How to be a good landlord
Buying a rental property can be a rewarding and lucrative venture, but it can also be tricky if you don’t take the right steps. Being a landlord can come with a lot of responsibility, so it’s important to research everything you need to know about the process and what it involves. Being a good landlord will not only benefit you by helping you stay more organised and in control, but it could also guarantee a longer tenancy. Here are three of the best tips for landlords to take on board.
Know the laws
Before you seek out to advertise your property, make sure you’re as clued up as possible on all legal areas. Laws that affect landlords include ensuring that your property is ready for tenancy by carrying out safety checks to confirm that the property is compliant with gas safety and fire safety orders. You also need to acquire an energy performance certificate which will be supplied to your tenant. Be sure to draw up a tenancy agreement that outlines any legal elements such as deposits, details on rental payments, and more. This agreement should be clear, concise, and help your tenant gain a good understanding of the laws and legal aspects of renting your property.
Consider your tenant’s needs
Whether you’ve already found a tenant or you’re in the process of finding someone to rent your property, it’s important to always keep your tenant’s needs and wants in mind. For instance, if you invested in a student property, you’ll know that whoever rents your property will be a student. Think about what type of things a student tenant will want from their property, such as a stylish and modern design with quality furniture, and high-speed internet access. These things will not only attract more tenants, but they’ll also keep your existing tenant happy which is important if you want to ensure a longer lease. Choosing a high-quality investment property from a company like RW Invest helps with this, which feature modern designs and facilities that appeal to a wide range of people.
Maintain good communication
Communication is key for landlords. If your tenant has an unexpected maintenance issue or has a query relating to the property or their contract, be sure to respond as quickly as possible. This is especially important when it comes to more emergency repairs such as a leak or mould issue, as these things can not only be bad for your tenant but can also damage your property if left untreated. Encouraging your tenant to get in touch with you if they have any concerns is vital as it helps you get any issues fixed sooner rather than later. It’s also a good idea to show a level of compassion and leniency towards your tenant. If they need a day or two to pay their rent, for instance, it could benefit you to be understanding of this — to an extent. This way, your tenant could be more willing to renew their lease and recommend your property to others once they decide to move on.