By its very nature, letting a property carries both risk and reward.

The management of a property can be challenging and time consuming – and then there’s the ever-evolving property legislation!

To effectively self-manage a property one needs to be highly organised and respond to maintenance issues in a timely manner. This not only helps with the upkeep of the property but can incentivise a tenant to stay for a longer duration safe in the knowledge that they have a conscientious landlord.

There are certain things that need to be in place before letting a property out that are legal requirements.

For instance, an Energy Performance Certificate needs to be completed on the property before marketing commences.

If there is a gas supply at the property, it requires a Landlord’s Gas Safety Certificate, which is renewable every 12 months.

These are just two things that need to be in place as a minimum.

Has the property got adequate insurance? A normal owner-occupier home insurance policy will not suffice for a rental property. If your tenant has an accident in the property there will need to be public liability insurance to protect against litigation.

The other things to consider are accidental and malicious damage by tenants – you may have good tenants in situ but you just never know if damage will be caused unintentionally or if a pet will cause damage. It’s always worth reading the small print of your policy to see whether these types of things are covered.

Belvoir’s landlord insurance Belvoir has teamed up with Endsleigh to deliver landlord’s insurance to its clients.

Not only does the landlord’s building and contents need to be insured but it is highly recommended that protection is taken out against rent default.

Do you know what would happen if your tenant stopped paying the rent? Would you know how to get vacant possession of the property in the correct legal manner?

Dealing with tenancy deposits is a big part of tenancy management. It’s essential when taking a deposit from a tenant that it is properly protected in an approved government scheme.

There can be severe penalties for landlords who don’t adhere to tenancy deposit rules. And, of course, there’s the potential disputes when you check tenants out at the end of a tenancy.

There’s also the day-to-day housekeeping of the property to contend with. Looking after a tenant can be like babysitting – they need to be looked after and handled with kid gloves at times.

If you’re managing the property yourself you can expect telephone calls at all times of the day, which could be quite inconvenient when you’re away on holiday or in an important meeting. Depending on the nature of the problem, the response may need to be quick. It could be anything from tenants locking themselves out of a property to a boiler breakdown or a flood. All of these will need dealing with in the appropriate manner.

Belvoir offers a bespoke, fully managed service to help with all of the above. As the award-winning lettings company has discovered, there are a lot of hurdles to negotiate when letting a property out. Belvoir takes all of the hassle out of the equation. If you need any advice on anything covered above, call 01606 783599 or 01260 272737 or pop into the Northwich branch at The Gate House, 23 Castle Street, CW8 1BA.