You will have heard some landlord horror stories and may have even experienced them first hand, but if you are currently a landlord yourself or are thinking of becoming one, here are some tips to be a truly great landlord.
Success can come down to a few simple qualities that, once mastered, will save a lot of hassle in the longer term by ensuring you have happy tenants. If you need to speak to someone about property purchase or perhaps a transfer of equity solicitor as you organise your portfolio, firms such as Sam Conveyancing can guide you through the process.
1 Good communication
There is a balance to strike between giving tenants their space and being available when needed. Some landlords can be somewhat intrusive, asking to gain access to the property and micro-managing the implementation of tenancy rules, property maintenance and day-to-day management. Conversely, others will be really hard to get hold of, even in an emergency or when routine repairs and maintenance are needed.
Many landlords use an agency to act as an intermediary which can take away some of the concern as to how much contact is appropriate. Letting agencies are professionals and know how to strike the right balance. They will be able to respond in an emergency and act in accordance with the relevant provisions of the tenancy agreement.
2 Clear documentation
An effective landlord will have clear documentation which defines the agreement with their tenants. Rather than unprofessional-looking photocopies with handwritten amendments, clear, simple and comprehensive documentation can simplify the whole process for both renter and landlord alike. Difficult questions will be headed off from the outset, and it is worth remembering that if it’s not in writing, then it’s not usually legally enforceable. Good legal advice is a must! But again, dealing with a letting agent can ensure that all bases are covered when it comes to your paperwork.
3 Stay on top of maintenance
There are many stories out there of unscrupulous landlords who never fail to collect rent but don’t even cover the basics when it comes to maintenance. There are even cases where tenants are left to live in unsafe conditions, which is obviously the worst case scenario. A good landlord will ensure the property at the start of the tenancy is clean, tidy and safe. It is also essential to stay on top of maintenance and be aware that there may be unexpected costs associated with appliance failure and simply general wear and tear.
4 Provide great customer service
As a landlord, you may not think of yourself as a customer service provider, but your tenants are very much your customers and should be valued. They are your source of income and a good tenant can provide a steady income stream for many years to come, so it really pays to look after them. Your reputation as a landlord will be directly related to your treatment of your tenants and the management of your properties. In a world driven by online reviews and information sharing, make sure that your name has positive associations.
These tips really just scratch the surface but should ensure that you have the foundations and secure the success you deserve as a landlord.