How to…be a successful landlord

The rising cost of living combined with the current financial insecurity suffered by many people in the UK can spell disaster for landlords – The Move Channel has asked rental experts, upad.co.uk, the UK’s marketplace for property rental, for some advice…

There are more than 1.5 million landlords in the UK, and this number is increasing. Choosing the right property is the first step, but what you do next is equally important.

1. Make friends

Keeping in close contact with your tenants will make them less likely to default on a rental payment. If they are having trouble receiving payments due to a short-term financial situation, then show understanding by perhaps offering them a reduced rate of rent (at least initially). Remember, some cash is better than no cash.

2. Cheque them out

Ensure your tenant sets up their payments through a standing order. Then you won’t have to keep hounding them for money, which is both time-consuming and potentially damages the relationship you are trying to build. It also means your tenants won’t embarrass themselves if they “forget” to pay – or be able to use the excuse that “the cheque's in the post”.

3. Bank on it

Make sure prospective tenants provide you with their last three months of bank statements. These will show you that they have a regular salary going into their account, and that it is sufficient for them to be able to afford your rent.

4. Delve into their past

Phone their previous landlord/s to confirm that they were reliable tenants. This also establishes that the information they have given you is correct.

5. Cover your back

If you are still not certain that the tenants will always be able to pay the rent every month, acquire a UK-based guarantor, who will then be liable to pay the rent if they default. Another option, which may already be included in your building cover, is to obtain rent guarantee insurance.

For more information on UK properties and the property market in general, please visit http://www.themovechannel.co.uk/

-ENDS-

Notes to editors:

TheMoveChannel.com is a property website that was founded in 1999 as an online resource for buying, selling and learning about property. It now receives as many as 300,000 visits per month and advertises over 50,000 properties in nearly 90 countries, which are listed by over 500 partner organisations.

For further information, please contact:

Dan Johnson

Managing Director

www.themovechannel.com

0207 952 7650