So you have multiple applicants for your property, great! On the surface this seems positive but you need to be aware that this can bring issues when choosing one of these applicants. The Equality Act 2010 can take a landlord to court for discrimination. A landlord must be wary of this and prtootect themselves from any sort of discrimination. To avoid this:
Being a Landlord is a business, and the secret to any successful business is to ensure that the income they are yielding is consistent. By having consistent income, a Landlord allows themselves to easily plan for the future as they’ll always have an accurate idea of the monthly income they will receive from their properties.
Here’s a few tips on how a Landlord can make their income consistent
Most tenancies end amicably. There are some, however, that cause issues for landlords and abandon their property. As a landlord, you must give 24 hour notice to a tenant before you visit your property no matter how much reason you have to believe your property is empty. It’s important to follow contract legality because it can come back to haunt you if you need to take legal action on a tenant. With the ongoing pandemic and lockdown rules, people are choosing to isolate with their families and vacating their rented properties. This is particularly high in the student market as they have no tie to the rented area and no definitive answer if they will or need to return. Subsequently, there is a likelihood property abandonment will rise.
The time is coming up for a tenant to decide whether they want to renew their tenancy in a Landlord’s property. Most people would think it’s in the tenant's best interests to want to stay in the property, sign a new Tenancy Agreement and avoid all the effort, cost and stress involved with moving. However, it is also actually in a Landlord’s best interest for the tenants to stay as well (obviously pending that they have been good tenants so far) for the following reasons:
Last week we covered what to do if a Landlord thinks that their tenant has a guest that has long out stayed their welcome in one of their properties. This week, we want to focus on what they can do to put themselves in the best possible position to avoid the situation altogether.
As rental property inquiries begin to rise, there has been an increase in interest of pet friendly rental homes in the UK, as more Britons have bought themselves a pet during the coronavirus pandemic, or are planning to. That means even though renting pet friendly properties can result in more wear-and-tear, it could still prove profitable for more landlords to have a pet friendly policy, as it could mean their investment popular with more potential tenants.