The idea that investing in rental property is easy passive income is a myth.

Letting and managing a rental property can be stressful, especially for inexperienced or accidental landlords.

 

This month sees the championing of Stress Awareness Month; an annual event that recognises the dangers of modern-day stress and provides valuable coping strategies.

If you are wading through the tenancy treacle, read our top tips to temper your tension.

 

Whether it’s a simple credit check or a comprehensive background check, referencing your tenant is ESSENTIAL. If you have concerns, you could arrange to meet your prospective tenant in their current property to see how it’s been looked after or even go a step further and ask for a rental guarantor. If you have rental income insurance, check whether the terms of your policy stipulate the level of referencing required.

People buy people. And much like you want the right tenant in your property, you want the right tradespeople working in it. We guarantee that you will, at some point, have some repairs that need attention – whether from an accident or general wear and tear. Building a trusted network of tradespeople that provide value for money will stand you in good stead.

 

Now, more than ever, we understand the importance of an emergency fund. In tough financial climates, rent arrears can be more of a reality than a risk. In situations like this, contact your tenant – there may be a simple explanation that is easily remedied. If not, don’t delay in taking advice. If you rely on your rental investment for income, consider whether rental insurance is a sensible option.

 

If it all gets too much, ask for help. A good ARLA letting agent can manage the entire tenant journey for you: from tenant sourcing right through to the end of tenancy clean. Inventories, referencing, deposits, rent collection, repairs, and legal and regulatory compliance; you name it, it’s covered.

 

We understand the pressures involved in letting your property and are here to alleviate your anxieties.

If you’d like to hear how we can make your property let a stress-free experience then please give one of our senior letting team members a call. Both Kelly or Kirsty have many years of experience. They are available on 01843 231841. We would love to help.

(c) 2021 Cooke & Co Estate and Letting Agents

ARLA Members, Established 1992.