We are delighted to say we have helped many landlords across the North East care for their rental property, and support their tenants. We know the best way to manage your rental property, but we also know some of the biggest mistakes North East landlords make.
Thankfully though, we have collated these errors and mistakes, which means you can easily avoid them. When you reduce the number of mistakes and problems, you have in your rental property, the chances of ensuring everyone is happy increases.
Not knowing the market is a massive mistake
If you want to achieve success in the rental market, you must know the market. A good landlord knows local rental fees, they know the level of supply and demand, and they know who the most likely tenant is. A successful landlord also knows what the local area has to offer and why tenants want to stay here.
Of course, you don't need to know all this information yourself. However, if you are unfamiliar with these aspects, you need to call on a local expert who will ensure you make informed decisions. At SK Property Management, we are pleased to say we have helped many local landlords care for their rental property, and we look forward to assisting you.
Not vetting tenants is a massive mistake
When you have a good tenant in place, life becomes much more manageable for a landlord. A good tenant pays on time, so you don't have money concerns, and they care for your rental property, minimising the amount of repair and maintenance work you need to carry out.
Therefore, it is worth your while vetting a tenant before you let to them. Vetting doesn't solve every problem, but it reduces the likelihood of letting to a tenant who has a history of failing to pay rent or treating rental property poorly.
If you don't feel confident vetting tenants, you should use the services of a professional who will do this for you. Vetting tenants is too important a step to overlook, and paying for a professional to do this work for you is more than justifiable in the long-term.
Not carrying out a proper inventory is a leading mistake for landlords
An independent inventory check at the start of a tenancy is one of the assets a landlord and tenant can have. When this document is agreed, all parties have a blueprint to work towards with respect to property maintenance, and it can minimise disputes between landlords and tenants.
If you fail to arrange a proper inventory at the start of a tenancy, you leave yourself open to problems during, and at the end of the tenancy.
If you're a North East landlord, it is vital you learn from the mistakes made by other landlords. When you know where other professionals in your industry go wrong, it becomes easier to avoid these mishaps and to do the right things. If you need assistance in letting property, contact SK Property Management, and we'll be happy to help.