As the number of renters in the UK continues to rise, more and more people are becoming landlords, either on purpose by purchasing buy-to-let investments or falling into the role due to the fact there are more willing renters than buyers in their area. However, becoming a landlord is not always straightforward, even in cities like London where demand is consistently high.

Here are our tips for some of the potential problems that new landlords need to be aware of.

• Getting stuck with unsuitable tenants. You don’t just want anybody inhabiting your valuable investment property; you want to make sure you can find the right kind of tenant. To achieve this, you will need to think about your target audience and tailor your marketing towards the appropriate websites and publications. Once you have found a prospective tenant, it is important to complete security and credit checks and secure references so you know you are dealing with reliable people.
• Running into legal problems. When you are letting a property to paying tenants, you will have certain legal duties to perform, such as making sure the property is safe and in habitable condition. Research is important so you can be sure you’re not neglecting anything important, which could put you at risk of legal ramifications.
• Not having enough time to manage the property. You will have many tasks to deal with as a landlord, from taking tenants’ calls to arranging maintenance and repairs to dealing with financial matters. In most cases it will be much more efficient to use the services of a professional property management company, particularly if you own multiple properties in different locations.
• Dealing with unpaid rent. The most effective way to avoid this problem is to take part in a guaranteed rent scheme. We are the number one providers of guaranteed rent in Lambeth and throughout the rest of the capital, and can offer you the highest available guaranteed rent to get you started on the right foot as a landlord.