5 Tips For New Landlords

Miller Metcalfe posted on 23rd December 2021

Becoming a landlord can be a complex and challenging journey, especially for first-timers. However, by working with a knowledgeable and experienced letting agent (like the lettings team at Miller Metcalfe!), you can navigate the process smoothly and with confidence.

From setting a realistic rental price to finding and retaining quality tenants, having the right guidance is essential. A great letting agent not only helps you get the most from your investment but also ensures the process of managing your property is as stress-free as possible. Here are five essential tips to get you started.

Get a realistic valuation

A realistic valuation is key to avoiding vacancies or financial shortfalls. By starting with a rental valuation, landlords can set a competitive price, attracting quality tenants while ensuring the property remains profitable. Overpricing can deter interest, while underpricing may lead to lost income.

A local lettings team like Miller Metcalfe can provide insights into the current market trends, ensuring the valuation reflects both the property’s potential and local demand. Our extensive knowledge helps landlords set a fair price that maximises occupancy and return on investment.

Finding the right tenant takes time

You’ve finally got your property ready and naturally, you’re eager to have it rented so you can start reaping the benefits of your investment. However, don’t be in such a hurry. Remember, it takes time to get the perfect tenant and taking all the relevant precautions and ensuring all the thorough checks are done will save you a lot of trouble later down the line.

Keep the good tenants

Every landlord wants tenants who not only pay rent on time but also care for the property as if it were their own. Once you’ve found such tenants, it’s crucial to make them feel valued. Offering flexibility, such as accommodating requests when possible or conducting regular property maintenance, can go a long way in showing your appreciation. Simple gestures like timely communication and offering lease renewal options in advance can help create a stable, long-term relationship, ensuring they stay in your property for the foreseeable future.

Respond to any tenant concerns

Nobody wants to be disturbed by late-night phone calls about any issues that have arisen at a property, but it’s part of the job. Don’t dismiss any difficulties or concerns raised by your tenant. When possible, every repair should be completed within 24 hours, wherever humanly possible. If that isn’t possible, make sure your tenant is kept up to date on the situation and aim to have it resolved as soon as possible.

Find a respectable letting agent

Choosing the right letting agent can make all the difference when managing a rental property. A skilled agent simplifies the process by effectively marketing your property, finding reliable tenants, and handling the complexities of tenancy agreements and rent collection. At Miller Metcalfe, our experienced lettings team ensures that your property is marketed to its full potential, using our in-depth local knowledge to attract the best tenants. With our tailored services, we manage everything from tenant search to maintenance, giving you peace of mind. Let us take the hassle out of your property management journey.

How Miller Metcalfe Can Support You

We strongly believe that you should have the choice as to how we market your home. We discuss and customise our prices to meet your needs and expectations.

Your personalised marketing programme is designed to achieve the best possible price for your home. In our experience, the first few weeks of being on the market is a crucial period for generating interest. That is why we advertise your home using the very best methods in order to maximise the potential of renting. We understand that renting your property is more than just recommending an advertising price and marketing it to potential tenants. Our team are on hand to manage the move expertly from start to finish. Most importantly, we understand the value of keeping promises and exceeding expectations.

We have a range of packages tailored to suit the needs of our landlords. From introduction only & tenant find, to rent collection and managed tenancy, all with a ‘No Let, No Fee’ guarantee.

Miller Metcalfe

Miller Metcalfe are approachable, friendly and committed to making your move as quick, simple and stress free as possible – just what every estate agent should be!

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A Guide for First-Time Landlords: What to Expect When Renting Your Home

Updates: 6 Mins Read

5 Tips For New Landlords

Get a realistic valuation

Finding the right tenant takes time

Keep the good tenants

Respond to any tenant concerns

Find a respectable letting agent

How Miller Metcalfe Can Support You

Miller Metcalfe

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