Buying a rental property is an exciting opportunity to maximise your income, save for retirement and secure your children’s future. Property is a rewarding venture, with the potential to obtain some of the greatest returns amongst any other assets like stocks and shares. However, a property is only lucrative if you perform the necessary due diligence regarding the process. Being a good landlord will not only help you stay on top of things, but will also help to form a healthy professional relationship with your tenants, which may result in a longer tenancy and also on time rental payments, establishing a mutual respect is one of the most important ways to guarantee this. Here are three of the best tips a landlord should follow.
Consider your target tenant and their needs
Depending on what stage you are at in the process of securing tenants, whether you are in the middle of finding someone or already found one, it is always important to get inside the mind of your target tenant to truly understand their needs and wants. For example, if you have chosen to invest in student accommodation, you will know that your tenants will be students. You need to have a think about what facilities and amenities they would require around their living space.
Stylish, modern designs may be required by some, whilst others may prefer high speed internet or an eco-friendly build. Providing a tenant with what they want from a property will not only attract more tenants but also keep your existing tenants satisfied. Choosing an experienced property investment company will help you to understand the property market thoroughly. RW Invest have devised a range of in-depth market reports to guide you through your property venture. With over 15 years of experience in the property industry, this is the type of company you should consult with any property related queries, whether you are a first-time buyer or looking to diversify your portfolio.
Know the laws
Before you commit yourself to a particular property, make sure you are fully aware of all the legal areas, any relevant tax payments and your rights as a landlord. There are an abundance of laws you must follow, many concerned with safety. To ensure your property is fully ready to be tenanted you must perform the right safety checks to ensure your property is compliant with gas and fire safety orders.
Don’t forget to draw up a clear and concise tenancy agreement so both parties are aware of all legal elements such as deposits and rental payments for the full tenancy period, helping your tenant to understand the legal aspects of renting your property.
Maintain good communication
Establishing a good relationship with your tenant makes your job easier as a landlord. If your tenant has any queries or any unexpected maintenance issues, responding as quickly as possible will prove your worth as a landlord. This is particularly important when it comes to emergency repairs such as any unexpected leaks, these will not only be bad for your reputation, but it can also damage your property if left untreated.
Encouraging your tenant to reach out to you should they need to proves that you care about both them and the property. For example, if they are struggling to make a rental payment on time, you should be understanding of this and be a little more lenient and come up with an agreement – to a certain extent. If you are understanding, a tenant is more likely to recommend you to future tenants or renew the lease themselves.