How To Rent Your Property
How To Rent Your Property
A property manager offers some tips and tricks for people wanting to rent their property on their own, without the help of an agent.
Assuming you're not using a letting agent, the key to successful letting is to keep a paying tenant. This may sound simple but in practice, it's not. Keeping a tenant for the long term will avoid these horrible void periods.
First, we need to find the tenant. It sounds simple, but I had just a plastic sign made up at a local shop, I put it in the window and do you know it works every time. So, something as simple as that can find you your ideal tenant.
Of course, there are these local freebie newspapers, relatively cheap you can put an advert in them for maybe 20 pounds. They're worth trying. Or you could use an agent on a finder's only basis.
But beware, you will lose a month's rent as a finder's fee. Now, what type of tenant have you got? You need to know for the type of tenant what they can actually afford. You should also keep a rent schedule, not only for yourself but for the tenant.
Now, this may sound simple, because if you collect the rent on the 12th of every month, for example, you and the tenant know, but tenants do forget, they also forget how much they owe you. So, you have a rent sheet, you keep one and the tenant keeps one. Visit the tenant, you fill in the rent sheet, have a clear indication of how much they owe you and when the next payment is due.
One idea, if you're doing it alone, not using an agent, why don't you join the National Landlords Association? Now, the cost of that is 120 pounds a year, but for that, I can go online, I can seek advice, I can even print out tenancy agreements, not the written type, I can actually type them online and print them out. I also get section 21, section 8 notices. So, the 120 pounds, I think it's well worth investing.
Finally, make sure that you are very aware of the law. To get a tenant out on a forfeit in this country, it does take time. You have to issue what's called a section 21 notice; this gives them 2 months at the end of the tenancy to leave.
Now, the best thing to do, my tip, at the beginning of the tenancy, you issue this section 21. You give a copy to the tenant, you get them to sign your copy as proof that it's actually been posted. If you do have problems with your tenant, at the end of the tenancy, you can immediately go for possession.
So, if you consider going down the route of managing a property yourself, make sure you're aware of all the legalities, make sure you know how to get a good, paying tenant and remember, tenants can recommend landlords. I have got tenants waiting that have been recommended by other tenants of mine. So, if you're a good landlord, you may not even have to advertise.
And that's how to rent your property.