A reputable agency will help a landlord manage the property
As a growing number of accidental landlords continue to enter the market, a guide has been produce which
offers new landlords advice on all aspects of the lettings market from tips on selecting a lettings agent to information on the ongoing obligations and responsibilities of being a residential landlord.
Choosing a letting agent - A good lettings agent can not only help you in finding your tenant but they can take over responsibility of collecting rents and organising repairs and that saves a great deal of hassle.
Deciding what rent to charge – be realistic. Take the agent’s advice on what is an achievable rent and look at local newspapers and property websites to see what else is available and at what price. The current oversupply of rental property may mean accepting a reduced rent but a competitive price will reduce the voids!
Get the Tenancy Agreement in place – before finding your tenant you need to think about any restrictions you wish to put in place. However, try not to be too tough – if you exclude smokers, pets, students, small children and short term lets, you will narrow the market for your property considerably! Be sure that you explain these points to your agent as well.
Ongoing responsibilities - one you have a tenant in place, as a landlord you have a number of ongoing responsibilities. You must ensure any necessary repairs are carried out efficiently and the property must be well maintained. You must ensure the safety of all gas and electrical appliances and all furnishings adhere to the necessary fire safety regulations.
The advent of the accidental landlord is a trend that is expected to continue. While many amateur landlords entered the market prior to 2008, keen to make their fortune in what seemed to be a world of ever rising house prices, this year we have seen an increasing number of homeowners opt to rent out their previous home, rather than sell at a reduced level and Tenerife is a good example.
The guide is to assist those who are new to the lettings market and are unsure of their legal obligations. With an array of responsibilities and regulations that must be adhered to, entering into the lettings market is not a decision that should be taken lightly. For those with limited experience, hiring a lettings agent is a must and there are still many reputable agencies in Tenerife.
