Tags – How to be a Great Landlord
There’s more to being a landlord than simply owning a property, handing over a tenancy agreement to your tenants, and sitting back and reaping the rewards.
You need a particular skill set to be a successful landlord.
So, we’re opening the door on our tips on how to achieve exactly that.
The advice below applies whether you’re a veteran landlord or dipping your toe in for the first time. Continue reading to find out more.
Bad tenants are a common complaint amidst the landlord community.
These are the ones who don’t pay their rent on time and/or neglect your property. Finding good tenants isn’t easy, and nothing is 100% guaranteed.
So, for starters, you need to ensure they are creditworthy. You can do this by checking their payment and rental history, and if you can, speak to their previous landlord.
It’s no good taking a scattergun approach to your rental business.
So, use your organisational skills to ensure your paperwork is up to date. For instance, set up a filing system (online and/or paper) and regularly maintain it so that completing your HMRC tax return isn’t a headache.
If attention to detail and organisation aren’t strengths of yours (and you can stretch to it), employ an experienced individual or company to handle the admin side of things for you.
You can’t expect your tenants to be reliable and trustworthy if you’re not.
If tenants contact you with an issue, reply quickly with a solution. This means being available.
So, don’t ignore problems and emergencies in your property, it will only cost more further down the line.
This goes hand in hand with reliability.
You want tenants to trust you and look after your property, so there has to be a bit of giving and taking.
Here, key to effective communication is keeping tenants informed every step of the way. A lot can be resolved if you adopt an honest and transparent approach.
Whatever your preferred communication method, keep records of your tenant-landlord engagement in case of future disputes.
Remember that however large or small your property portfolio is, it’s a business.
It’s your business.
Your tenants are not your friends.
To be perceived as a good and responsive landlord, it’s essential to conduct yourself professionally at all times. This includes being consistent in fixing issues, being available, and being responsive.
If you intend to expand and you fear you’ll stretch yourself too thin, consider hiring a reputable management company.
They’ll be able to provide the helping hand you need to ensure you maintain high standards of professionalism.
If for some unforeseen reason your tenants are struggling to pay their rent, give them some wiggle room.
This may go against the grain, but if you want to be seen as a considerate landlord who looks after their tenants, it’s worth showing a little understanding and flexibility if the circumstances warrant it.
Not only that, but it also takes time and money to find replacement tenants. So, if they’re usually good payers, it’s probably worth granting them a ‘grace period’ to pay their debts.
To learn more, get in touch with us today.
In the meantime, please feel free to check our Estate Agents Wolverhampton services.