8 Things Landlords Must Do!

Whether you've just bought your first rental property in Crystal Palace or your fifth, being a landlord is a role where you continually keep learning and facing new challenges. So, what are the things landlords must do? Other than keeping abreast of what's happening in the property market, you need to ensure that you're following all the latest rules and requirements for landlords.

Here at Your Home Managed we've got over 7 years of experience working with landlords and dealing with the property market, so we've pretty much seen it all! To help you keep on top of the things landlords must do, we've created a handy list of the eight most essential things.

1. Be aware of what's happening in the Crystal Palace rental property market

The conditions of the Crystal Palace rental property market are continually changing. First and foremost, a good landlord should keep an eye on property market conditions. This will help inform you as to how to market your property and give you an idea of what rental price you should be expecting for it. You'll also have a much better idea of the competition if you do regular market research.

2. Understand the facilities in your property's location

Knowing the local neighbourhood that your property is in can significantly affect how well you position your property. For instance, here in Crystal Palace, there are some excellent schools in the area, so you may want to market your property as a family home. Likewise, if it's located on the commuter belt, you could think about converting it into separate flats to accommodate four individual tenants instead of just one household.

3. Ensure that your Crystal Palace rental property is up to scratch

When you rent out a property in Crystal Palace, you need to ensure that it meets certain requirements. You must ensure that it is a liveable space with a safe environment for tenants. For example:

• Does the property have the necessary smoke and CO2 alarms?
• Are there any safety hazards for children or the disabled?
• Do you have gas and electrical certs?

Ask our team at Your Home Managed, as we can help you understand the full requirements your property needs to meet before you can rent it out.

4. Short on time? Your Home Managed will be a huge help

Want someone else to take on the load of the actual property management? Hire Your Home Managed to look after your rental property and your tenants. Here are some of the many ways that we can help you to avoid stress:

• Advise you on rental property prices based on market conditions
• Market your property, online and offline
• Handle deposits and referencing
• Arrange and conduct viewings on your behalf
• Draw up tenancy agreements
• Property maintenance and repairs (no late night calls about broken boilers for you!)
• Collect rent every month and chase up late payments

5. Work out your taxes

Before you start getting rent paid into your bank account, you should register with HMRC to ensure that you're taxed accordingly.

It's important to mention that there are different tax rules for landlords depending on the type of property you own. Look into this on the HMRC website to make sure you're doing all that's legally required or ask us for help.

6. Set aside some money for emergency funds

As a landlord, you should always be prepared. To remain within your budget, set aside a small amount in case anything goes wrong. For example, if your rental property is unexpectedly vacant for a short period, you should ensure that you can cover your mortgage payments without the rental income.

Set some money aside for any unexpected issues as well. No matter how new a property is, wear, tear, accidents, and adverse weather may lead to the need for maintenance and repairs. Find out what type of insurance you need when you let your property. 

7. Comply with all legal requirements

There are many legal requirements that you must follow as a landlord to ensure the safety of your tenants and to avoid fines and penalties. These include:

• Gas Safety (Installation and Use) Regulations 1998 and Subsequent Amendments. These state that all gas appliances must be safe and checked annually.
• The Smoke and Carbon Monoxide Alarm (England) Regulations 2015. The landlord is responsible for ensuring that their property is fitted with working smoke alarms and carbon monoxide alarms.
• The Electrical Safety Standards in the Private Rented Sector (England) Regulations 2020. Under these regulations, the landlord is required to make sure that all electrical appliances in the property are safe to use.
• EPC (Energy Performance Certificate) & MEES (Minimum Energy Efficiency Standards). These state that all landlords must provide a valid EPC certificate to their prospective tenants.

8. Check whether your local council requires any specific licences

Contact your local council to check whether any other licenses are needed before you rent out your property in Crystal Palace. Some councils will have specific mandatory regulations above and beyond the ones mentioned above.

Need expert property management advice?

Call us today on 0208 125 7780, email us at info@yourhomemanaged.com or book a valuation to find out more about how we can support your property management in Crystal Palace.