Leeds, UK (PRWEB UK) 21 May 2012
Potential investors regularly ask Priestley & Co about the risks of property investment. With recent news articles shining a light onto some of the horror stories landlords have faced, many ‘would be’ landlords are choosing to stay away from investing their money into bricks and mortar despite the great returns on offer.
With investors growing increasingly concerned about investing in buy to lets due to the ramifications of a ‘horror’ tenant. Nathan Priestley, a leading Letting Agent in Leeds says ‘With growing numbers of possession cases in local courts and the easily available and free advice on offer to tenants to avoid paying rent, renting property is becoming more of a risk to potential investors. It is important that landlords choose the right agent who is accredited with ARLA, NALS or RICS, as they can provide qualified advice and guide them through the letting process.’
Priestley & Co, Letting agents in Leeds have produced a 10 step guide for landlords who are looking to rent their property. These steps ensure the risk of letting is kept to an absolute minimum whilst also maintaining an ethical approach to renting.
Here they are in brief
1.) Market your property extensively using major online portals, rightmove, zoopla and findaproperty
2.) When choosing an agent, make sure they are accredited with ARLA, NALS or RICS and reference would be tenants accordingly
3.) When accepting a tenant on housing benefit, make sure a full time worker who is a friend or family member of the tenant is on the tenancy also, this helps prevent the risk of non payment or damage
4.) Ensure a thorough inventory of the property is completed before a tenant moves in.
5.) Make sure you have a solid ‘Assured Shorthold tenancy’ in place, your accredited agent will provide a good one within their service.
6.) Make sure your tenancy includes a Section 21 Notice to Quit. This needs to be issued before you can regain possession of the property
7.) Inspect the property regularly
8.) Abide to landlord regulations, look after the property and your tenant and they will look after you
9.) Be aware of housing law, an excuse of ‘I didn’t know’ will not suffice if you end up in court with your tenant. Use your agents knowledge to assist you.
10.) Make sure you have copies of all correspondence in writing. You may need to prove communications at a later date. This can also help in preventing problems escalating because of miscommunication.
Steps in full – Property blog
About Priestley & Co/ Note to editors
Priestley & Co is a UK based company that provides Letting agency and property investment services to Landlords and corporate clients. Since the company was formed, Priestley & Co has consistently lead the field of property management with expert knowledge and an unrivalled thirst for success from its young and dynamic team. Priestley & Co is a licenced member of the Association of Residential Letting Agents (ARLA) and the Property Ombudsman. For more information on Priestley & Co, please call 0113 222 4537 or visit http://www.priestleyandco.co.uk