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. When you meet to show a potential tenant around your property, look at your body language and ensure that you are open, professional and friendly. If you appear unapproachable and moody, then straight away you will give your tenant a bad impression and this makes some people unwilling to cooperate from the get-go. Likewise, it is important to be prompt in your responses. Just because it is a business relationship, doesn’t mean it can’t be friendly and it is important to NOT dismiss everything that comes out of their mouth straight away. 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.
It is also a good idea to keep a check of the property. This isn’t to say that you should be round 4 times a week but instead keep in touch with the tenant and let them know that you are always there. This will not only highlight that you are trustworthy and reliable but is also more than likely going to make the renters treat the property with respect.
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 some damage, set up a time to come and inspect it. Once you inspect the damage, schedule the repair immediately. You should also give the tenant notice if you will be entering the property without their presence.
Respect has a huge importance when it comes down to a successful letting. You want the tenant to respect you and the property. Similarly the tenant will want to gain respect from you. Be realistic and treat tenants how you would expect to be treated. If they have been a fantastic renter, paying their rent on time and one month informs you that they may be late with a payment, then be willing to understand.
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 lease, which has been signed by all parties. If the matter hasn’t been addressed then check on local forums and get expert advice before acting.
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!