What makes a good Landlord?
18th July 2017
There is money to be made in buy-to-let property, and becoming a reliable and amenable landlord should lead to reliable tenants, meaning a more secure income from your investment. Learning to be a great landlord is often a skill learnt on the-job, so we’ve had a think about the qualities seen in the best landlords out there to give you a head start.
Whilst buying and owning a property can be fun, a key thing to remember is to treat your role as a landlord as a business, not a hobby. Think about how much money you are putting into your investment, and, without being ruthless to your tenants, how much money you would like to earn from your buy-to-let property. Striking a healthy balance here can make your job just as rewarding emotionally as monetarily, as happy tenants are likely to cause less fuss and stay for longer.
When managing a property, maintaining a safe environment for your tenants is also not to be ignored. Organising clear rules and boundaries can help with this, as well as setting out a standard for your tenants that keeps you both happy. These could include rules about decorations and repairs to make sure your tenants take pride and care in the property as if it were their own. Rules such as noise guidelines can also help to ensure your tenants form lasting relationships with their neighbours and local community rather than being treated like outsiders.
Choosing the right tenants can play a huge part in your role as a landlord and may be the difference between treating your investment as a chore or an enjoyable venture. Difficult tenants could lead to endless attention and trips up to your property, whereas tenants who abide to your rules and get on with you can make your job a real pleasure. Effective tenant screening such as interviews and property history is therefore absolutely essential when investing in buy-to-let in order to be aware of who you are looking after and responsible for.
Once you have found your perfect tenants, a large part of your job is to treat them with respect. This involves giving them space and allowing them to feel at home in your property which is essential for any landlord hoping for a long-term tenant. If a tenant isn’t comfortable, they won’t stay long. By respecting your tenants’ privacy, you will create a much nicer environment, leaving you both feeling at ease with each other and able to relax whilst possibly reducing maintenance costs
Being a great landlord may not be easy when you feel protective over your property, so finding a tenant that makes you feel calmer is the key to this job. If being a hands-on landlord wouldn’t suit you, there are other options to help keep tenants happy with minimal effort. Ever considered using a property management company to take some weight off your shoulders and ease tenancy processes?
Here at James Peacock we love to share our insights and help investors get their best yields with our property management services. We offer services including interviewing applicants, rent collection, monthly management reports and preparation and signing of tenancy agreements.
To find out more about tailored services from James Peacock, or if you are interested in James Peacock letting your property and finding you a tenant, Get in Touch with one of our property experts or give us a call on 01925 243 366