5 simple tips for new landlords

It’s important to not waste time and money when you’re a landlord, however, it is understandable in the early days that you will spend more time and money on tasks than a more experienced landlord would.

So I have a couple of little tips for you that may seem incredibly simple, but will save you time and frustration if not a little money in the process.

1. When you are creating an application (if you are doing so from scratch) make sure there is enough room to write in full. If you require your prospective tenant to fill in their forms at the open home (rather than filling them in using a fillable PDF), then you need to provide space so they can write legibly. We’ve all been frustrated when filling in forms when you only have space to write half of what you need. This will make your life more difficult.

2. Make sure there are spaces for multiple landlords and not just the current landlord. If you leave space for just one, you may find that the landlord has a vested interest in helping these tenants find a new landlord! (That means you). Give yourself some insurance by checking in with multiple landlords before committing to a tenant.

3. It’s important to provide space for a detailed employment history  – 10 jobs in 3 years should raise alarm bells. Next!

4. If you are gathering personal information so you can give it to a third-party, then disclose it! You do not want tenants to come back with a privacy complaint, that will provide headaches all round.

5. Call the references. They are there as a way to check to see if the people living in your property won’t wreak havoc. You can save a lot of time and money by making the calls, following through on the reference checks. Don’t just ask for one, ask for a few. If you leave messages and the references don’t respond, ask tenants for more. If the tenants are genuine, then they will be happy to provide more information.

These tips may seem obvious, but you might find its the most basic steps that are overlooked and create problems.

What about you, what would you add to the list?

Alarm
Avoid the alarm by being clear on your forms.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s