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

Nov 12

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

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. 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?

Creating an inventory can be a tedious task, especially if you have multiple properties with a lot of stuff inside, but it’s also necessary. By detailing the contents in the property at the beginning of a tenancy, you’re protecting both you and your tenants. Consider taking photographic evidence to go alongside your lists, too.

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 in your property, how quickly are you getting it seen to? If you’re letting things rest on the backburner for days or even weeks, you’re showing your tenants that you don’t really care.

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.

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.