1. If it needs it, upgrade your property to ensure it will meet the Decent Homes Standard:

• Free from serious health and safety hazards
• In a reasonable state of repair
• Has reasonably modern facilities and services
• Has a reasonable degree of thermal comfort – aim to meet EPC grade “C” by 2030 if not before.

Doing this may involve more investment, but you can’t expect to make money without putting money in. In some cases, there may be funds available for upgrades.

2. Be rigorous about the way you select your tenants. The last thing you want is a bad tenant under the new RRA regime. Consider doing some or all the following:

• Use a professional referencing service that covers income and credit checks and landlord references – do not grant a tenancy without thoroughly reading the reference report and questioning anything that does not add up.
• Meet the prospective tenant before granting a tenancy when using an agent.
• Visit the prospective tenant’s home to see how they look after their property.
• Google the prospective tenant’s name and check their social media and LinkedIn accounts.
• Ask to see copies of bank statements to get a feel for the prospective tenant’s lifestyle.
• If a prospective tenant is in receipt of Universal Credit, make sure you get their National Insurance number – you may need this to claim any rent arrears in the future.
• If you use a guarantor, thoroughly reference the guarantor making sure they own property in the UK and have robust earnings and always obtain legal advice on the drafting and execution of the deed of guarantee.

For more things to do to survive, why not sign up to one of our full management services ensuring your letting business will always be compliant – contact details here