TOP TIPS TENANTS

Cast your net wide: visit local websites or look in local publications, as well as consulting letting agents.

Take your time: visit local agents and research online to see if there is a shortage of the kind of properties you want to rent. Be willing to compromise: an area by a popular hotspot might offer better value.

Take to the streets: spend time walking the area where you want to live and at the times you will be around to ensure you are content with security and convenience.

Be ready with references: good reports from previous landlords may help you to secure a property.

Be a nuisance: be persistent to secure a good deal. Your research will help you to know how tough you can afford to be.

Lock in for longer: if you anticipate that you will be renting for a fair length of time, try to secure a longer-term tenancy.

TOP TIPS LANDLORDS

Research your market: talk to local experts to find out what properties are in short supply – family homes, apartments above shops, properties of a certain size or within a set price range.

Act fast: ensure that you can sell up and invest elsewhere quickly if the market changes.

Location, location, location: buy a property close to transport and shops.Tenants demand convenience.

Keep costs down: avoid properties with high service charges.

Tenants tend not to be concerned about common areas. Don’t stint on cleaning.

Differentiate: if many properties locally are similar to yours, make yours different. Furnish it distinctively and promote its advantages.

Be a nuisance: pretend to be a prospective tenant to check how the agent markets your property.

Tie in tenants: consider longer tenancies. A longer arrangement can encourage tenants to take better care of the property. Ensure your contract specifies rent reviews.

Be proactive: approach local firms or institutions to secure a corporate tenant.

Times recommends

• Second homes: credit crunch casualty or money-spinner?
• How I built my own sliding house
• Top 10 incentives for house buyers