Landlords generally have a bad rep. Most tenants will happily tell you about their experience with a previous tyrant they rented from. Unfortunately, this isn’t always justified. If you’ve just got your first rental property, make sure you start your rental business in the right way with these useful tips:
1. Treat It Like a Business
Your property is your business. If your tenants don’t pay, you have to cover your mortgage. If something goes wrong, you’ve got to find the solution. The truth is, you have to go one step further. Put systems in place to cover all possibilities and give your tenants your (or your associates) contact details should they need you.
2. Don’t Let to Bad Tenants
All landlords are desperate not to fall into avoid period. This doesn’t mean you should jump for the first tenant who comes your way. You should always follow a thorough screening process to ensure you’re only letting in the good guys. The last thing you want is to be a babysitter, chasing after overdue payments and cleaning up after people’s mess.
3. Meet Safety Standards
All landlords have obligations to fulfil. One of these is to adhere to correct safety standards. Have a checklist of these and ensure your property meets the expected criteria. Gas and electrical equipment needs to be installed and checked every year by a registered engineer. Fire alarms and carbon monoxide alarms must be fitted and checked regularly. Record any such activities and make them available for all to see.
4. Create a Personalised Tenancy Agreement
Most landlords use a standard tenancy agreement which usually covers all bases. The trick is to create a more personalised agreement and make sure you seek legal advice in this regard. By giving your agreement a personal touch, you can dispel any ambiguity and irrelevant clauses and make sure to make it clear who’s responsible for the upkeep and maintenance of the property.
5. Be Approachable
It sounds simple doesn’t it? It is however one of the most neglected characteristics a landlord must possess. When your tenant moves in, show your face. Take the time to ensure they’re happy. It’s often comforting for a tenant to be shown how the heating and hot water work. Give your phone number and email address. Let them know they can contact you at any point with their concerns.
6. Get Things Done
There’ll come a time when tenants contact you with an issue that needs your attention. Never ignore this or overlook it. If you can’t fix it immediately, let the tenant know. Communication is key. There are going to be things which you can’t deal with yourself – it’s worth having a good relationship with tradesmen of all types.
7. Keep Your Distance
This can be tough for fresh faced landlords. You might want to be sure your property is being properly maintained but you can’t just pop round for a visit. Don’t hassle your tenants, let them feel comfortable in your property – after all, you want them to treat it like their home. By all means schedule an inspection after 6 months but don’t forget to follow the correct procedure for this.
8. Keep It Clean!
That’s right, you want to make sure that your property is clean and presented in the best possible light for tenants at the start of the tenancy. This will help the tenant appreciate the standard of cleanliness they need to return the property at the end of the tenancy and also creates a generally good first impression when they start living in your property . Need some help? You can either call in the professionals or do it yourself with this handy guide.
An inventory can seem like a tedious task though it’s a vital one. Without it, a tenant can treat your property with complete disregard and face no backlash. If you don’t have an inventory, you face the possibility of losing any dispute.
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