Becoming a landlord can be a profitable venture, but there is a lot of careful planning, thought and consideration that should go into the process. It would be best if you always made your tenants and their experience in your property your top priority when renting. You should choose your tenants carefully and ensure that you run your property in a way that makes good tenants want to stick around.
Here are seven of the best ways to ensure that your first rental property will be a success.
- Understand Your Responsibilities
Being a landlord is about more than buying a home and handing off the keys to tenants. You will need to provide regular maintenance and be available to your tenants should any significant issues arise. Managing one or more rental properties at a time can become a full-time job, which is why many landlords choose to use a letting agency to run their property on their behalf.
Letting agencies often charge a fee for their services, so you will need to consider whether the time saved dealing with your tenants will be worth the cost. It may help to try out being a hands-on landlord first before deciding whether to take on a letting agency.
- Choose The Right Location
Location is vital to help you find the right tenants. You could look at properties in desirable areas, with links to transport hubs and local employment opportunities. The more desirable the location, the more potential tenants will gravitate towards your property.
It will also help to ensure that you find tenants of the type you want. For instance, if you hope to rent to a young professional couple, you could look for a two-bed flat in an urban or suburban area.
- Ensure That Your Property Is Sound
Ideally, you should do this before purchasing a property, though in some cases, that may not be possible – for instance, if you’ve inherited a property. A home survey from professional and reliable house surveyors can ensure that you assess all of your property’s needs and how much money it will take to make it suitable for tenants.
You should select your surveyors with care. Always look for the range of surveys provided, their wealth of experience to draw on and any specialist knowledge required. GB Home Surveys are an excellent example of the quality and professionalism you should look for in a property surveyor.
- Have Patience
It may take some time to find the right tenants for your property. It is essential not to rent to the first people who show an interest if you do not think they will be reliable tenants. It may help to have a set tenant screening process to be sure that you will find the right people.
You should always ask for references from past landlords when selecting tenants. If you notice any potential red flags, it is often better to be cautious. If you come across a tenant with little or no past tenancy experiences, it may help to ask for a guarantor to ensure their good behaviour in the tenancy.
- Always Behave Professionally
It can help to think about your rental property as a business and behave accordingly. You should treat tenants as you would customers and foster friendly, professional relationships with them. It can help to remember that you are responsible for their living situation and conditions, and your behaviour will directly impact their quality of life in their home.
You should ensure that any queries or issues are dealt with promptly. This is a legal obligation as much as it is a moral one, particularly regarding safety issues in the property.
- Keep Meticulous Records
You should keep good records of your interactions with tenants, along with any legal documents. It is a good idea to store these documents securely in cloud storage. This will ensure that they are safe should something like a flood or fire occur. Losing documents can be a major headache, so keeping digital copies along with physical can help ensure your peace of mind.
- Be Available
Lastly, if you are dealing with your tenants directly, it is crucial to be available, should they need you. You should also ensure that you set boundaries with your tenants and let them know your availability. This could be 9 – 5 on weekdays for any non-urgent queries. It is vital to ensure that you respond to their messages or phone calls in good time.
You should always respond to urgent messages or emergencies as soon as possible. This is as much for your tenants benefit as it is to protect your property investment. For instance, if your tenants report a flood or leak, it is crucial that you get this dealt with immediately to prevent damage to their belongings and your property.