Are you a landlord? Well, you’re amongst good company. The number of landlords in the UK continues to grow, with almost 2.6 million currently active in the UK. So, we thought it would be helpful to put together a guide for first-time landlords to give you a clearer idea of what is involved in the process.

Our guide explains more about the different types of landlords, how to prepare and market your property, legal requirements and how a letting agent like us can manage many of the details on your behalf.

Using our expertise can help you maximise your rental yield and to find the ideal tenant whilst reducing the amount of time and stress that comes with being a landlord.

What kind of landlords are there?

While this guide is mainly intended for first-time landlords, there are other types of landlords, such as:

One property landlord

A one-property landlord will own a single property, and as such, it is also the first time they have let a property (around 43% of all landlords own a single property)

Property portfolio landlords

When a landlord owns multiple properties, they are referred to as portfolio landlords.

HMO landlords

An HMO (House in Multiple Occupancy) is a property that houses three people or more in individual units (studio flats, for example).

Commercial landlords

Commercial landlords own properties that are used by businesses and similar organisations.

Preparing Your Property as a Rental

Before you put your property onto the market to let you need to prepare your property. Some important points to remember include the following:

Making repairs, renovations, and improvements

Consider whether you want to convert the loft, refurb the kitchen, redecorate or generally make improvements to the property. These changes can add value and help to increase the rental rate.

Legal requirements

There are a few legal requirements that need to be taken care of. For example, electrical and gas safety checks must be carried out, and you should consider taking out landlord insurance. Smoke and carbon monoxide alarms will also need to be installed.

Considering furnished or unfurnished

Weigh up the pros and cons of letting the property as furnished or unfurnished. You can charge more for a furnished property, although it will require more investment and upkeep.

Preparing for viewings and open houses

When everything has been organised, you must prep the house for viewings. Tidy up the front of the property, clear away clutter, check the plumbing and ensure the place is clean and presentable to make an instant impression.

Determining the Rental Price

One of the most significant decisions you’ll have to make is how much you will let the property for. Of course, you want to make a healthy profit on your property, but the price still needs to be competitive, as setting the price too high could mean the property remains on the market for longer than expected.

The first place to start is to look at similar properties for rent in the area to see what the average rental rate is. If you are a buy-to-let landlord, you’ll have to factor in your mortgage payments to ensure you make a healthy enough profit – and to cover periods when the property may be vacant (referred to as ‘voids’).

Working with a reputable, local agent like us can make this part of the process much easier to manage. We can use our experience and industry insight to help you find the right price while ensuring you get a high-quality tenant.

Marketing Your Property

The property market is highly competitive, and you must find an edge wherever possible. If you are working with a local estate agent like us, we have access to a host of tools that can give your property more visibility.

For example, we will be able to promote your property on some of the largest property websites, as well as our own, along with social media posts, our branch and with ‘To Let’ signs. These are all tried and tested ways of generating interest, and we also have a live database of renters actively searching for properties that we can reach out to immediately.