Liverpool Landlords: Are Families Your Ideal Tenants?
It is important for landlords, not just Liverpool landlords, across the country to know who your most likely tenant is, or which tenant is likely to be the best option for you. In Liverpool, the prominent level of demand for student accommodation and the number of young professionals in the city has long made it easy for many Liverpool landlords to find and promote to their target market. However, the rental landscape in Liverpool is changing and if you want to ensure you are operating at the best level as a landlord, you need to make sure you know who your best tenant is.
It will be helpful to know what sort of landlord you are looking to be, what you consider your business aims are and, who you want to let to. Some landlords don’t give much thought as to who their ideal tenant is. If they find someone to pay the rent some landlords will be happy, but this is a short-term approach that often creates more work and stress for a landlord. If you are a landlord looking to maximise your free time while minimising the amount of pressure you feel in supporting your tenants, a recent study by the National Landlords Association, the NLA, will be of benefit.
Landlords have many tasks to carry out in their role
The NLA spoke to landlords about time management and what sort of tasks a landlord must do in their role. They found that dealing with tenant queries, dealing with maintenance requests and carrying out business administration are prominent parts of a landlord’s working week.
However, not all tenants required the same level of care and work. It was found that families required, on average, up to 8 hours per work while executive tenants and tenants on housing benefits required up to 14 hours a week. If the most critical issue for you in your role as a landlord is maintaining your free time, letting your home to a family will look the best option.
Each tenant has their own unique features and requests
Of course, there are reasons and justifications as to why some tenants look for more support. An executive tenant is likely to pay a higher rental fee, and they are looking for a premium service for their fee. A tenant on housing benefits may be in a home that is in poorer condition, so they may be justified in making maintenance requests. In this regard, the landlord is likely to have paid less to buy the property, but this is now being balanced by a need to carry out more repairs and manage requests.
Being a landlord is often about finding balance, and this should always be remembered. Whatever you want to achieve as a landlord, you will find that the right tenant has a huge role to play. If one of your key aims as a landlord is to enjoy your free time, you may find that letting to a family is the best decision you will make.
If you are a Liverpool landlord and you are looking for assistance in finding the right tenant or knowing how to manage your business, contact Peter Anthony and we will be happy to help.