Top tips for DIY landlords

Top tips for DIY landlords

According to property consultancy, Galbraith, demand for good quality rental homes continues to rise across all regions in Scotland.

With the private rental sector still offering a sound investment opportunity and high competition amongst tenants pushing rental prices up the firm is urging current and prospective landlords to consider the following top tips to ensure a successful tenancy.   

Choosing a reputable agent that will help with tenant selection and missed payments is sometimes a vital service for landlords. However, for those who are considering becoming a DIY landlord, Galbraith offers a helpful checklist:

1. Vet prospective tenants thoroughly, it’s important to check bank, employer and previous landlord references. Generally, as a rule of thumb, a tenant’s annual income should be at least 30 times the monthly property rent.

2. Always take a deposit and perhaps more importantly always protect it through one of the Scottish deposit protection schemes. If the deposit isn’t protected with a scheme as the landlord you can be made to pay the tenant three times the deposit amount back. Most tenants expect to have to pay a deposit of at least one month’s rent so be wary of those who try to wriggle out of this.


3. Schedule regular property checks don’t just leave tenants to their own devices after moving in. Ensure that the first inspection is within three months of the move in date and at least annually thereafter. If there is a breach of the lease act on this immediately, don’t leave it to perpetuate or get worse.

4. Alert tenants to rent arrears straight away as acting promptly will prevent the situation becoming difficult. Keep a copy of all paper work and emails sent to tenants as well as this will make it easier to serve a ‘Notice to Quit’ to tenants if the contract is consistently breached.

5. Keep up-to-date with legislation. The new Scottish Private Residential Tenancy, (SPRT) is expected to be introduced at the end of 2017 and means that the grounds for repossession becomes more restricted; all the more reason to ensure you find suitable tenants from the outset.

As the lettings sector becomes more heavily regulated Galbraith fully expect to see a rise in the number of landlords seeking professional advice and assistance.

Bob Cherry, head of lettings for Galbraith, said: “We are often approached by landlords for advice or assistance once a problem has already developed. Seeking help early on can avoid costly mistakes. The experienced lettings team can also advise landlords on preparing property to let and meeting all the current compliance obligations as well as using our extensive prospective tenant database to match the right people to the right property.”

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Comments

  1. IrisJ.IrisJ.17 July 2017 09:54:45

    The third point is, in my opinion, the most important one. People have become too inconsiderate and careless when it comes to rented properties. If a landlord wants to protect their property, regular visits are a must!

    Reply to this comment

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Latest Comments

Tom Allen
Tom Allen 20 Sep 2017

Absolutely agree with you!

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RyanGeo
RyanGeo 18 Sep 2017

A sharp correction would be a less dramatic expression to use. That is already underway in certain sectors in Reading where I practice as Chartered Surveyor

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sean benton
sean benton 01 Sep 2017

Identity theft is a thread for any profession. So,people should stay alarmed. I once take help from a letting agent and came to know that letting agents are taking every precaution to prevent fraudulent...

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Mark N.
Mark N. 30 Aug 2017

We have seen a surge in instructions over August and that should continue into September too.

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Chris
Chris 30 Aug 2017

Unfortunately, all the legislation bears its force on Landlords and ignores, naively, the effect of Rogue Tenants on the ability of landlords to keep houses in repair and offer properties for rent at reasonable...

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Christian Donovan
Christian Donovan 18 Aug 2017

The write-down on house values, combined with the fall in the GBP saddled the fund?s property portfolio with a 1.4% loss in the second quarter. The shocking amount of $240 million.

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Samantha Goodman
Samantha Goodman 11 Aug 2017

Interesting point of view.

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Samantha Goodman
Samantha Goodman 11 Aug 2017

It depends on the people, some older adults decide to make a long-distance move in order to live closer to their children or settle in a place with a lower cost of living.

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brandonlee10
brandonlee10 24 Jul 2017

The financial ramifications of the triggering of Article 50, the starting gun for Britain's departure from the EU, are far from clear. Buyers will be most cautious in London, given that buying a home in...

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IrisJ.
IrisJ. 19 Jul 2017

Great advice, but may I also add that when buying an already built home, make sure you do all of the proper inspections. Most importantly pest inspection because people tend to get surprised when they

view article
IrisJ.
IrisJ. 17 Jul 2017

The third point is, in my opinion, the most important one. People have become too inconsiderate and careless when it comes to rented properties. If a landlord wants to protect their property, regular visits...

view article
cornishalan
cornishalan 10 Jul 2017

Added to the cost of purchasing these village properties are the above average maintenance costs. Particularly where the property is a listed building or requires specialist building skills such as thatching...

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