10 tips for new and beginner Landlords in 2023

New or beginner landlord? Here are 10 tips for ensuring that you stay compliant, protected and give yourself the best chance of success as a landlord in 2023 and beyond.

1. Understand your legal obligations as a landlord. This includes ensuring that your rental property meets all relevant health and safety regulations and obtaining any necessary licenses or permissions.

2. Keep accurate records of all financial transactions related to the rental property, including rent payments, repairs and maintenance, and any other expenses.

3. Clearly communicate with your tenants about the terms of the rental agreement, including the rent amount and due date, the length of the tenancy, and any rules or regulations that apply.

4. Maintain the property and make necessary repairs in a timely manner to ensure that it remains safe and habitable for tenants.

5. Protect yourself and your property by thoroughly screening potential tenants and requiring a security deposit.

6. Be aware of the rights and responsibilities of tenants, and treat them fairly and respectfully.

7. Be responsive to tenants’ needs and concerns, and try to resolve any issues that may arise in a timely and satisfactory manner.

8. Consider offering incentives to tenants, such as discounted rent or other perks, to encourage them to take good care of the property and stay longer.

9. Stay up to date on changes to UK landlord-tenant laws, and seek legal advice if you have any questions or concerns.

10. Consider hiring a property management company to handle some or all of the responsibilities of being a landlord, particularly if you have multiple rental properties or live far from the property.

Kingswood Sales & Lettings have decades of experience in Preston property management for landlords of all experience levels, explore our letting services or book a free no-obligation valuation today.