1. Skipping or fast-forwarding references
References serve an important role. They vet the quality of the potential tenant, both in terms of affordability and trustworthiness, in an effort to mitigate risks later on down the line. Improperly referenced tenants may not have been financially checked to show their affordability over the last 12 months. Fast tracked references, where guarantor forms have not been signed or where shortcuts have been taken due to time constraints could be disastrous and cost the landlord dearly.
2. Not communicating
If a landlord only hears from his letting agent when there is a problem or a cost to sign-off, then the relationship will suffer over time. Regular communication may seem like a time consuming inconvenience, but a regular general newsletter or personalised email to your landlords would show them you have your finger on the pulse for what is coming up in the industry, how it may affect them or any actions they may need to take.
3. Skip inspections
Property inspections are vital if you want to be sure that the property is being kept in good order. Regular inspections will highlight anything untoward – such as unagreed pets, more tenants in the home, unreported damage or repairs. Ultimately, this is the landlord’s investment and even prepping a small report on ongoing inspections may help them feel more secure and like you have their best interests at heart.
4. Produce hidden Fees
Let’s be honest, no-one is keen on hidden fees. A clear pricing structure for whatever level of management service has been opted for is best. At the inception of the contract you should offer any products you think the landlord might benefit from including Landlords Rent and Legal Protection. This will show them you are pro-actively protecting their investment. Many landlords often only have one rental property and their profit margins are small – and getting smaller Reduced profits and increased running costs can make property repairs and costs hard to manage. By offering the right insurance products, your landlords could get help when they need it the most.
5. Not understanding or sympathising with the risks
A property investment is not a light undertaking; especially in recent times. Understanding the landlords’ risks is paramount to a good relationship. They need to understand you have their back. This means being proactive not just reactive to what is happening in the market so you can protect your clients and find possible solutions. This is the simplest way to secure a landlord’s confidence and loyalty. Protecting their deposits, rent payments, legal fees and buildings insurance are simple standards that could set you apart from your competitors.