Finding Tenants in the UK: Top Tips for Landlords

Top Tips for Finding the Best Tenants

Property owners can adopt some best practices to succeed in the UK’s rental market. Explore the expert tips to find quality tenants and maximise your rental yield.

1. Understand the Rental Market

Several factors are influencing the rental yield and the tenants. Understanding the rental market is the best approach to navigate the rental business effectively. It is important to explore the market to determine what kind of property is most effective in terms of producing rental income and the kind of renters to anticipate. Identifying your target tenants is essential to choosing the right property and location. For instance, a property near educational institutes is good for student accommodation and a property near business establishments can attract professionals.

Therefore, identifying your target tenants and choosing the right property by gaining insight into the rental market is essential for finding good tenants and maximising rental yields.

2. Careful Screening of Tenants

After finding tenants, you must thoroughly screen them to learn more about their backgrounds. To ensure that you are renting out your house to a legitimate and reliable tenant careful screening is a must. Tenant screening is also crucial for following rules and protecting your safety as a landlord. Screening tenants before signing any tenancy agreement protects landlords and helps to avoid legal issues.

3. Sign a Tenancy Agreement

The tenancy agreement is a document that aims to lead to the mutual welfare of a landlord and a tenant. Prepare an agreement that sets out the conditions to regulate renting of premises to tenants. It must be signed and dated by both you and your tenants so that you would both have copies of the agreement and understand the provisions stated therein. A tenancy agreement is a vital document to ensure accomplices with legalities.

4. Conducting an Inventory Report

Another essential tip for landlords to succeed in managing rental properties is to conduct an inventory report. This report is useful to evaluate the state of the property to let out to tenants and also when tenants vacate the house. An inventory report provides comprehensive details on the fixtures and goods installed in the building, as well as their current state. The report also contains details of the condition of every aspect of the property, including the rooms, bathrooms, outside spaces, appliances, furnishings, and any other fixtures.

5. Use a Deposit Scheme

To protect a tenant’s deposit, a landlord in the UK can use one of the three government-approved tenancy deposit protection (TDP) schemes. Landlords can use deposit schemes including Deposit Protection Service (DPS), MyDeposits, and Tenancy Deposit Scheme. A deposit scheme is an assurance to a tenant to get their deposits back at the end of tenancy.

6. Enhance the Energy Efficiency of Your Property

Another best technique to increase rental yields and growth capital is to invest in enhancing the energy efficiency of your property. Installing energy-efficient lights, programmable thermostats and double-glazing can help to reduce energy consumption. This also helps to get a good Energy Performance Certificate (EPC), a certificate required for selling or renting a property in the UK.

7. Regular Maintenance

Regular maintenance and inspections are essential to maintain the conditions of your property and attract the best tenants. Landlords are responsible for ensuring that their properties are habitable for tenants. So, promptly address any repair or maintenance issues to keep the property in good condition and attract the best tenants