Understanding your rights and your tenants' rights is a vital thing to consider. Laws governing rental property differ from one State to another. Carry out research to manage your buy to let property well.
How do you get a potential tenant?
Choose your tenants wisely so that there is no damage to your rental income. Reach out to a tenant reference agency who will not only screen the tenant and verify his information but also provide you guarantee of rent on time and rent guarantee insurance. In case the tenant they have referred defaults on rental payment, then, you will be protected by the agency. They will bear all the legal expenses and arrange for the loss of rent.
Possible steps to take in order to protect the property?
Your property must be secure, install an alarm system and have dead locks in good condition. If you are applying for a landlord's insurance, insurers will offer a lower premium because you have reduced the risk of loss through theft. If there are any possibility of fire hazards remove them, especially around the kitchen. Have fire extinguisher and smoke detector in place. People at home should know how to use it.
Tips to manage your tenants well?
When your tenant first moves in, take some time to adjust them to the neighbourhood and nearby amenities. Make sure they can reach you in an emergency and respond quickly to any emergency maintenance calls.
Rent agreement should be in place!
Have your property rent agreement prepared well and inform your tenants about its contents before he signs. It's also a good idea to hire the services of a real estate lawyer to preview your rent agreement and other paperwork or get you out of any legal problems.
What should you insure your contents for?
When you are letting out a property you need to make sure that the contents housed in it is in safe condition. This is especially true of buy to let furnished property. It is essential to make a check list of all the contents in your house and ensure its safety by having sufficient insurance cover. Choose a good content insurance. An inventory should have all the items that you need protection against any natural calamity, theft, damage of any kind due to various reasons.