Renting out property can be an excellent way to make money. Many people rent out property they’ve inherited. Some people even have a career developing and letting out properties. In spite of recent raises in landlord’s tax and insurance, there is a lot of money to be made. But, to be genuinely satisfied and do well, you need to be a good landlord. If you’ve ever been a tenant yourself, you’ll know that not all landlords are fantastic. In fact, most aren’t. There is a group of landlords that merely look at their properties as ways to make money. They do the bare minimum needed to make their houses safe and liveable, then leave them. They’re unhelpful, leave their tenants with issues for as long as they can get away with and just try to make as much money as they can, with little effort.
But, these landlords do get found out. Their tenants move out as soon as they can, they’re left with property on the market, costing them money for long periods of time, they end up facing costly repairs and renovations, and they could even find themselves facing legal investigations. Take a look at http://www.informedlandlords.com/legal-requirements-for-landlords/ for more information on the law. As a quality landlord, you can secure fantastic long-term tenants that look after and respect your property. Here’s a look at how to be the best landlord out there.
If the property needs work, do it well. Make sure you get the job done to a high standard, especially when it comes to things like roof repair, heating and insulation. Spending more now will keep your tenants happy and save you money on future repairs.
Buy Property Somewhere You’d Want to Live
A mistake many landlords make is not seeing their property as a home. Walk around it before tenants move in and ponder if it’s somewhere that you would be willing to live with your family. Is it designed well? Will it be comfortable and safe? If it’s not, you shouldn’t want anyone else to live there either.
Leave a Welcome Box
A small welcome box, with a few essentials such as cleaning products, coffee, biscuits and a map or some vouchers for the area can be a great way to welcome new tenants and start your relationship well.
You don’t want to seem like you are checking up on tenants, and you certainly shouldn’t ever just turn up unannounced. But, sending a quick email or text in the first few weeks gives tenants a chance to raise any issues. New tenants can be keen to seem easy and quiet, so they may be unlikely to contact you unless it’s an emergency.
It’s important that both you and your tenant recognize that your relationship is a professional one, but that doesn’t mean that you can’t be friendly. Speak to them politely and be approachable and understanding at all times.
If your tenants have any issues, don’t leave them waiting for repairs. Remember, this is their home. Work as fast as you can to resolve problems and help them. Even larger jobs can be done promptly, see schemel-tarrillion.com for help.
The main part of being a good landlord is constantly reminding yourself that this is someone’s home. You own it, but they live in it. Think about your own home and the conditions you like to live in and make sure you provide the same.