Two decisions Landlords Need to Think about Carefully

In this three-minute read, I look at the two biggest decisions landlords in Loughborough, Charnwood, East Leake and South Notts make when renting out their property.

Life is a daily merry-go-round of decision making.

What to eat for breakfast?

Which coat to put on?

Which queue to stand in at the supermarket (socially distanced, of course)?

Some decisions are a lot more impactful than others.

Especially when you are a landlord with a rental property.

The two biggest choices for you as a landlord, which we are about to reveal, can have substantial knock-on effects on your health, wealth, and happiness.

The choice is yours

It’s no exaggeration to say that if a landlord chooses the wrong letting agent and compounds that error by going with a tenant who has not been appropriately vetted, one thing is usually guaranteed – a big headache.

And often one that’s not easily cured by a couple of aspirin.

Poorly vetted tenants cause the most problems and letting agencies that don’t have stringent policies, procedures, and checks in place, leave their landlords wide open for future issues.

At Newton Fallowell, we’ve always believed the most critical aspect of our role is to ensure the right tenants are placed in suitable properties with the right landlords.

How do we do that?

Well, years of letting experience has taught us what to keep an eye out for.

The first stage of the vetting process is the initial enquiry. Be it a phone call, email or someone popping in to our office, we’re looking for signs to show us whether they might be a perfect or problematic tenant.

That experience we mentioned counts a great deal at this point.

What does a good tenant look like?

Simply someone who pays their rent on time, looks after the property like it’s their own, is courteous to deal with, and causes no problems with the neighbours.

These are all factors which can create the foundations for a successful long-term let (unless of course, the landlord is seeking a short-term tenancy).

The next part of the process is where less adept or inexperienced agencies often fall short.

Referencing responsibly

Good quality referencing is vital for doing the background checks, which can flag up issues before they become problems.
Referencing covers the applicant’s employment, credit scores, and previous rental history.

It’s not an exact science, but when done correctly, it’s usually an excellent indication of the calibre of the person applying to rent your property.

Once a tenant has been selected, the property needs to be professionally and ethically managed.

Keeping a tenant waiting a long time for a boiler repair or regular maintenance could lead to issues in the future, which leads us onto…

It works both ways

We also apply a vetting process to our landlords as well as our tenants.

If you are not willing to repair or maintain your property properly, we are probably not the letting agents for you.

In the same way that we always look to find the best tenants, we also want to work with the most responsible landlords.

If, having read this article, you’ve decided you need a letting agent who takes their responsibilities to you seriously in 2021, give us a call.

We’d love to help you make the correct choices for you, your tenants, and your rental investments.

Thanks as always for reading
Daniel.

Copyright 2020 NEWTON FALLOWELL.