Being a landlord isn’t always easy, yet if you work to ensure you’re doing a great job, you’d be amazed at how much easier it becomes. Here are some tips for being a great landlord!
Be detailed in your tenancy agreement
Being open and honest from the beginning is essential, and this usually starts with the tenancy agreement. If you are new to renting out properties and therefore to creating things like tenancy agreements, it can be a great idea to go through an agency or local website as they’ll help you every step of the way. Bear in mind that tenancy agreements may include more or less clauses depending on the type of property but also the city or neighbourhood involved. For instance, houses with gardens are more pet-friendly than flats, while houses demand more effort to keep them clean and tidy. In addition, tenancies in big cities such as London tend to be shorter as there is a massive circulation of people for numerous reasons (tourism, work, study, etc). In this particular for example it's recommended to get advice from a London Rental Agency. So get local advice.
It’s particularly useful to do this if you don’t feel you’d be able to dedicate as much time as you think you should to the property and its tenants, as the company can delegate people to do this for you.
Maintain the property well
We’ve all heard horror stories of landlords leaving their tenants in horrific conditions and ignoring their pleas for something to be done about important maintenance issues. The bottom line? Don’t be one of those landlords. If something is broken, fix it – either yourself or find a reputable tradesman to do it for you. The more you look after the property for your tenants, the more likely they are to look after it for you.
Communicate with your tenants
It’s really important that you are available if your tenants need to speak with you, as it may be regarding an important issue. Likewise, you should listen to any concerns or problems your tenants are facing, as keeping them happy and safe is part of the tenancy agreement.
Use your discretion
Going that extra mile as a landlord can sometimes require using a bit of human discretion and compassion. Things like if a rent cheque is late by a day or two after your tenant has just lost their job, for example, is likely to require you to show a bit of compassion, especially if they haven’t caused you any problems before. Likewise, being slightly flexible if they need someone to stay for a week or two can go a long way when it comes to being a great landlord.
Set a fair rent and deposit
Not ripping your tenants off is probably the number one thing that will make you a good landlord, as no one likes feeling ripped off and conned out of their hard earned cash. Set the rent fairly, and don’t overdo it when it comes to charging a deposit. And ensure you sign up to a Tenancy Deposit Scheme, too.
Trust and respect your tenant
As a rule, you should trust your tenant until they give you any reason not to do so. This will mean that you should give them privacy, don’t be intrusive and don’t ask too many personal questions. It’s acceptable to chat with your tenants and get to know them a bit, but it should never feel like an interrogation for them. Respect their privacy and their possessions too, and it will go a long way.
