Avoiding Costly Mistakes: What Every New (and Accidental) Landlord Needs to Know

Becoming a landlord can happen by choice or by circumstance. Whether you’ve inherited a property, moved in with a partner, or decided to invest, it’s easy to underestimate what being a landlord really involves.

At first glance, it looks simple: find tenants, collect rent, and keep things ticking over. But in reality, letting a property comes with legal obligations, financial risks, and responsibilities that can quickly become overwhelming if you’re not prepared.

Here are five areas new or accidental landlords often overlook—and how to get them right from day one.

1. Tenant Referencing Isn’t a Formality

Many first-time landlords rely on gut instinct when choosing tenants. A good impression and steady conversation might feel reassuring, but proper referencing goes far deeper.

Employment status, credit history, affordability, and rental track record all matter. A professional referencing process protects both you and your tenants, ensuring the tenancy starts on solid ground.

At Personal Economy Lettings, we never rely on guesswork. Every tenancy begins with thorough checks designed to minimise arrears and disputes.

2. Deposit Protection Is the Law

If you take a deposit, you must register it with a government-approved scheme within 30 days and provide the tenant with the prescribed information. Missing that deadline can lead to fines of up to three times the deposit and restrict your ability to regain possession later.

It’s one of the most common mistakes we see from new landlords and one of the easiest to avoid with the right systems in place.

“Deposit protection isn’t just a tick-box exercise it’s a legal safeguard for both sides. Getting it right from the start sets the tone for a fair, professional tenancy.”
Lisa Bailey, Personal Economy Lettings

3. Skipping a Proper Inventory

Without a detailed inventory, proving damage or wear-and-tear at the end of a tenancy becomes difficult.

A professional, time-stamped inventory, complete with photographs protects everyone involved. It should record not only contents and furnishings, but also the condition of walls, floors, fittings, and outdoor areas.

Tip: Never hand over keys without a signed, dated inventory. It’s your best evidence if disputes arise.

4. Waiting for Tenants to Report Repairs

Many landlords assume tenants will notify them when something breaks. Unfortunately, that’s not always the case. Small leaks, damp, or electrical issues can go unreported until they become costly emergencies.

Scheduling routine maintenance visits and encouraging open communication keeps properties in better condition and tenants happier.

Regular maintenance is part of good management, not an optional extra.

5. Guessing the Rent

Setting rent based on what you think is right or copying another listing online can backfire. The local market changes quickly, and your property’s true value depends on current demand, location, and quality.

We use local data, market analysis, and on-the-ground insight to help landlords strike the right balance: fair rent, minimal void periods, and the right tenants.

Final Thoughts

Being a landlord isn’t just about owning property it’s about managing it correctly. From compliance to communication, every detail matters.

If you’re new to letting or managing your own rental for the first time, don’t leave things to chance.

Book a Clarity Call with Personal Economy Lettings to make sure your property and your peace of mind are fully protected.

https://personaleconomypartners.com/landing/book-a-clarity-call

 

Your property is an investment. Let’s make sure it’s managed like one.