A guide for a first-time buy to let landlord

Are you thinking about renting out a property for the first time? It can be a big and daunting step to
make, but one that is also incredibly rewarding. To help you on your step to becoming a buy to let
landlord, we have put together a short guide to help you on your way – as one of the leading
property management company’s in Manchester, we have over thirty years’ experience in helping
new landlords, just like you, enjoy the best from their property.

1)  Create your tenancy agreement

This document will define your relationship with the tenants, detailing things such as the
rent and the date it is due, tenant obligations, your obligations and also details about the
deposit. This document is one of the most important parts of the entire process, so it is
worth taking your time and talking with an experienced property manager to ensure it
covers everything you need it to.

2) Make sure you are covered
Life is full of unexpected events, so it is important that you take out the relevant insurance
policies to make sure you are covered under any eventuality. Some of the most important
are:
– Building Insurance: Which will cover the costs of any repairs or replacements after a fire
or flood etc
– Contents Insurance: This covers items such as carpets, furnishings and white goods
– Emergency Home Cover: For any unforeseen circumstances such as a burst pipe
– Liability: Covers you if your tenant or anyone else is injured in the property
– Loss of Rent: Should your tenants fail to pay their rent or the property is unable to be
rented- Legal Expenses: These will cover any costs arising from legal matters (such as eviction)

3) Consider a Letting agency
If you are running this as a side business, or you simply do not have the time to manage the
property and collect the rent, then consider using a letting agency who will undertake all of
the necessary work for you – leaving you to sit back and relax!

4) Know your legal responsibilities
Your primary responsibility is to keep your tenants safe by ensuring the property is safe to
live in. This means undertaking regular gas, fire and electrics tests as well as supplying the
relevant alarms etc.
Before renting your property, make sure you understand all of the legal requirements you
have to meet. If you are unsure, then a property management company can help you with
this.

5) Know what to do when problems arise
Whilst you want to believe your tenants will be responsible, sometimes they might fail to
pay you on time. In this instance, you need to know how to react quickly and professionally
– sometimes there might be a legitimate reason and a quick chat with them can alleviate any
unnecessary aggressiveness.

If the problem persists, then it is important to know how to undertake legal action and the
processes required to get your money back.
If you are thinking of renting your property out, but are not sure how to begin the process, then get
in touch with the Accommodation Centre today and our experienced team will be happy to help you.