how to avoid them.

Not marketing your property effectively

Some landlords may think that having a ‘to let’ board outside their property is enough, but this is unlikely to attract a wide pool of tenants. Your property will need to be marketed on major portals and include enticing photos, a good description and a detailed floorplan.

Here at Angels Sales & Lettings, we will list your property on Zoopla, Rightmove and OnTheMarket, as well as our own website – guaranteeing the best possible exposure for your property.

Charging the wrong level of rent

It can be common for landlords to set their rent too high and then struggle to find tenants. Before letting your property, research the local market and get to know the area, transport links, local shops, businesses and – depending on your target demographic – good local schools.

Understanding the dynamics of the local market can help you to determine what you can charge for rent. Luckily, Angels Sales & Lettings can provide a rental valuation and inspection, which can save you hassle.

Putting off maintenance issues

As a landlord, you have a duty of care to look after your tenants. This means responding to any issues promptly and professionally, should they arise.

Some landlords typically put off any maintenance requests, especially if the request is only made once, and then suffer the consequences later when the issue snowballs into something greater. Try to avoid this by being responsive and efficient.

Not being compliant with regulations

Another mistake that landlords make is not being familiar with the landlord-tenant law. Rules on storing security deposits, maintenance responsibilities, entering a tenant’s property and procedures for evicting renters must be taken seriously.

Failure to follow the proper procedures or fulfil certain responsibilities can mean legal trouble, so ensure that you are clued up on the process – especially with new regulations on the horizon.

Angels Sales & Lettings are on hand to help

At Angels Sales & Lettings, we understand that being a landlord has become more time-consuming and complex. That’s why we offer landlords a range of services to take some of the pressure off and help them maintain their property portfolio while keeping on the right side of the law.

From our full management scheme – which includes free rent guarantee and legal cover – to our additional offers such as free valuation and removals, our services are suitable for all landlords, from beginners to seasoned buy-to-let experts. Click here for more information on this.

With the private rented sector continuing to expand, it’s a very good time to be a landlord. While there may be a few bumps along the way, we can help to ensure that you are confident with your buy-to-let investment.

If you would like to hear more on the services we offer for landlords in Enfield and Newham, please get in touch with us on: 0800 043 6678.

To find out how much you could be generating in rent each month, you can also request a free and instant online valuation.

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