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Oct 12

Totals Top 10 Tips for Landlords

Following our recent survey on Facebook and Twitter here are the top 10 tips for landlords as suggested by you:

1. Location, location, location – In this current economic climate it is important you invest in an area that is going to provide you with the returns you are after. A good investment is usually close to public transport links and local amenities.

2. Vet your tenants – Are your tenants who they say they are? Make sure you know who you are letting to by carrying out a tenant reference check.

3. Market your property – with high demands from tenants there is a significant amount of competition in the private rented sector. Therefore, it is important you make your property attractive to potential tenants. Simple things like laminate flooring and broadband can make a big difference to tenants.

4. Insurance – it is important that you protect your investment with specialised landlord insurance. Normal home insurance will not provide the correct cover for a rental property.

5. Tenancy Deposit Scheme – sign up to a tenancy deposit scheme such as my|deposits, which will protect you in the unlikely event of dispute.

6. Buy-to-Let Mortgage – advise your mortgage provider that you plan on renting out the property. Depending on the level of investment in your property, the mortgage offers will vary, so use a recognised mortgage broker to provide advice and guidance.

7. Carryout an Inventory - Landlords should also consider if it may be in their interest to let the property fully furnished, which can prove better value and more convenient for tenants. If you do this you should make sure you conduct a full inventory.

8. Stick with it – Being a landlord isn’t necessarily a get rich quick scheme. A buy-to-let property is a business and you will get out of it what you put in. The end result will be worth it.

9. Regular Inspections – don’t just move your tenants in and leave them to it. Make sure you carryout regular inspections to ensure your tenants are looking after the property. It might also be a good idea to befriend the neighbours so they can keep an eye on how the tenants are behaving.

10. Retain your tenants - One of the first things that landlords should learn when they start renting out properties is the importance of retaining tenants. After all, by hanging on to long-term renters, you can ensure a consistent rental income, and you won't need to worry about having to constantly find and vet new reliable people to live in the property.

About the author

Eddie Hooker Photograph Eddie Hooker has been involved in the insurance industry since 1985.  He worked with many large insurers such as Legal & General and AXA Insurance prior to setting up his own insurance business, Hamilton Fraser, in 1996.  Hamilton Fraser now employs over 130 staff out of their North London office, dealing with various insurance products for the buy-to-let property market such landlord insurance, rent guarantee insurance, emergency cover and tenancy deposit protection. 

Eddie and Hamilton Fraser Insurance first started to provide landlord insurance as early as 1996 when they became involved with the Small Landlord Association, which later became the National Landlords Association. 

By working closely with the industry’s leading companies Eddie and his team have built up a detailed understanding of the landlord market ensuring that the customer experience is founded on knowledge and support.  This has been highlighted in a recent customer survey that found that 95% of Hamilton Fraser customers were either satisfied or more than satisfied with the service provided by the company.

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