LettingaProperty.com surveyed 20,000 UK property landlords to understand the challenges and issues they face when renting out their properties. Letting out property is a demanding task. But what are the most difficult aspects for landlords?
Finding tenants
Finding good tenants is moderately to extremely challenging for 73% of landlords (UK Landlord Survey 2021). It can be difficult to get a good tenant, particularly for landlords who are new or needing a quick solution.
To find good tenants, you need to create a quality advertisement. Your chances of finding a tenant are limited if your advert does not do justice to your property. A clear photo, well-written descriptions, and a competitive and realistic rental price are all things that will help you attract tenants. For help from Cheltenham Letting Agents, visit https://www.meandyouestateagents.co.uk/lettings/
While the advertisement should highlight your property’s best features, it also needs to be accurate and truthful. It’s not a good idea to only show photos of your best rooms, or omitting the fact that you share the garden. You might receive more inquiries, but it is a waste of time if the tenant doesn’t like what they see.
Selecting tenants
Selecting a new tenant is a stressful process once the inquiries start to come in. It is important to carefully consider all factors when choosing a tenant for your home.
Will they be able to afford rent? Are they willing to take care of the property? Are they interested or are they likely to change their minds? When choosing your tenants, you should consider all of these factors.
Thorough reference checks provide landlords with some assurance when assessing affordability. The tenant must also provide proof of their ability to pay the rent, a six-year history of credit, an employment reference and a copy of their most recent credit report. They’ll also need to provide a landlord reference that confirms they have paid rent on time, and taken care of the property.
A deposit confirms the interest of the tenant before moving in. Some landlords are worried about the Tenant Fee ban, and may not want to take money from tenants prior to signing the tenancy contract. However, a holding fee (equivalent to one week’s rent), is legal.
Handling issues with maintenance
Landlords can experience a lot of anxiety when it comes to dealing with maintenance problems. The landlord is responsible for keeping the tenants and property safe, but scheduling maintenance can be difficult, especially in emergency situations that need a quick response.
59% said that managing maintenance problems was moderately to extremely challenging. Landlords found it most difficult to negotiate a fair price with contractors. 78% said this was the biggest challenge.
