Entering the buy-to-let property market can be an excellent financial opportunity, however if you aren’t careful and you don’t seek the right advice, you may be running the risk of making some all-too-common mistakes.
As a leading letting agency in Sutton Coldfield, at Belvoir we want to make sure that your experience as a landlord is as positive as possible, so here are a few of the more common mistakes that are made by new landlords (and how you can avoid them).
Not Screening Applicants
Your prospective tenants must be trustworthy individuals of good character, as well as having the ability afford rent payments each month and have a good credit rating.
When your tenants apply to rent your property, they will typically give you contact information for two or more references. You must ensure that you check the references provided by all of your applicants, as if you fail to do this you could be missing out on vital information that could influence your decision.
If you are going it alone without the assistance of a letting agency, you must make sure that you have consistent criteria for selecting your tenants and always contact their references.
Not Researching Thoroughly
When you become a landlord, you need to know your market. If is important that you are aware of how the rental market is behaving in your area, what you can expect in terms of rental yield and what kind of tenants you would like to rent your property.
If you do not research the market properly, you will not have an accurate idea of who you should be aiming your property at or how much you should be charging for rent, which could lead to your property remaining on the market for a prolonged period of time.
By hiring a letting agent, you can have access to more accurate information about the rental market and be more assured that you are marketing your property appropriately.
Not Seeking Professional Advice
The property market can be very difficult to understand, and the most common mistakes made by new landlords are made by those who do not have access to professional advice.
By hiring a letting agency to manage your property, you can rest assured knowing every step of the process is taken care of, from placing the property on the rental market to regular property inspections.
Belvoir is a leading letting agency in the UK, and we can help you to successfully market your rental property in Sutton Coldfield. For more information, contact us today on 0121 321 3388.
