North Landlord Landlords – Things You Must Know

In a highly competitive marketplace, it makes sense to be fully informed, which is why North London landlrods should know these things.

While there is significant demand for rental property in North London, it is vital landlords take steps to know the local area and market. The letting sector in London is highly competitive, but by being informed about the market, you can make better decisions, hopefully enhancing your chances of achieving success.

At Ariston Property, we are pleased to say we have helped many North London landlords reach their tenants, and here are some things you must know.

You must know expected rental yields and rental income in your area

You need to be aware of what is happening in your local area, and what local prices are. While you don’t need to set your rental fees at the local average, it is helpful to determine how these prices are set, and how your rental property compares to the average property in the local area.

If your rental property is of a better standard than the average, you can justify charging a higher rental fee. However, if your home is not up to the standard of the average property, you may struggle to generate interest and demand in the accommodation.

You must have an EPC for your property

To let property, you need to have an Energy Performance Certificate with a rating of an E or higher. As of the 1st of April 2018, properties which hold an F or G rating are not fit for rent in North London, or the United Kingdom.

If you plan on letting soon, you will find professionals who help you obtain your EPC in 48 or 72 hours. Once you have an EPC in place, it last for ten years, barring any significant changes to the property. If a tenancy ends, there is no need to replace the EPC, the existing one is still valid until it falls out of date.

You must make repairs as and when they are necessary

Retaining the condition of your property is essential for many reasons. The sooner you make improvements, the less likely these issues become problematic. If a problem is left, it can become more expensive to repair or resolve. Also, if a problem is left for some time, tenants may become unhappy at the service you offer, which could lead to further problems for a landlord.

Get to know your tenant

When you have a tenant you know and trust, being a landlord becomes much simpler. If you get to know your tenant and develop a relationship with them, you will increase the chances of ensuring they remain in your property, and that they treat your rental property with respect.

If you are a North London landlord and you want to provide the best standard of service for your tenants, please get in touch. At Ariston Property Services, we are pleased to say we have helped many local landlords connect with tenants, and we are keen to do the same for you if we can, so please get in touch.