How to Avoid The Mistakes

PlanetRent makes the rental process quick and easy.

Lots of self-managing landlords are not property professionals and they find it difficult to get it absolutely right every time.

In order to avoid the pitfalls, these are our tips for avoiding the four most common mistakes that we see people making.

Don’t skip the referencing process

As a landlord, it is imperative that you carry out proper referencing checks. This is one of the four most common mistakes that landlords make and, if not done properly, it will lead to all kinds of problems during the tenancy period. It’s vital to discover:

• If the tenant has had any previo,s rent arrears,
• If they can they afford the rent?
• If they left their last rental property in an acceptable condition.

We recommend that landlords maintain an application checklist. This shows the information required every time a potential new tenant is processed.

You will need to know their current address, their current or most recent landlord's address, where they work and what their current salary is.

Identity checks are crucial too. You must always make sure that the tenant is who they say they are and that they have the right to rent in the UK. We always advise that landlords ask for the contact details of a close relative for emergencies. This will help if your tenant leaves the property owing you rent or money for repairs, or if you need to forward post.

PlanetRent, our cloud-based automated lettings platform, takes care of the referencing along with all the other aspects required. It is very easy to use, and it is pay-as-you-go. Please take a look and ensure you are never tempted to skip the referencing process.

Check Your Mortgage Agreement

It is essential, before renting your property, that you check the terms of your mortgage. This is to make sure that it allows you to do so. Renting out your property without the consent of your mortgage company could put you in breach of their terms and conditions. This could result in your lender charging you a higher interest rate or, potentially even seeking to repossess your property.

Speak to your Tenants

Not speaking to your tenants can cause problems. As an example, if you are not using a managing agent, you need to be available at all times in case an emergency arises. Not responding to maintenance issues may also prevent you using the Section 21 eviction process shouldyou want to regain possession of the property. So always ensure that your tenants are able to, and feel comfortable to contact you. It is never sensible to turn up at the property unannounced. We do recommend, however, that inspections are carried out regularly, ideally every quarter, and that you keep a record and photographs of the current state of the property and its contents. This will help to avoid disputes, especially at the end of the tenancy.

Rent too Expensive

In a price-sensitive market, looking for a rent that is too high could mean your property stays unlet. Please don’t be tempted to seek an excessive rent on your property to ‘test the market'. If your property is on portals such as Zoopla & Rightmove, they show a full history of rent changes.

This will mean that you seem desparate to rent the property. Potential tenants may think that there is something wrong with the property and you may end up having to take a lower offer.

All of this information and more is included in our E-book on this topic. Click on our website to download it and to take a look at our other resources, all designed to help you get the most out of your rental property: www.planetrent.co.uk