Being a good landlord is not easy. If you’re a responsible, honest and effective landlord, then the chances are you’ll have a great relationship with your tenants.
Follow these simple and practical steps to build and maintain a solid relationship with your tenants – the one that will allow you to enjoy a stable rental income while still keeping your tenants happy.
Make sure you are compliant with the law
As a landlord, you need to be aware of your legal obligations. The law can seem pretty complicated.
There are lots of rules and regulations to ensure things stay safe and fair for everyone on the property – but it doesn’t have to be hard. Make sure you are compliant with the law when it comes to running a successful property investment business. Understand your responsibilities and take steps to manage them.
Always carry out checks on your tenants
Always screen your tenants before you agree to let them. Check your prospective tenants’ passport or photographic ID before signing a contract. These should be presented by the person to whom you are renting and will help to ensure that you do not unwittingly become involved with illegal immigrants who may engage in criminal activities with which you have absolutely nothing to do.
Make the tenancy agreement fair and reasonable
A good tenancy agreement is a legal document that tells you and your tenant what to expect from each other. Get it right, and everyone will be happy.
A carefully drafted tenancy agreement is essential in providing clear terms of occupation for you – as a landlord – and for your tenants. It will help protect you against problems with rent arrears and property damage, or a dispute over possession proceedings in which the tenant might contest your right to evict them.
Keep the property in good working order
Keep the property in good working order. This means calling a plumber if a pipe bursts, arranging for exterminators to treat the property for pests. If something breaks, replace it. In general, just take good care of your property as this is your responsibility, provided the damage was not caused by the tenant.
Make sure you have landlord insurance
A survey has revealed that one in eight landlords have failed to buy insurance for their properties. Make sure you have landlord insurance in place. A comprehensive landlord insurance policy will protect you in the event of a landlord/tenant dispute, as well as ensuring your assets are adequately protected against damage to property, amongst other things.
Conclusion – How to be a Model Landlord
As you have seen throughout this article, by understanding what makes a great landlord and adjusting to accommodate these qualities, you can take care of your tenants and make money at the same time.
It’s very important to remember all tenants are different, so each tenancy will have its own set of difficulties and challenges. If you can plan for that using the suggestions above, you should be able to provide a good home for all your tenants now and in the future.
How to be a Model Landlord is a feature post