Pitfalls of the Hard-to-Let
There is always the odd, undesirable hard to let property that becomes the bane of a landlord. The one that was bought when an area seemed reasonable, but has since gone to the dogs. Selling the property becomes out of the question as any sane buyer wouldn’t touch it with a proverbial bargepole.
The temptation for a landlord to slacken the reins on tenant referencing becomes inevitable in a bid to let the property and settle for what he/she can get. Sadly the properties that fall under this bracket, cause the landlord more trouble than they are worth.
In Southport last year, one landlord was questioned by police after three of his properties were used to grow and cultivate illegal drugs. Without the proof of the tenancies he would have faced serious charges.
In other parts of the country, tenanted properties have been used as: brothels; to house illegal immigrants; hiding illegal firearms and weapons; printing counterfeit bank notes. It’s exactly this kind of illegal activity where a landlord needs his/her paperwork up to scratch. The best and safest way a landlord can rent a property that would be classed as undesirable to a majority of tenants is through a good letting agent.
By speaking to the agent and being hones with them, you can come to an arrangement. Offer to pay the tenant’s administration fee, any advertising that was incurred and a no deposit guarantee scheme. In return, the agent will collect the rents and organise and implement the paperwork. There are many vulnerable or otherwise good tenants looking for trustworthy landlords, using a good letting agent will offer compromise and security.