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What Makes a Good Landlord? Top Tips to Bring Success, Gain Respect and Popularity from Your Tenants |
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Letting your property is a proper business and to be a profitable landlord you need a business plan and procedures in place that you will need to complete, in order to rent out your property successfully, such as: a proper application and screening of prospective tenants, a carefully drawn up tenancy agreement, regular maintenance of the property, and an up-to-date knowledge of housing regulations, etc.
Top Tips on how to be a good landlord:
• provide a copy or access to the Tenancy Agreement
• provide a copy of the full inventory - stating condition of all fixtures and fittings - agreed by the tenant
• keep the rent at or near market levels
• make yourself readily available and contactable
• provide emergency contact
• encourage the tenant to report any dis-repair or faults promptly
• deal with any repairs promptly
• maintain gas and electrical installations, heaters and water heaters and sanitation in proper working order
• arrange annual checks by a qualified electrician of the electrical supply, fire detector, alarms, etc - this is a legal requirement
• arrange an annual gas safety certificate by a CORGI registered gas fitter - this is a legal requirement
• replace any damaged furniture or fittings
• maintain the interior and exterior decor - this will attract good tenants
• ensure the safety and security of your tenants - check alarms, locks and fire extinguishers are working
Treat your tenants as you would like to be treated.
Some landlords like to carry out inspections, usually every 6 months, but many tenants find this invasive and feel it suggests that they are not considered trustworthy. Inspections also make the property feel less like theirs, which is not ideal as people tend to take more care of their own homes. If you feel happier inspecting your let, make sure you give your tenant plenty of notice - always at least 24 hours - and offer different times to fit in with their lives. If problems are arising the tenant should be notified in writing that this is likely to incur them added costs for cleaning or repairs.
Tenancy Deposit Scheme
The deposit now has to be lodged with th custodial scheme, in case of any dispute at the end of the tenancy agreement.
The main thing to remember is that you may own the property, but for the rental period it is the tenant's home.
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