A guide to a successful property letting
Being a landlord doesn’t have to result in fraught relationships, horror story rentals or unlimited amount of stress. Instead, being a landlord can be a hugely rewarding job, and with a few steps in the right direction, you can be on your way to a successful property let.
First things first, you should treat every tenant how you wish to be treated. It is important to be prompt in your responses. If you are lucky enough to have a great tenant, then be a great landlord. Ultimately, if you make the tenant feel respected, they will think of you as professional and courteous. There’s a fine line between getting it right, and getting it wrong, which is why most landlords use an agent to act as an intermediary, which gives you time to take advice before saying anything you later regret.
It is also a good idea to keep a check on the property. This isn’t to say that you should be round there 4 times a week but you do need to ensure the property is being checked over during the tenancy. This will not only make it more than likely your tenants treat the property with respect, but there’s also the chance to keep tabs on wear and tear and seek out problems which whilst not problematic to the tenant, are things you need to be aware of, e.g. a slipped roof tile or blocked guttering. Part of property management is about looking for problems and nipping them in the bud.
If something needs fixing then fix it, after all, you wouldn’t live in a property with broken lights and a leaking toilet system so why should your tenants? When a tenant informs you about a repair, take care of it. Did you know that landlords who ignore such reported problems could face difficulties taking back possession of their property, even if the correct notice has been served?
When things do go wrong, don’t always take matters into your own hands but instead refer to the contract. Always follow the guidelines outlined in the tenancy agreement, but remember, the terms of the agreement are there to define what both parties have agreed to, which in many cases still require a court order to enforce, e.g. like gaining access to the property, for which you need the tenant's consent.
Moving into a new property can be daunting especially if the tenant has moved to a new area. Take this into consideration. How about leaving some information about the local area, phone numbers for emergencies and added extras such as home accessories will only add to the homely feel of their new property.
It is important to remember that a landlord/tenant relationship works both ways. Being a good landlord will ultimately grant you, good tenants, making your renting journey a whole lot easier! If you have any questions about letting your property, then get in touch today.