Becoming a landlord in Britain can be both exciting and daunting. For many, investing in property is seen as a secure way to build long term wealth, but the reality of managing tenants, maintaining homes, and staying compliant with ever-changing regulations often catches new landlords off guard. The learning curve is steep, and while some mistakes are harmless, others can lead to financial loss, legal trouble, or long-term reputational damage. At Keystep Properties, we have seen countless examples of landlords who jumped into the market with enthusiasm but quickly found themselves overwhelmed by the practicalities. This guide looks at the five most common mistakes that new landlords make and, more importantly, how you can avoid them with the right preparation and support.
Mistake 1: Underestimating the Importance of Tenant Referencing
The temptation to fill a property quickly is understandable, especially if a mortgage or loan repayment is looming. However, rushing to secure a tenant without proper checks can be a costly oversight. Poor referencing, or none at all, can result in late rent, anti-social behaviour, or even damage to the property. According to a 2023 HomeLet survey, more than 20 percent of landlords admitted they had experienced rental arrears in the last year, often because they skipped comprehensive referencing.
Tenant referencing should include:
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Credit checks to flag any history of arrears or defaults
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Employment verification to confirm stable income
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Previous landlord references to provide insight into behaviour and reliability
At Keystep Properties, we provide thorough referencing as part of our landlord services. This ensures that every tenant placed is reliable, reducing the risk of voids or arrears.
Mistake 2: Failing to Keep Up With Legal Responsibilities
The rental sector is one of the most regulated in the UK, and for good reason. Safety, security, and tenant rights are taken seriously, and landlords are expected to comply with a long list of requirements. From gas and electrical safety certificates to the protection of deposits in a government-approved scheme, failure to comply can lead to hefty fines. For example, landlords who fail to protect a tenant’s deposit within 30 days could face penalties of up to three times the deposit amount.
New landlords often overlook less obvious regulations, such as:
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Right to Rent checks, required under immigration law
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Fire safety obligations, including smoke and carbon monoxide alarms
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EPC ratings, which must meet minimum standards
At Keystep Properties, we ensure compliance is never left to chance. Our property management packages cover every legal requirement, so you do not risk falling foul of the law.
Mistake 3: Setting the Wrong Rent
Pricing a rental property correctly is a balancing act. Too high, and you risk long void periods with no rental income. Too low, and you may struggle to cover your mortgage or miss out on maximising returns. According to Zoopla’s Rental Market Report 2024, average rents in the UK grew by 8.3 percent year-on-year, but there are huge variations between regions and property types.
Many new landlords make the mistake of relying on guesswork or comparing their property with only one or two others in the area. This often results in poorly positioned pricing.
A better approach is to rely on up-to-date local market data, combined with professional lettings expertise. At Keystep Properties, we assess each property individually, considering demand, location, condition, and comparable rentals, to set an accurate and competitive rent that attracts tenants quickly while delivering maximum return.
Mistake 4: Neglecting Property Maintenance
One of the most common complaints tenants make about landlords is delayed or inadequate maintenance. New landlords sometimes view repairs as a cost to be avoided, but this short-sighted approach can lead to greater expense in the long run. A small leak ignored today could become a major issue that costs thousands tomorrow.
Neglecting maintenance can also damage landlord-tenant relationships, leading to higher turnover and reputational harm. In an era where online reviews and word-of-mouth play a huge role in attracting tenants, reputation matters.
Good practice involves:
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Regular inspections to identify issues early
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A maintenance fund set aside for unexpected repairs
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Using trusted contractors for reliable and cost-effective work
With Keystep Properties, you can rely on our dedicated maintenance team to handle issues swiftly and professionally. We protect your asset while keeping tenants happy, ensuring long-term stability.
Mistake 5: Going It Alone Without Professional Support
Perhaps the biggest mistake of all is assuming you can handle every aspect of being a landlord by yourself. While it may seem like a way to save money, the time and stress involved often outweigh any perceived savings. From finding tenants to collecting rent, handling legal documents, and dealing with emergencies, property management can quickly become overwhelming.
A landlord’s time is valuable. By delegating to a professional property management company, you can focus on other priorities while knowing your investment is in safe hands. At Keystep Properties, we specialise in comprehensive property management solutions, from let-only services to fully managed packages and guaranteed rent schemes. Our goal is to make property investment as hassle-free and profitable as possible.
The Value of Professional Property Management
The buy-to-let market continues to offer strong opportunities, especially in Leeds and West Yorkshire where demand for rental properties remains high. But success depends on more than just owning a property. Avoiding common mistakes is crucial to securing long-term returns.
Here is how Keystep Properties can support you:
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Tenant vetting and referencing to ensure reliable occupancy
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Legal compliance covering everything from deposit protection to EPCs
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Accurate rent assessments backed by market data
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Full maintenance services, keeping properties in top condition
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Guaranteed rent options for complete peace of mind
By working with us, landlords not only avoid the pitfalls outlined above but also maximise their investment’s potential.
Professional support from Keystep Properties
Becoming a landlord can be immensely rewarding, but only if you avoid the common mistakes that trip up so many new investors. Rushing into tenancies, ignoring regulations, mispricing rent, neglecting maintenance, and trying to do everything yourself are errors that can damage both your finances and your reputation. With professional support from Keystep Properties, you can ensure your property investment works for you, not against you.
Whether you are a first-time landlord or growing your portfolio, our team is here to guide you through every step. Get in touch today to learn how our property management services can help you avoid mistakes, stay compliant, and achieve long-term success in the rental market.