Hey guys, welcome back to my blog! I’ve just had an interesting conversation with my optician, he’s been toying with the idea of joining the landlord fold but is very unsure of what’s expected of him.
So for you potential landlords who are perhaps on the fence or new to the business. I’ve compiled a little list of what I think the key steps to what your growing and continuous success should entail!
So without further ado, here are my…
7 Steps To Being A Savvy Landlord!
1. Always do your homework! – This is something I’m always telling people whether an experienced or new landlord, a dodgy property or lettings agent who lets you down can really throw a spanner in the works for you! Talk to someone who you can trust, whether it’s family or friends, a lettings agent or news articles from the area – getting the right advice beforehand on the location and the property can make a real difference on those all important healthy yields!
2. It helps to be handy! – Getting a plumber, electrician or other specialists in can be expensive so it helps to at least know the basics to avoid expensive costs, whether it’s a leaky tap a clogged up toilet or a broken radiator these costs can soon mount up, especially if you own multiple properties but always remember to have something tucked away in case things do go awry… so don’t take that chance!
3. Don’t go mental with the rental! – Having good reliable tenants is great, so to avoid people moving out try to keep them in, be fair with your tenants and try not to be greedy and you’ll have loyal and happy customers who might even recommend you to their friends!
4. What looks good to you might not for others! – Avoid decorating properties to your own personal tastes and keep colours neutral or light pastel colours that will appeal a wide range of people, don’t have a lads pad or a girly palace as you’re cutting yourself off!
5. Make sure to get references! – More and more landlords are now asking for references from tenants as well as turning to companies to run credit checks, this should be a matter of course, meeting up with a tenant is a good step but you can’t always be sure what the person is like. As I’ve discussed prior, getting reliable tenants who will pay you on time is obviously very important!
6. Being a landlord is easier with the right lettings agent! – As well as liaising between you and the tenants, a letting agent will handle all the issues that may arise in a property and ensure they are dealt with promptly and in the most cost effective manner for you. They will also manage the financial side of the property for you so you can get on with your own busy schedules. Remember if you’re not happy with your lettings agent, it’s very easy to swap – so vote with your wallet if they fail to deliver!
7. Shop Around! – Whether it’s for a mortgage, the before mentioned lettings agent or a new washing machine, it always pays to get the best deals you can, with mortgages go for the best rates you can get, but make sure you’ll be able to cover it with the rent, don’t leave yourself short! With appliances make sure you take advantage of any warranties they might include, specifically look for products that are robust and suited to the property and tenant you’re buying for!
I hope you all enjoyed the article and take note at some of the points! Do you think I missed anything? Be sure to drop me a comment and let me know!
If you are thinking of getting into the property rental market and don’t know where to start, speak to us for impartial advice and guidance to get the best return on your investment. For more information about other potential investment properties that we could introduce you to, or to ask about our thoughts on your own investment choices, call us now on 01827 425195, you can always email me on Lorraine@hallandthompson.co.uk
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