Many people believe that being a landlord can be lucrative and enjoyable. That’s true – but it is most likely to happen when you feel comfortable with all it entails and have the time, energy and expertise to attend to all landlord-related tasks.
Being a good landlord (which most landlords aspire to) is even more of a challenge, which is why so many people struggle, to the detriment of their tenants and themselves.
To be a good landlord, you must ensure that your property is looked after and must maintain a professional and positive relationship with your tenants. Plus, in these days of increased legislation, it’s imperative that you protect yourself legally. This can be incredibly stressful and time-consuming, but we’re here to help.
We hope you benefit from our eight top tips for being a good landlord:
1: Keep your business hat on.
If you’re dealing directly with your tenant, it’s important to balance creating a friendly, constructive relationship and having a professional approach. Remember, being friendly and helpful is good, but you’re running a business. Don’t let anyone take advantage of your kindness; always keep your business hat on.
2: Choose your tenant(s) wisely.
Selecting the right tenant(s) for your property is essential; this is where experience comes in. Remember, you’re not matching a property to a tenant but the other way around.
A tenant may be able to show you that they earn a lot of money, so you’ll feel comfortable that the rent will be paid, but that’s only part of the story.
Does your prospective tenant fit in with the neighbours? (This is especially important in a block). Does their lifestyle suit the property? Can you work with them? Carefully choosing the right tenant can significantly increase tenant satisfaction and lower turnover rates (and stress levels!).
3: Get off to a good start.
Tenants always appreciate a personal approach, so it’s wise to meet them at the start of each tenancy, so you can each put a face to a name and start building the rapport which will form the bedrock of your relationship. Bring a bottle of wine and walk them around the property, pointing out valuable tips – for example, you can talk them through how the heating works. This ice-breaking meeting will be an excellent start to your working relationship.
4: Communication is key.
Tenants can – and will – be in touch with problems 24/7/365. It’s important to be available, be proactive, be on top of any issues and communicate regularly to make sure they know how you are tackling each problem and when it will be solved. Bad communication can often cause rancour between tenants and landlords, as most tenants expect you to always be on call and available.
5: Use reliable, quality, insured contractors.
When work needs to be done, choose wisely. Knowing several reliable, affordable and trustworthy contractors is essential to getting repairs done quickly and correctly. Before hiring or handing over any money, remember to check that prospective contractors have public liability and indemnity insurance in case of accidents or other incidents.
6: Know your responsibilities.
Staying on top of ever-changing lettings legislation is essential so you know what is expected of you, stay on the right side of the law and get your property back. There are certain documents which your tenants will need within strict timescales, as well as responsibilities you will need to be aware of around health and safety, gas and electrical equipment, Energy Performance Certificates, deposit protection and more. Make sure you understand what your responsibilities are and what you have to do to stay compliant.
7: Pay your property a visit.
Remember, your tenant’s home is still your property. For this reason, we think that six monthly or even quarterly inspections are very important. Too many self-managing landlords don’t visit their property during a tenancy, but we recommend you do. Visits mean maintenance problems are picked up quickly, and you can check that your tenant is happy.
8: Always use protection.
Landlord insurance protects you against financial losses associated with renting out your property. It is getting increasingly expensive but will be worthwhile should anything go wrong.
“We have bought three rental properties through Grace Miller, and I have to say they are by far the best estate agent we have ever dealt with. All three flats are in buildings managed by Grace Miller’s block management department, and the service from them is just as good. Responsive, efficient and highly professional. In all our dealings with Grace Miller, we have been thoroughly impressed by their knowledge, efficiency and expertise throughout, and we cannot recommend them highly enough.”
Mark P
Being a good landlord can be time-consuming, and you may find it requires more of you than you can give. In this circumstance, we offer a comprehensive, professional management service. We will tailor our services to your needs, giving you total peace of mind and ensuring you have the right tenants for your property.
If you want to be a good landlord, enquire about our lettings management service today!
Since opening Grace Miller & Co. in 2000, we’ve given all our clients proactive, professional and personable care. We’re very proud of the reputation we’ve built and the client reviews we’ve received. If you have a property in London or Surrey and would like to benefit from our outstanding service and unrivalled knowledge in residential lettings, sales and block and estate management, please get in touch today.
