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Whether we like it or not, the Renters Rights Bill is coming, but there are actions you and your agent can take to reduce its impact.
If you haven’t already, be sure to check out our guide on the key points of the Bill here.
Tenancy Agreement:
- Ensure your contract becomes “contractual periodic” at the end of the fixed term, not “statutory periodic.”
Tenant’s Notice:
To reduce the chance of tenants leaving soon after moving in:
- Create a “pre-tenancy snagging list” to ensure the property is in excellent condition.
- Professionally clean the property between tenancies.
- If possible, remove all furniture. The harder it is for tenants to move in, the less likely they are to leave quickly.
- Let tenants make the property their own – consider allowing them to redecorate for example.
Abolition of Section 21 & Updates to Section 8:
- Keep a good relationship with tenants and maintain open communication to reduce the need for serving notice.
- If the relationship with the tenant breaks down, consider oursourcing to a managing agent. A third party can help as an intermediary.
Rent Increases:
- Provide evidence for rent increases by sharing details of comparable properties.
- Be mindful of how the tenant might react and approach them with consideration.
Tenant’s Right to Keep a Pet:
- You will be able to ask the tenants to have pet damage insurance policy, or pay for it yourself and charge them the cost.
- To maintain control, take the insurance yourself and choose a policy with a low excess.
Discrimination Against Tenants on Benefits or with Children:
- Evaluate all tenants based on their individual merits.
- Consider rent guarantee insurance. Remember it’s a tax-deductible expense.
End of Rental Bidding:
- Advertise your property at the upper end of the achievable rent. You can then accept an offer up to that figure, or reduce the rent if necessary until interest picks up.
End to Rent in Advance:
- Consider using “Rent Guarantors” for tenants who cannot provide a suitable guarantor. They are companies who act as a guarantor for those who don’t have one available.
Decent Homes Standard & ‘Awaab’s Law’
- Keep the property well-maintained and carry out regular mid-term inspections.
- Ensure extractor fans are working, adding extra if needed.
- Provide tenants with information on preventing damp.
- Consider swapping washing machines for washer-dryers or adding a tumble dryer.
