If you are looking to make a good income from being a landlord, it makes sense to be as good a landlord as you can. When you provide a good standard of service, tenants are more likely to stay with you and they’ll be happier to pay a higher rent. In the long term, taking the time to ensure you are a reliable landlord will pay off, so be sure to follow these 5 top tips to being a super landlord.
Treat being a landlord as a professional role
If you are looking to be a good landlord, you need to be professional. This may sound a hassle but if you want the best standard of return and you want to make sure that you look after the needs of your tenants, you need to be professional.
If you respond quickly to tenants and satisfy their requests, you’ll find that it becomes a lot easier to keep your tenants satisfied.
A large part of being professional as a landlord is to ensure that you vet all potential tenants. Vetting tenants may sound mean or an additional hassle but the trouble and discomfort that can be saved by the vetting process ensures that this is a vital step that all landlords should take.
Vetting tenants should focus on ensuring a tenant can afford to pay their rent on time and in full. It should also look to obtain references or testimonials which give you an indicator of their behaviour and likelihood to stay around. Finding a tenant with a reputable job isn’t just about ensuring that they’ll pay on time, it can help to minimise the risk of damage to your home or of the tenant absconding without payment.
Be respectful but don’t allow tenants to walk over you
It is important for a landlord to find the right balance with their tenant. While you don’t want to be hated or disliked, you shouldn’t become your tenant’s friend. After all, this is a professional relationship where you take money from your tenant every month. If you become friends with your tenant, the nature of that relationship may change and you may find it becomes awkward to charge money. This will harm your business.
Therefore, you need to find the ideal balance in showing respect to your tenants but equally, you cannot allow them to take advantage of you. You need to set guidelines and boundaries but equally, you need to show your tenant respect. Make yourself aware of the laws with respect to how much notice you should provide your tenant with before visiting and make sure that you respond to them within a reasonable time frame.
Know when you need help and know where to get help
A tip that will really help most landlords is that you don’t, and you shouldn’t, try and do things by yourself. There is a great deal to be said for calling on the support of experts and professionals when providing a service to your clients.
This may be through calling on a letting agent or an estate agent to assist you in providing the best level of service. It may be in calling on the best local professionals to ensure that your property is maintained to the highest standard of service.
Some landlords will think that calling on professionals’ costs money and therefore should be avoided. This is a false economy though and hiring the best professionals or seeking advice from the expert will greatly improve the service you offer, allowing you to keep your tenants satisfied at all times.
This is such a simple and straightforward tip, but it is a tip that so many landlords overlook. It is vital for all businesses to obtain feedback about the service they offer and what their customers want from them. Even if you are a landlord with just one tenant, it makes sense to seek out what they want from you. If you can keep your tenant in place for a longer period of time, it saves you time, effort and money.
Ask for feedback and make sure that you listen to what people tell you about your service and what you offer. Of course, after your listen you need to take action on this advice but listening is an essential part that is often overlooked.
Carry out repairs
Yes, carrying out repairs will cost money but here are 3 key reasons why you should carry out repairs as quickly as possible:
These tips will help you act like a super landlord, which should help you keep your tenants happy. In the long run, this is an aim that is well worth achieving.