Treat your Let as a Business and try to remove the
emotional aspect from the transaction.
is more difficult for landlords letting our their
own home for undertsandable reasons.
Visit the Tenant Quarterly.
is your right to be able to visit the property to
carry out an inspection. Just be mindful that visiting
too frequently, i.e. once a month could be seen as
harrasment in the eys of thew law – remember,
the tenant has the right to “quiet enjoyment”
of the property. Every 3 months is ideal. You must
send the tenant a letter to confirm your appointment
and it must be received no earlier than 24 hours in
Keep the Rent Under Market Value.
simply, if the tenant feels that they are getting
a good deal on their property, they will be more inclined
to pay the rent and to stay longer.
Rent Guarantee Insurance.
have a superb opportunity to mitigate any rental arrears
with rent guarantee insurance. This is an insurance
product which has been specifically created to support
landlords in the event that the tenant is unable to
pay their rent. lettingaproperty.com includes rent
guarantee in their “Platinum” service
which means that the landlord will be guaranteed up
to £10,000 per month as well as up to £25,000
help with legal fees.
Communicate Regularily with your Tenant.
is best to have open lines of communication with your
tenants. If you notice that the rent is a day late,
pick up the phone and have a frank conversation with
them and try to find out if they are experiencing
any financial issues. Talking to a landlord recently,
I was impressed with a solution to help the tenant
with their finances but at the same time, ensured
the landlord got paid and that was to increase the
frequency of payments – i.e. instead of once
a month, the tenant agreed to pay once a week which
she found easier to manage.
the risks and the severe knock-on implications that
rent arrears can have, landlords should simply remember
that one can never be too careful.