Be The Lord of The Manor With This Landlord Advice

by Mike on March 9, 2017

Be The Lord of The Manor With This Landlord Advice

Investing in real estate is a great idea, and renting the property out is an even better one. By renting, you can recoup your investment and pay off any loans you may have. But, it isn’t all rainbows and picnics. When you rent to a tenant, you become a landlord, and being a landlord isn’t an easy task. Residents rely on the proprietor for everything, and they can be needy. Not to mention, they aren’t always an excellent fit. To make your life easier, you need advice, and you’ve come to the perfect place.

Speak Face To Face

Tenants have the annoying ability to seem perfect on paper. The difficult ones know they are difficult, so they want to get off to a good start. Applications from candidates will arrive, but you shouldn’t put too much emphasis on them. If you like a particular one, it is important to keep it mind and contact them directly. When you speak to someone face to face, it’s easier to see past the words on the page. Granted, you’re not a shrink, so reading between the lines isn’t going to be your forte. Still, everyone makes an impression and you can use it in your final decision.

Check Their References

The dangerous thing about renting is that they can put anything on paper. Renters can say they lived with the Queen in Buckingham Palace if they like, but it is an obvious lie. Other lies aren’t so obvious, which is why a reference check is a safe move. All it takes is a couple of phone calls to their previous landlords to ask them questions about their tenancy. If you think they are trying to pull a fast one, you can ask to meet the landlords in person or view the property. Checking out the person(s) with Warrant Check Online is another good idea. With this service, property owners can see if a renter has a criminal history that may put the deal in jeopardy. A DBS is also available through the government website.

Guarantee The Deal

A guarantor is basically a safety net for landlords. Some possible renters might have a history of paying late, or they might have bad credit. If this is the case, you will have reservations about them paying rent, which is a problem. Fortunately, you can ask for a guarantor to secure the tenancy. So, if the tenants fail to pay the rent, the guarantor will have to stump up the money. An agreement is binding, so there is no way they too can dodge the payment.

Put It In Writing

The final move is to put everything you agree on in writing. Otherwise, it is your word versus their word, and this scenario is almost impossible to mediate. To make sure you are in control, you need prove that you aren’t the offending party. Then, you can go to court if need be to solve the situation because you know you’re right. Before both parties sign, have your lawyer take a look and comb through the details.

If you do all of the above, the tenancy should go without a hitch. Fingers crossed!

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