Martin & Co’s Essential Guide to Being a Successful Landlord

With a third of retirement savers now considering investing in buy-to-let properties in light of new pension reforms, many more people are about to become landlords.

Letting property can be complex in today’s market. There’s lots to think about and do including securing tenants, meeting any legislative requirements, managing rental payments, maintaining the property and getting the right insurance.

What does it take to be a successful and good landlord? Here’s our essential guide:

Pick the right area
If you’re looking for a new buy-to-let investment, it’s worth casting your net wide to find the right rental property for you, even if it’s not on your doorstep. This will give you a clearer picture of the rental demand hotspots and what tenants want.

Martin & Co’s national office network of local property professionals are perfectly equipped to advise you with the most up-to-date research and present you with the best rental property the best rental picks locally, regionally and nationally. And with almost 200 offices throughout the UK, you know that our agents will be close by to keep watch over your property on your behalf.

Check your tenant before signing them up
As a landlord, you want to be confident that the person that rents it not only looks after your property but is a suitable tenant that pays the rent on time and in full each month. Picking the right tenant can reduce your risks of problem tenants down the line, so investing in thorough tenant referencing service is a wise move.

Martin & Co offers the market-leading tenant referencing to give you confidence that your chosen tenant is a good tenant and is financially reliable. It conducts thorough background checks and reference-gathering, including personal identity and bank detail authentication, tenant detrimental risk and affordability checks, previous landlord or agent references to check the tenant paid rent on time and if they would let to the tenant again, and credit checks incorporating fraud indicators and employer references.

Importantly, it provides a unique guarantee of free eviction for any non-payment of rent during the duration of the tenancy and continues to check their credit record throughout the tenancy.

Get comprehensive landlord insurance
Along with many benefits of letting a property, there are occasionally downsides, and having a tenant that does not pay the rent, damages the property or does not leave when they are asked to, are among a landlord’s biggest fears.

Landlord insurance is the most reliable way to safeguard against accidental damage and do check if your insurer covers your particular type of tenant, as students or recipients of housing benefit may be exempt.

Martin & Co recommends Landlord’s Rent and Legal Protection from the Landlord Hub. Their insurance makes unlimited rental payments until vacant possession of your property is obtained, pays the court costs up to the value of £75,000, covers any breach of tenancy* and has no excess to pay. Contact your local Martin & Co office for full details.

Look after your tenants
Replacing tenants costs money, time and energy. Keep your tenants happy and you give them a reason to stay in your property for longer.

Trust your tenants until they give you reason not to. Tenants don’t want to be hassled by their landlord, so leave them to enjoy their home in peace but be responsive if they report problems with the property. If something happens, listen to what is being said, take every suggestion on board and take appropriate action.

Don’t forget, a great tenant is priceless. If you want to retain them, make sure you maintain your property for them. After all, it’s likely you’ll need to do the work to attract new tenants once they leave. Just make sure you give valid and understanding reasoning behind your decision if you choose to decline any request.

Be energy efficient
From April 2016, tenants have the right to request consent for improvements to make their homes more comfortable, and easier and cheaper to keep warm, and the landlord cannot unreasonably refuse.

What’s more, from April 2018, landlords will be required by law to get rental properties to an energy efficiency rating of at least Band E. The good news is that financial support is available through the Green Deal and Energy Company Obligation. This means landlords don’t necessarily have to foot the bill for installing new boilers and insulation measures to improve the energy efficiency of their properties – and landlords will only have to make improvements that are cost effective.

Think before increasing rent
Raising rent can be a risky move, so don’t do it unless you’re certain it’s necessary and ideally get advice from your letting agent first who will give you advice on where to benchmark your rent. Set the rent too high and you’re more likely to encounter difficulties attracting tenants and suffer void periods in your property.