Renting a property - any advice on how to avoid major pitfalls?

After ten years of very good tenants without a single void day (despite changes along the way) we re-let our 2 bed flat a year ago, via Open Rent.
They did the referencing, registering the deposit (a legal must) etc., and arranged a photographer for the listing photos.

We had so many enquiries within 2 days, and re let it straight away.
We had originally let it via a High St agent, which was Ok at first, but later there were maddeningly incompetent staff, so we ditched them and did all the ‘needful’ ourselves - deposits, arranging gas and electricity checks, arranging any maintenance or repairs, etc.

This time we met the viewers ourselves, thinking we’d have an instinctive ‘feel’ for who was best. Just ended up feeling sorry for the ones we turned down, though!

I would just add, we’ve generally been pretty lucky, but 2 years ago we had a major leak in the bathroom, that involved a huge amount of work so was very expensive, especially since we couldn’t shop around for a good deal with tradesmen - it needed doing asap for the tenants, since they had to shower elsewhere for a few days.
So I’m sure you don’t need telling, but funds for any such emergencies do need to be readily available.

We have let a property furnished as an “executive“ let, we also have a holiday property that is let through a holiday company.
I have thoroughly researched both types of let.

If you’re renting furnished it’s often to someone who is either working away from home or someone who needs accommodation quite urgently,seperation etc.
We had a fabulous tenant for 5 years who had a family in Aberdeen but was contracted to work here in East Yorkshire.
He looked after everything well and his company paid the rent.
Some areas have very little demand for furnished lets.
Most renters have their own furniture.

Furnishings must be of a good standard, sofas etc should have all the fire regulation necessary.

If the property is in a desirable location would you consider letting through a holiday company?
The returns are high, although you may have to spend a little to bring the property to standard.

I would speak to some local letting agents and ask for advice.
It may be easier to let unfurnished. .
If you have any large employers in the area it may be worth speaking to their HR department’s.

If you’re not local to your rental , use a letting agent to find and vet your tenants. They can also manage it for problems , breakdowns etc . Obviously the fees deplete the rental income but it’s worth it for peace of mind .
We have a rental property 10 minutes drive from us and manage it ourselves . We also find and vet the tenants, write the tenancy agreement and deep clean before new tenants.
One thing to be persistent about is the tenants. We only rent to families and no pets. When we have used a letting company, they often asked us if we would consider several single people from different families or people with several pets . Which we refused. There are insurance issues with multiple tenants from different families.
Keep all your bills and invoices as you can claim tax relief. The rental is classed as income so you’ll have to pay tax on it. Good luck .

When we let out our house in Suffolk we were advised by the agent not to let it furnished.

Use an agent - they will do credit checks and should check on the property. If it is in a block then you will have to pay a service charge.

I've just done a client's tax return. He has two flats in a student block which is managed. His rent for 2021/22 was £29,000.00 and his expenses were £7,900.00 and his profit was £21,000. Not bad - a 72% return. He doesn't have a mortgage on these.

People moan about agents but if you get a good one they will make your life easier.

My first piece of advice is to not rent it privately, or to a friend or a friend of a friend, however decent and reasonable they may seem, this is a strictly business relationship and doesn't need to be fuddled with feeling sorry for someone. My second piece, to follow on from (1) is to use an agent local to the property, one who is registered with ARLA and well established; it will cost you some of the rent, but they will do the tenant checks and references for you. Make an appointment with one and go and have a chat, see how you feel about them, their professionalism. Also, depending upon the size of your property, maybe consider going for a slightly lower rent for a longer term tenant, saves a lot of fuss and bother and changeover, and gives someone a stable home, for a few years at least. Hope this helps.