6 Top Tips for Being A Great Landlord
Being a landlord can be a lucrative and enriching activity, but it is far from easy. If you have no experience, you may struggle to get started with respect to being a landlord, which is where getting advice is always going to be of benefit. Here are some handy tips for landlords.
Think about who will want to rent property
There is always a need to carry out research and if you are looking into buying property in a particular area, it makes sense to know what sort of people are looking to rent in this area. This will enable you to tailor your services, and the property to your needs. A student or group of students will have very different needs from a young family, which means what you have to offer has to be of different.
However, if you are more focused on the tenant you want to have, say young professionals or a family as opposed to students, you need to make sure that your property is in an area that will appeal to them. It is best to think of what you are looking to achieve, and who you are trying to service, before you rush into property decisions.
Should you buy old or new property?
This is an important question to ask yourself, and it will have an impact on how hard you have to work, the money you may have to spend and which tenants you attract. A new property should require less maintenance, saving time and money, but it may be more expensive to buy in the first place. An old property may need work carried out, but the purchase price could be cheaper and it may carry a certain charm that potential tenants admire.
Provide a good level of service to your client
Some landlords may believe that providing property is the end of their service but in reality, it is only the beginning of the service provided to a client. There is a need to provide a high level of customer care, and if you can develop a strong relationship with your tenants, you may find that you are able to get more in return. If a tenant feels appreciated, they will appreciate your home, taking better care of it.
It makes sense to be local
This may depend on what the demand for rental properties in your local area is but there is a lot to be said for investing in property that is local to your home. You will be able to keep a close eye on your property and if a problem emerges, you’ll be able to respond quickly.
Don’t rule out hiring a letting specialist
Yes, hiring a hiring letting specialist will take money away from your total earnings, but a letting expert may help to bring in a greater level of income. You will also find that a letting specialist will provide you with great support, offering advice and expertise in dealing with clients.
Keep up with maintenance work
When you keep on top of the small jobs, you will minimise the need to carry out big work later on. It may seem like an inconvenience at the time, but carrying out minor repair work as and when the need arises will keep your property in good stead.