Renting is quite expensive in London and sometimes it is very hard to find something in your budget that fits all your needs. However, being a Landlord is much more difficult than being a tenant as someone is going to live in your home for a short term or a long term (May be).
As a Landlord there are many things you need to carefully consider and monitor to assure a peaceful tenancy period especially in a city like London where migration is more and people mostly are found to stick to short term tenancy.
Hire an agency to find a good tenant for you
Yes, I mean “Good tenants”. The professionals often do a better job in background check and other security related checks before letting someone into the property. As mentioned earlier, background check is very important before signing the document to assure the property is looked after well, the rent is paid with no issues every calendar month.
It is better to leave the property and tenancy to be managed by an agent than taking all things on your head
Though it costs you a little extra to arrange the property to be looked after by the agents during the tenancy period, trust me.. it saves a lot of hassle in future. Anything comes to the agents first and before any escalations to you that would break your head, the agency often solves the breakdown and other issues with the people that know already and all you have to do is just pay the invoice – I agree, sometimes(actually, most times) it is going to be a little extra that what you would pay normally but it saves you a few trip back and forth the property and might save some frictions between you and the tenants.
Lookout for potential tenants who might stay longterm
This saves you a lot of money that you might pay to the agency when you have to renew the contract for every new term. If the tenants are horrible, obviously you can help much about it. But, if you are lucky enough to find very good tenants, it is often profitable to be nice with them and meet their requirements as far as they are reasonable and doesn’t bite your hand a lot – Think, if you stay in the house and if the problems happens, would you fix it or just live with it. So, put yourself in their shoes and do the needful to them so they stay happy. You can always talk to them if you think some of their requirements are unreasonable or something is a result of their negligence or if they don’t meet your expectation in looking after your home.
Be available all the time to your Tenants
“There is nothing wrong in giving your contact number to them so they feel like home and have confidence that they can always reach you rather than running behind the agent all the time”
Although, your property is manged by the agency, it is good to be a caring landlord and listen to your tenants which might put your tenants in a very comfortable position in the home.
Be willing to pay for maintenance
Just because you aren’t living in the property, it doesn’t mean you can turn away and escape from once in a while maintenance. Be ready to pay for window cleaning, Garden maintenance and winter cares. Wouldn’t you do if you are living in the property?
It’s wise to take homecare & insurance
Considering the above points, it is wise to take the homecare and insurance so you don’t have to pay everytime from you pocket and some of the annual maintenance will be taken care of.