If you are looking to make a sustained level of income from being a landlord, it makes sense to be the best landlord that you can be. A good quality landlord find that tenants are more likely to stay in their property for a longer period of time while they will develop a good reputation, strengthening their chances of being the landlord people turn to in the future.
Here are 7 top tips for being a great landlord.
Think about who is likely to rent your property
If you already own your property, think about the likely audience for your property before you promote or rent it out. If you live in a student area or an area for young professionals, this is likely to be your target market. Conversely, if you have a large home with a garden, it is likely that a family will be your intended audience. Knowing who is more likely to be attracted to your property provides you with a better chance of presenting and promoting your property in an effective manner.
Know the laws
A landlord needs to be aware of the many legal requirements that they have. There is a need to carry out gas and electric checks, there is the EPC and there is a need to be aware of the Housing Health and Safety Rating System. You will also need to ensure that you have sufficient insurance in place and that you are carrying out all of your landlord duties, such as safely securing the deposit you received on the property. There are many legal requirements for landlords to bear in mind, so get acquainted with the law.
Present your property in the most effective manner
If you were selling your home, you would be encouraged to ensure your home is clean, tidy, and well laid-out and presented in a manner that is likely to be attractive to your potential buyer. These are the exact same steps a landlord should be taking when placing their property on to the market.
Always think from the tenants point of view
A landlord will naturally look and think of their property as their own but to ensure that the tenant receives the best standard of care and service, they need to think about matters from the tenant’s point of view. This means placing yourself into your tenant’s shoes and thinking about what would be the best option for your needs.
Be local
Being local means that you can be hands on at the flat and attend at short notice if an emergency arises. However, being local also means that you should have relevant knowledge and expertise to offer your tenant about the local area. Being able to provide guidance and advice ion where to visit and how to get from A to B is all part of the landlord service and having local knowledge is a big part of the service you can provide to clients.
Be proactive with respect to maintenance work
If you leave repairs to when a client calls you with an emergency or when you are between clients, you will find that you end up spending a lot more money to have matters resolved. If you are proactive in dealing with minor maintenance issues, you will reduce the amount of money you need to spend in caring for your property, and you will ensure that your property is in better condition.
Consider the use of a rental agent or property management company
If you are pushed for time or you lack the experience or expertise to be a landlord, call in the experts. Professional letting agents will take a fee for their services but you will be abler to focus on other tasks and will receive an income without worrying about the major aspects of work associated with being a landlord.
Thinking of renting your property in and around Staines – upon – Thames please contact us we would love to help you on 01784 441818
