Being a landlord is a difficult responsibility to take on, especially if it’s your first time. Letting out your home to people you’ve never met before can be challenging. Before putting your property on rent, landlords in the UK need to follow certain regulations and guidelines.
In the UK, there are 140 laws that address a landlord’s responsibilities to both the property and the tenant. A major chunk of the responsibilities enlists the steps you need to take to ensure the safety and well-being of your tenants. Besides that, ensuring a relationship on good terms with the tenant before, during and after the tenancy is the key to being a good landlord.
Whether you’re offering a one bed apartment for rent in London or a condo in a high-rise building in Leicester, you need to ensure your property is well-equipped and ready to rent. There are many things to keep track of as well as regulations to abide by. It is critical to follow all steps to ensure a smooth landlord-tenant relationship.
To make the transition easier, we’ve put together a landlord checklist for you to follow.
Let’s dive right in!
1. Marketing and Promotion
It’s no secret that renting competition is cut-throat. Your apartment is competing with potentially hundreds of other apartments in the area scouring for good, long-term tenants. Think of innovative ways to market your apartment if you don’t want to be left behind in the competition to grab a hassle-free tenant.
Your apartment marketing strategy doesn’t need a flashy billboard sign or an expensive marketing agent. Well-thought-out promotion tactics and some unique initiatives can help in creating awareness and marketing your property. It also makes potential tenants aware of the effort you are putting into your property.
Choose from various conventional and unconventional methods. For example, a newspaper ad can spread the word to prospective tenants that your apartment is ready to rent. Alterntivaly, you could also invest in online ads with snippets of your apartment for prospective tenants to browse.
Why not take a unique approach to apartment marketing by installing a personalised pub parasol? Placed outside your apartment building, this parasol makes for a more visually appealing way to advertise your apartment. It’s way better than a boring to-let sign and can be easily viewed from a distance. Add your contact and apartment information in short to make it easy to remember.
2. Conducting Safety Checks and Thorough Inspections
Before renting out a property, landlords must ensure that it is safe for tenants to live in. A thorough inspection of the property can point to areas of improvement and repairs. In terms of safety, electricity and gas supply checks are two of the most important for any landlord. Ensure these safety checks are performed every 1 or 2 years to rule out any safety risks.
Additionally, inspect various apartment amenities and make sure they’re in order.
Use this quick checklist during inspection:
- Plumbing
Check taps, pipes, and sinks for leaks or clogging.
- Ventilation
Ensure the windows and doors allow good air circulation and airflow in the apartment.
- Heating
Quickly check on the heating system to ensure it’s in working condition.
- Elevators
Check if the lifts in the building are in proper working order.
- Building Infrastructure
For older structures, make sure you assess the apartment’s walls, floors, and ceiling.
These inspections must be performed by the landlord in person, which can take time and require you to rearrange your schedule. If the checks reveal any issues, you’ll need to invest further time for repairs or improvements. This is why it’s best to trust apartment or block management companies to look after these tasks on your behalf. They are trained professionals who conduct all these checks for you, ensuring that your property is well maintained.
Depending on your location, companies offering apartment and block management in Essex or London can conduct these checks in time.
3. Inventory of Items
Another vital task a landlord can do is to create a detailed list of all the amenities in an apartment. This inventory list takes into account all the items in the apartment and their condition. It’s even better if you take photos of all the furniture, fixtures, appliances and other amenities that are included in the rental.
This inventory can protect a landlord in case of any theft or damage.
4. Get Landlord Insurance
‘Why get landlord insurance when I already have homeowner’s insurance?’ This thought might have crossed your mind. However, many landlords don’t know the difference between the two. Homeowner’s insurance can only cover damage to your property when you, the owner, are living in it.
Consider signing up for landlord insurance to protect yourself from any legal liability or financial loss arising from property damage. It also covers any injury liability to landlords. Although landlord insurance is not mandatory in the UK, it’s a good way to protect yourself from being held responsible for any damages the tenant causes.
Landlord insurance does not cover your tenant’s lost or damaged items. To protect your tenant’s interests, you can advise them to get renter’s insurance in case of loss or damage to their possessions.
5. Draft Your Tenancy Agreement
A tenancy agreement is a contract between the landlord and tenant setting out the terms of the tenancy Creating a proper agreement offers clarity and sets the terms straight, protecting both tenants and landlords.
Ensure the drafted agreement includes all details about rent, deposit, and duration, and lists out the rights and responsibilities of the tenant and landlord.
6. Change Your Locks
This step only applies to landlords whose properties were occupied prior to the arrival of the new tenant. Getting the locks changed works as a safety measure to protect yourself from any legal issues. However, if it’s your first time renting out your property, you can safely ignore this step.
Summing Up
In addition to legal responsibilities, landlords must also consider moral responsibilities. By following these steps in the landlord checklist, you not only keep your property in a habitable and safe condition but also ensure the well-being of your future tenant. Ensure you lay out all terms and conditions in the open to avoid any miscommunication between you and your tenant.