What new landlords need to know

Some time ago, Landlord Today carried a useful article from a Norwich-based insurance broker who specialise in providing landlord insurance. This gave a list of top tips for novice buy to let investors which outlined the most important aspect, to new landlords,of renting a property, namely:

• Know the Law
• Prepare for Costs
• Evaluate your Tenants
• Understand Eviction

Before becoming a landlord, it is imperative that you have a clear understanding of the market.

By renting out a property, you are providing a home for someone, and that is a huge responsibility.

Landlords expect to make a good return on their money, but the lettings industry comes with a long list of obligations and responsibilities that have to be understood.

First-time landlords have an awful lot to gain by using a professional letting agent.This does come with a cost, but what you may lose financially, you should gain due to the local knowledge and expertise of an experienced company.

You are more likely to face fewer void periods when you aren’t getting an income. You can rely on the agent to properly vet your tenants, so you are less likely to face problems further down the line.

This can all be carried out by yourself but it takes time and energy and it is easy to make mistakes.

Selecting a letting agent

Firstly, please make sure that the agent you choose is a member of one or more of the three main governing bodies:

• Association of Residential Letting Agents
• Safeagent (Previously The National Approved Letting Scheme)
• National Association of Estate Agents

Any such letting agent will portray the body's logo or trademark on their website, meaning that they are bound by the rules and regulations that govern the sector.

The agent will also have a complaints procedure in place and can be relied on to safely manage your money.

Or use PlanetRent to manage your property

In saying all of this, if managing and letting your own property really is the way you want to go, then Ringley has developed PlanetRent to do all the hard work for you. We have designed it to give your tenants a professional rental journey and to ensure that you as a landlord remain fully compliant with all the latest legislation.

So if you have a property to let, why not, sign up here today, free of charge, and find out how PlanetRent could benefit you and your tenants.