How do you know if you’re a good landlord?

Nov 12

Owning properties and letting them out to tenants can be a very rewarding way to make a living, giving you a steady stream of funds and the excitement of the property market. However, being a good landlord is no easy task. It requires a big investment of time, money and effort.

Yet, the reward of loyal tenants enjoying peaceful stays is definitely worth it. So here are the questions you need to ask yourself to work out whether you are acting like a model landlord.

Do you put safety first?

Being a landlord means ensuring your property lives up to safety standards. In fact, this is a legal requirement. When first buying a property you should carry out inspections to make sure it is safe to live in. For example, you could research “EICR Landlord” to find a company that will provide inspections to assess the safety of the wiring in a building. Be sure to check fire alarms and carbon monoxide alarms, changing batteries regularly. If you fail to comply, you could be putting both your tenants and your position as a landlord at risk.

Is your tenancy agreement fair?

A fair tenancy agreement should make it clear which responsibilities fall on your shoulders and which should be taken on by the tenants. A letting agent or solicitor can help you draw up a tenancy agreement that falls in line with all the rules and regulations.

Are your protecting deposits?

Again, this is a legal requirement. Make sure you are storing your tenants’ deposits in an approved deposit scheme that offers security to both parties. You are also required to relay any relevant information about the deposit scheme to your tenants, or face a fine and legal proceedings.

Do you have an inventory for each property?

However, it’s an important part of the process. But don’t stress! You can enlist the help of property management services. They can guide you through detailing the contents of each property at the beginning of a tenancy, ensuring both you and your tenants are protected. Plus, they might even snap some photos to accompany your lists for extra security.

Are you handing out your contact details?

If something goes wrong in the property, such as a breakage, your tenants need to be able to contact you easily. Give both your phone number (for emergencies) and your email address to keep a written record of your conversations.

Are you fixing things quickly?

When something does break into your property, how quickly are you getting it seen? If you see any building defects such as combustible cladding issues, you might want to consult strata professional like Michael Teys to learn how to manage such challenges properly. If you’re letting things rest on the back burner for days or even weeks, you’re showing your tenants that you don’t really care. Sometimes, it is not entirely your fault when necessary home maintenance work gets unnoticed. Perhaps, your schedule is full to the brim. However, your tenants may not be able to understand your circumstances and may see you in a negative light. To avoid this from happening, you could seek the help of property management companies that can take care of the property for you and keep a tab on upcoming maintenance works.

Do you choose quality over bargains?

Always remind yourself that it’s easier to keep tenants than it is to find new ones. A happy tenant is one in a property full of quality features and furniture, so don’t be tempted to just go for the cheapest option. Look into alternate solutions, such as searching online for something like ‘Washer and dryer rental near me‘ to rent appliances as opposed to buying them outright, which can be a substantial investment. Plus, focus on the cleanliness of the property. Occasionally hiring additional services, like this carpet cleaner company Red Deer can be a nice way to show appreciation to tenants, and more importantly, keep your properties in good condition.

Is your rent fixed?

Always be wary of raising your rental rates, as this can easily leave a sour note with tenants. In many cases it’s more lucrative to keep rents the same and make tenants more likely to renew their contract.

Are you keeping your distance?

Once your tenants are moved in and comfortable, you are free to keep your distance. There’s a difference between answering queries quickly and making frequent, unnecessary check ups without warning, and the latter can easily rub tenants up the wrong way.

Are you actively looking to expand your property portfolio?

If you want to be a successful landlord in the long run, you can never get too comfortable. If you already have a small number of successful properties under your belt, why not consider expanding your portfolio for even greater success? Speaking to banks, building societies or residential bridging loan providers like Glenhawk is a good place to start.