How to be a Successful Landlord: Part Two
Earlier this month, we brought you a handful of tips for how to be a successful landlord and we’re back with part two of our guide. Being a landlord is a great way to stake your claim in the property market and can help you make a nice bit of cash on the side. However, it’s not without its stresses, this guide should help keep those stresses to a minimum meaning you and your tenants can live in bliss.
Often, it’s likely that your tenant will be new in town. If this is the case, give them an insider’s look at the area as this will help adjust quicker and is something they’ll appreciate. Give them the lowdown on where all of the local supermarkets and doctor’s surgeries are as well as leisure facilities such as the swimming baths and gym. They may also want to know about the local restaurants and cafes etc. so be sure to give your best recommendations, it may be a good idea to write this down for them so they aren’t overwhelmed with new information.
When a new tenant is arriving, leave them a welcome letter. This doesn’t need to be a double-sided piece of paper but simply a brief note welcoming them to the property as well as reiterating how pleased you are to have them. This will help to set the right tone for a positive landlord and tenant relationship. Also, leave your contact information on this note as it will mean the tenant has your phone number at hand easily, tenants will be grateful for this gesture. It’s worth leaving special instructions regarding the property on the note as well, e.g. when the bin men come, anything they should know about neighbours and so on.
If you know you have new tenants arriving, it’s often a nice gesture to stock the bathroom. The last thing on your tenant’s mind when moving is toilet paper but if you stock each bathroom with a roll of toilet paper, some hand wash, shower gel and cleaning products such as bleach. Not only is your tenant likely to remember how helpful you were on the first day but this will encourage them to keep the place clean, further helping that positive landlord tenant relationship.
Before you do accept any times, make sure that you’ve figured out the right rent. Setting rental rates in line with the current market can be tough but look in the local newspaper and survey the rental prices of properties similar to yours. Pay close attention to location also and check the internet for local rates. Don’t base your rental rates on your own mind-set but instead the location of your property and current market conditions. For rent, the majority of tenants now prefer to pay online as it’s faster and more convenient. Consider setting up automatic rent payments, this will help to avoid any disputes over late rent.
When deciding who to rent to, your family and friends may seem like the perfect answer but it’s a nightmare waiting to happen. They may expect a waiver on their rent and you’ll be left choosing whether to lose money or lose the relationship. Avoid the situation completely by making a no family and friends policy.
Before you rent your property, make sure that you have the maximum amount of rental insurance as well as property liability insurance. It’s also a good idea to check out any other type of insurance that may be required or may be worth having just in case.