Renting out a property can be a lucrative venture, but it’s not without its challenges. Landlords must navigate a complex web of regulations and responsibilities, and even the smallest mistake can have serious consequences…
To help you avoid these pitfalls, we’ve compiled a list of the 20 most common mistakes landlords made when renting a property:
Not having a clear understanding of their management package and the specific services provided by their agent.
Some landlords only hire agents for finding tenants, assuming they will also perform other vital tasks, like property inspections.
Forgetting to provide a UK service address on the AST (Assured Shorthold Tenancy).
Not referencing the tenant and doing a background check on them
Not taking out Rent and Legal Protection Insurance.
Not knowing how to increase the rent amount and how much notice to provide
Renting to friends and family.
Not providing a written tenancy agreement.
Protecting the deposit too late or not at all.
Not keeping a record of documents.
Not carrying out regular inspections.
Not providing the correct prescribed information (and terms and conditions).
Being unaware of licensing areas.
Not keeping track of rental payments.
Accepting cash for rent.
Forgetting to ensure a break clause is in an AST (Assured Shorthold Tenancy).
Not doing enough research on the agent before choosing the right one.
Buying the property with a tenant in situ and not getting all the documents and information.
Letting rent arrears escalate and build up for months on end.
Not ensuring agreements are signed by both parties.
Poor communication with tenant and not letting the tenant know how to contact you/the agent in the event of an emergency.