Tags – How to be a great landlord
So, you’ve found a great property for letting, secured the finance and found your tenants.
Consequently, you’d think you’d ticked all the boxes re. letting a property, wouldn’t you?
However, the truth is that you’ve only just started!
Landlords can get a very poor press. So, get all potential issues covered off from the start.
Whether you have a single let or HMO, here are 7 tips on how to be a great landlord.
1. Business is Business
Whilst you may already know your tenant socially, make sure everything is put on a business footing.
For example, don’t make arrangements or do any favours, outside of any agreement.
Equally, adhere to any agreements you make and behave professionally with regard to any relationship or issue.
As with any relationship, mutual respect is a good basis to start from.
2. Write it Down
Documenting your agreement, deposit holding arrangements and an inventory will ensure less potential for any conflict down the line.
Furthermore, the more detailed you can make an inventory, the better it will prove for both you and your tenants.
Compliance with all relevant health and safety regulations is evidently essential as a landlord.
As such, having all the necessary safety certification available for your tenants is critical.
3. Process Driven
So, in your work life you’ll no doubt have processes and systems in place to ensure everything runs smoothly. Letting properties is no different.
For instance, put in place contingency plans such as what will happen if there’s an issue while you’re away.
Planning for all eventualities will mean less stress for you and maintain a good relationship with any tenants.
4. Good Terms
Although you must maintain a sense of professionalism with any tenant, keeping a balance is crucial.
Keeping a certain distance is advisable.
However, it makes sense to be as approachable and responsive as possible.
Being helpful and approachable will generate goodwill which is essential to any business relationship.
5. Get It Done
Similarly, if your tenant has a valid issue, acknowledge it quickly so that they know it’s important to you.
Equally, addressing the problem as quickly as possible, keeping them up to date with progress will maintain an equilibrium. If a good tenant feels valued, they’re more likely to stay.
6. Keep in Contact
Whilst it’s essential to allow your tenants their privacy, don’t forget to keep an eye on the property.
Quarterly checks are a good idea to make sure everything is as it should be.
Additionally, they’re a good opportunity to touch base with your tenants and check they’re happy too.
7. Finishing Touches
Just as you’d look after a client or customer, value a good tenant.
For example, when they move in, a welcome tour or small gift is a nice touch.
Alternatively, if your tenants are new to the area, any local tips or knowledge will be much appreciated.
Even a Christmas card at Christmas time will make your tenants feel valued. Making a good impression will go a long way to creating and maintaining a good, lasting relationship.
To learn more, get in touch with us today.
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