Why landlords should never rely on luck

Why landlords should never rely on luck

Make sure you create your own good luck as a landlord by making sure that several key parts of your investment are never left to chance.  Here are four times when landlords should never rely on luck when it comes to managing a rental property:

Don’t rely on luck instead of good tenant checks

You may feel like you are a good judge of character and don’t need to pay for a tenant check. Whether you choose a tenant based on a friend’s recommendation or just like how an applicant answers your questions, leaving this important piece of the process to chance is a recipe for disaster.

Reliable tenant checks are critical when it comes to protecting your investment. Consider it as an investment In your investment because it’s a small price to pay to find out whether the applicant has had rental problems in the past.  

A good tenant checking service has the tools and experience to get information on an applicant’s background and can do the job better and faster than you can. Since it is so affordable and quick, it just doesn’t make sense to rely on a lucky guess when selecting a tenant.

Don’t rely on luck when it comes to preventative maintenance

You may feel lucky when it comes to the philosophy of “if it ain’t broken, don’t fix it” but preventative maintenance can actually save you more money in the long run.  Even when things seem to be running smoothly at your rental property, there’s always something you can do to head off potential problems. Here are just a few examples when it’s much easier and cheaper to take care of something early on:

  • Trimming trees and bushes so they don’t interfere with buildings and utility wires.

  • Maintaining bathroom caulking for toilets, sinks, baths and showers rather than letting moisture take a hold in the walls or floor.

  • Inspect the roof and gutters for loose tiles, leaks and buildup to prevent serious water damage down below.

  • Never ignore smoke detectors and carbon monoxide detector maintenance and make sure they regularly inspected so that your tenants stay safe and sound.

Failing to perform preventative maintenance and relying on luck to manage your rental property’s maintenance issues may end up costing you more money and stress in the end.

Don’t rely on luck when it comes to late rent payments

Many landlords may face the problem of late rent payments, and there are several different approaches on how to handle it. However, it never pays to rely on luck and hope that it will all work out. Rather than trusting that your tenant will somehow get the rent money to you just a few days after it is due, make sure you follow the notification process as outlined by your letting agent if you decide to start the eviction proceedings.

Landlords who make the mistake of granting longer and longer extensions on paying rent are putting themselves at risk of losing out financially.  Always protect yourself and your investment from financial hiccups by issuing appropriate eviction notices in the time frames allowed.

Don’t rely on luck when it comes to legal issues

Being a landlord means you must be compliant with a range of legal requirements. You can’t rely on luck to ensure that you’ll never have a legal issue when it comes to your property or your tenants. Not knowing the laws about your business can get you into hot water!  Among the most common legal issues that landlords face include:

  • Failing registering the tenant's deposit with an approved Tenancy Deposit Scheme

  • Failing to comply with gas safety standards

  • Discrimination, whether inadvertent or not

  • Interfering with a tenant’s right to peaceful enjoyment and privacy

  • Inappropriate use of or failing to return the deposit after the tenancy has ended

  • Not following proper eviction proceedings

Even if you are well-versed in a range of legal issues concerning your rental property, it’s always a good idea to establish a relationship with a landlord/tenant solicitor so that if and when big issues arise, you have someone to go to for advice and services rather than rely on luck to get you out of legal hot water.

With thanks to Tom Binga, co-founder of RentPrep.

If you would like further assistance to rent out your property, here at Martin & Co we offer four service packages to our landlords, so no matter how much or little involvement a landlord may want in the process of letting their property, one of our flexible solutions will provide you with the right level of support. Why not contact your local office for more details.