Being a landlord in London can be exciting and rewarding, but it’s not without its challenges. With so many people looking for rental properties, you’d think it’s easy money. But getting things wrong can cost you time, money, and a whole lot of stress.
Whether you’re renting out homes to let in East London or have properties across the city, here are 10 common mistakes you should avoid.
1. Not Knowing the Local Market
Before renting your property, ensure you’ve done your homework. Setting the rent too high could leave your property empty, while charging too little could result in a loss of income.
Always check out what similar homes to let are going for and make sure your price is spot on. A local letting agent can help you with this.
2. Skipping Proper Tenant Checks
Don’t rush into accepting the first tenant who comes along. Skipping background checks can lead to trouble, like late rent payments or property damage.
Make sure you check references, employment details, and credit history. It’s worth the effort to find reliable tenants from the start.
3. Forgetting Legal Stuff
There’s a ton of rules and regulations landlords have to follow. From getting an Energy Performance Certificate (EPC) to protecting tenant deposits, it’s all important.
If you miss something, you could face fines or even legal trouble. For example, a letting agent in East London can help ensure you’ve covered everything for that particular area.
4. Letting the Property Fall Into Disrepair
No one wants to live in a run-down home. Ignoring small repairs like leaky taps or broken heating can lead to bigger problems later. Keeping on top of maintenance keeps tenants happy and your property in good shape.
5. Poor Communication
Tenants need to feel like they can reach you when something is wrong. Ignoring their concerns or being hard to contact can lead to frustration and even disputes. Make it easy for your tenants to get in touch, and respond to issues quickly.
6. Doing It All Yourself
Managing a rental property can be a full-time job. Many landlords try to save money by going it alone, but this often leads to stress and mistakes. An experienced letting agent can handle tenant screening, legal bits, and day-to-day management, making your life easier.
7. Bad Marketing
If you want good tenants, you’ve got to market your property properly. Low-quality photos or a vague description won’t do you any favours.
Take professional photos and write a detailed listing highlighting the property’s best features, like transport links or nearby amenities. If you’re selling a buy-to-let property for sale, good marketing matters just as much.
8. Weak Tenancy Agreements
A solid tenancy agreement is a must. Using a generic one-size-fits-all contract could leave you unprotected if something goes wrong.
Make sure your agreement covers all the important stuff, like who’s responsible for maintenance and how much notice is needed to end the tenancy.
9. Not Planning for Empty Periods
Your property won’t always have tenants; not planning for this can leave you out of pocket. Set aside some money to cover costs like the mortgage and maintenance during these times. Keeping your property well-priced and in good condition can help reduce the time it sits empty.
10. Being Unprepared for Emergencies
Things like burst pipes or faulty electrics can happen out of the blue. Not having a plan in place can make these situations even more stressful.
You must keep a list of reliable contractors and set aside funds for urgent repairs. Sorting issues quickly can save you money in the long run.
How to Avoid These Mistakes
Most of these mistakes are avoidable with a bit of planning and the right help. Here’s how:
- Do your research: Know what’s happening in the local market, especially if you’ve got homes to let in East London.
- Get professional help: An expert letting agent in East London or any other area can handle the tricky stuff for you.
- Stay on top of the rules: Make sure you’re up to date with all the legal requirements.
- Keep communication open: Be approachable and responsive with your tenants.
Final Thoughts
Letting a property in London doesn’t have to be a headache. By avoiding these common mistakes, you can protect your investment and keep your tenants happy. Whether you are managing a single buy-to-let property for sale or several homes to let, getting it right can make all the difference.
If you’re feeling unsure or just want to make things easier, Salik & Co. are here to help. With loads of experience in East London’s property market, we can guide you through every step of the process. Get in touch with us today to see how we can help.
