It may not surprise you to learn there are many mistakes landlords can make, and these can all have a hugely negative impact on your business. It is vital landlords know what to do, and what not to do, and here are even more landlord mistakes you must avoid.
Asking illegal interview questions is a big mistake
Interviewing tenants can be a problematic area if you are unsure of legislation relating to discrimination. The Equality Act 2010 – Part 4 covers discrimination and it prevents landlords from denying a rental application when the decision is based on gender, race, religion, gender, marital status, disability or even family status.
The consequences of breaching this matter can be hugely problematic for landlords, so it is best to call on an expert to conduct this part of the letting process.
Not providing tenants with a safe rental property is a mistake
The Homes (Fitness for Human Habitation) Act is in place, and landlords must comply with these regulations. A failure to do so can lead to landlords being taken to court by tenants. This should be avoided at all costs, which is why it is imperative landlords review regulations and ensure they provide tenants with a safe and dependable rental property.
Failing to enforce lease terms is a major mistake
The tenancy agreement is an important document, as it contains regulations landlords and tenants must comply with. Also, if the tenancy agreement is breached, the consequences of doing so should be detailed in the document.
If a tenant fails to adhere to the agreement, the landlord should impose the stated penalty or punishment. A failure to do so will cause problems that will likely be exacerbated. While landlords likely want to develop a good working relationship with tenants, this cannot be mistaken as a weakness. The tenancy agreement exists for a reason, and any breach must be dealt with.
It is a mistake to not agree things in writing
For the benefit of landlords and tenants, it is vital to write things down. Maintaining a written record of conversations and chains of email or electronic messaging correspondence provides confidence for all parties.
Failing to treat the role seriously is a major mistake
There are many landlords who see their role as a hobby, or a good way of bringing in additional funds. While being a landlord may not be your chief source of income, you cannot afford to treat it as a hobby. It is vital you set up in a business-like fashion, and that you adhere to business regulations.
If you fail to run your landlord activity as a business, don’t be surprised if it fails. Take the time to record matters, budget accordingly, and follow up on non-payment of rent.
If you are a landlord and looking for property management tips and guidance, please contact SC Property Management today. We have a range of services aimed at helping you manage your property and enjoy success as a landlord.