Being a Landlord is a brilliant career move. Being your own boss and earning a reasonable income for it is usually the dream for most people. However, if you’re wanting to push yourself to the next level here are a few tips to be a brilliant Landlord.
Be an Expert Networker
Being a Landlord usually forces a person to adapt to try and become a master of all trades. However, if you’re a Landlord of multiple properties your time is usually stretched as it is, without having to find the time to learn a complete new set of skills. This is where it becomes helpful to be an expert networker and have a set portfolio of contractors and providers that you wish to use for any maintenance, insurance or administration purposes. That way you will ensure you are using a team you can trust and know are more than competent for the job at hand.
Have Clear Expectations
What people also love to see in a Landlord is someone who has clear expectations regarding their properties and tenants, as this avoids any awkwardness and grey area. This applies to many situations such as Tenant Applications, Tenancy Agreement Writing, Maintenance and Inspections. This means that everyone will be on the same page and avoid wasting any of your time with half completed applications or trying to avoid inspections just to give a couple of examples.
As important as it is to have clear expectations and rules to be a Landlord, it is also just as important to be reasonable in some requests. For example, if you are a Landlord who asks for a Guarantor for their properties some tenants may need to turn to a Guarantor company, such as Rent Guarantor, as they don’t have a friend or family member that they can ask or that would fit the relevant criteria set. As a Landlord you should be open to these alternatives as they are something that you could investigate and then be able to recommend to other tenants in the future. There’s never anything wrong with trying something new.
Overall, being a brilliant Landlord is something that is easy enough to do when you know how. Support your properties with professional and knowledgeable contractors, set clear expectations for any criteria or appointments you set and always ensure you are being reasonable with your tenants. This way you can’t fail.
Disclaimer: Rent Guarantor is not qualified to give legal or financial advice. Any information shared in the above blog is an opinion based on personal experiences within the property rental sector, and should never be construed as legal or professional advice.