While demand for rental property is “going through the roof”, landlords need to exercise caution and ensure they get the right tenant for them.
That is the advice being issued by James Davis, CEO of Upad, who has said that the company has doubled the amount of rental stock it has on its books.
Mr Davis said: “Landlords should ensure that they are not just finding a tenant, taking the first one that comes along or the one that is willing to pay the most.”
He advised investors to ensure they get reliable references from future tenants and, while he stopped short of suggesting landlords get buy to let insurance, he said they need to “protect themselves”.
Although lenders are reluctant to secure mortgages, landlords are the exception, according to Mr Davis, who said they appear to be able to get financing.
His comments come in the wake of research by the National Landlords Association which showed that landlord optimism is the highest it has been for nearly four years.
What would happen if guests refuse to leave your holiday let or squatters targeted your holiday home whilst it’s empty?