Landlords: what worries you about tenants?

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  • Landlords: what worries you about tenants?

    Wishing to make absolutely sure my new lettings agency gets it right first time, I'd be grateful if you would let me know what are your top 3 worries about being a Landlord?

    Many thanks for your time - I appreciate it.

  • #2
    Hi Jandat44

    I am fairly new to being a landlord - coming up for a year, I manage my property myself, so maybe not the answers you need - my main worries -

    1) Will the tenants pay the rent or leave me unable to pay mortgage (I have taken out rent insurance)

    2) If tenants don't pay rent how will I take care of this (this website is excellent, it has really helped me pick up on the law)

    These were my main worries on becoming a landlord but over the year I have added some!

    My current situation means I am going to look thoroughly at what landlord insurance offers when a disaster renders your property uninhabitable - I have had a stressful time of stressed tenants needing somewhere else to live in an emergency.

    My other advice is check out the law and make sure your tenancy agreement would stand up in court. And make sure that the agency do a thorogh inventory - there is a good one on this site which you can download - get them to include photos, as the new deposit scheme requires a really detailed inventory if there are any disputes.

    Good luck!

    Comment


    • #3
      I'm an ICE for Tenancy Dispute Service Ltd. Believe me what you also need to do is get an extremely detailed and well written inventory. otherwise the alndlord will fin in the event of a dispute the tenant will have it all returned.

      Your tenancy agreements need to be devoid of any legal jargon, written in plain English and free of onerous terms, something that "off the shelf" agreements often fail to do.

      Oh! And don't forget to register with one of the three schemes to protect your tenant's deposits.

      I hope you have good experience in the field of lettings otherwise my advice would be to abandon your project until you have. Also consider taking the NAEA's Technical Award in Residential Lettings & Management as a formal qualification - the only one recognised as a NVQ level 3.
      The advice I give should not be construed as a definitive answer, and is without prejudice or liability. You are advised to consult a specialist solicitor or other person of equal legal standing.

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      • #4
        And another thing: Read as many posts on this board as you can about problems that landlords and tenants have with agents. Work out how you would ensure that such criticism, if justifiable, could not apply to your business.

        P.P.
        Any information given in this post is based on my personal experience as a landlord, what I have learned from this and other boards and elsewhere. It is not to be relied on. Definitive advice is only available from a Solicitor or other appropriately qualified person.

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        • #5
          Thanks Daisy! Your input has been very valuable

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          • #6
            Thank you!!

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            • #7
              And ... thanks once again!!

              Comment


              • #8
                Originally posted by jandat44 View Post
                Wishing to make absolutely sure my new lettings agency gets it right first time, I'd be grateful if you would let me know what are your top 3 worries about being a Landlord?

                Many thanks for your time - I appreciate it.

                Generally, I am no longer worried about much anymore.

                In my early years, I rented rooms in a large property and gradually I realised that getting people together who had similar energies was beneficial to me and to the atmosphere of the property, which in turn led to fewer problems and tenants staying longer.

                Given that I had only 5-10 minutes to judge people, this is not something that I managed to achieve overnight. But I developed this skill to a point of often being able to deduce if someone was going to be suitable tenant during a telephone conversation and a viewing would confirm this or otherwise.

                I have, to this day, no loss of rent directly from problems with tenants (void periods yes, a few) and no damage to property other than fair wear & tear. Yes, often communal areas like the bathroom, toilet and kitchen were not properly cleaned (sometimes never ) and sometimes, tenants didn't clean properly when they vacated their rooms - I always did check-outs and wrote my own simple inventories.

                When I hear the horror stories on this forum and elsewhere, I count myself as very lucky, but I am also careful about who I select as tenants and this, in my view, is the number one thing to get right.


                If I remember back, I think my top 3 worries were;

                1. Finding tenants to fill my rooms when I needed them, to avoid voids.
                2. Tenants staying long enough as per their agreement & getting along with each other.
                3. Making sure the property was kept in good condition.

                Comment


                • #9
                  Originally posted by TenantsLuvMe View Post
                  Generally, I am no longer worried about much anymore.

                  In my early years, I rented rooms in a large property and gradually I realised that getting people together who had similar energies was beneficial to me and to the atmosphere of the property, which in turn led to fewer problems and tenants staying longer.

                  Given that I had only 5-10 minutes to judge people, this is not something that I managed to achieve overnight. But I developed this skill to a point of often being able to deduce if someone was going to be suitable tenant during a telephone conversation and a viewing would confirm this or otherwise.

                  I have, to this day, no loss of rent directly from problems with tenants (void periods yes, a few) and no damage to property other than fair wear & tear. Yes, often communal areas like the bathroom, toilet and kitchen were not properly cleaned (sometimes never ) and sometimes, tenants didn't clean properly when they vacated their rooms - I always did check-outs and wrote my own simple inventories.

                  When I hear the horror stories on this forum and elsewhere, I count myself as very lucky, but I am also careful about who I select as tenants and this, in my view, is the number one thing to get right.


                  If I remember back, I think my top 3 worries were;

                  1. Finding tenants to fill my rooms when I needed them, to avoid voids.
                  2. Tenants staying long enough as per their agreement & getting along with each other.
                  3. Making sure the property was kept in good condition.
                  Yes I would agree with you. My number one rule of thumb is if you are not sure about the tenant don't take them even if you suffer a void period.

                  Comment

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