Understand common landlord mistakes and learn how to avoid them with Umega.

Being an Edinburgh landlord can be both a rewarding and challenging experience. With plenty of exciting opportunities available, it is easy to make mistakes along the way. In this blog post, Umega, a leading Edinburgh estate agent – will be discussing some of the most common landlord mistakes and how you can avoid them in order to have a successful rental property business. 

One of the most common mistakes landlords make is overlooking important legal requirements when setting up their rental properties. It is essential that you understand all relevant legislation such as fire safety regulations, data protection rules, and gas safety standards so that your property complies with these laws and can provide tenants with a safe and secure home. Failing to meet legal standards when renting out a property could potentially lead to hefty fines or even imprisonment, so it’s imperative that you do your research before taking on any new tenants. 

Another mistake many landlords make is failing to carry out proper background checks on potential tenants before letting properties out to them. Not only should credit checks be carried out but also references from former landlords should always be requested in order to fully assess whether they will be reliable renters or not. This process may seem time-consuming but ultimately it could save you from getting involved in disputes further down the line if things don’t work out as planned.

Not investing enough time into finding quality tenants for your rental properties can also cause issues for landlords further down the line as this increases the risk of rent being mismanaged or not received at all for long periods of time which could put extra financial stress on yourself as well as causing void periods between tenancies where no income is received from the rental property at all. Doing everything possible upfront will help you reduce potential losses later down the line by selecting quality investment decisions upfront instead of rushing into agreements without due diligence being conducted firstly by using comprehensive tenant referencing services available from Umega Estate Agents in Edinburgh covering every part of Scotland including Aberdeen. Contact us at 0131 221 0888 to learn more.