Letting a property to tenants can be a very rewarding endeavour, but there are also various potential problems and pitfalls that need to be navigated. Problem tenants are unfortunately a reality for many landlords, and issues can range from unpaid rent to deliberate damage to the property itself.
As a landlord, it is always sensible to take steps to protect yourself against the possibility of a problem tenant. Here are some of the steps we would advise to make sure your experience as a landlord is as straightforward as possible.
- Choose suitable tenants. It may sound obvious, but prevention is better than cure, so it is important to select reliable tenants by checking factors such as employment status, references and credit ratings. We can work with you to find suitable tenants and vet them as closely as possible to ensure they are the right people to inhabit your investment property.
- List every item. Tenancy agreements are legally required, but it’s also essential to have an inventory made of the condition of the property and its contents. This way, if you have a tenant who damages the property in any way, you will be protected from the possibility of large expenses. A tenant deposit is vital for this purpose too. When we are acting as your letting agent we can handle all of these issues on your behalf.
- Get landlord insurance. This will usually cover lost rent if your property becomes too damaged to inhabit or if your tenants do not pay, and should also cover accidental and malicious damage. This means that if the property is deliberately or accidentally harmed, you will be protected from the expense of rectifying the damage.
- Take part in a guaranteed rent scheme. We offer comprehensive guaranteed rent in Sutton, London and throughout the rest of the UK, ensuring that you are never left without the payments you are owed even in the event of a tenant who is unable or unwilling to pay.
- Make sure you know the rules about eviction. In the worst cases, you may wish to evict problem tenants from your property altogether. There are certain rules and regulations in place when it comes to eviction, and it is important that you follow these guidelines, otherwise you could be vulnerable to legal action. You can read more about them here. We can advise you on all these issues.