How To Be a Good Landlord
There are a lot of rewards that come with being a landlord, although it takes a lot of hard work from your letting agents along the way. One of the most important aspects of the job is to build a good reputation, making it easier to attract high quality tenants and enjoy long-term yields. In our guide to being a good landlord, we explain some of the things that you should focus on.
Choose the right tenants
Ensuring that your agents identify the most suitable tenants will go a long way to ensuring a stable, long-term tenancy and more predictable yields. Difficult tenants can prove costly and stressful, so identifying and targeting the right people should mean you don’t have to be worried about whether the rent will be paid on time every month. Your agents will arrange thorough background checks on prospective tenants to verify their right to rent and carry out credit checks to get an idea of their financial history.
Meet all safety standards
As a landlord you will have legal obligations that have to be upheld, especially when it comes to safety. This includes carrying out gas safety checks every year and electrical safety checks every 5 years. Carbon monoxide and fire alarms must also be fitted and maintained. It’s a good idea to make record of these activities for transparency reasons but the very best way is to instruct a good agent like Stadium Residential.
Get your tenancy agreement right
The tenancy agreement is important because it lays out the responsibilities of the landlord and tenant in full. It should include things such as:
- Rent costs, date of monthly rent payment and account details
- Deposit amount and protection scheme information
- Any bills that are included in the monthly rent
- Details about how to end the tenancy for both parties
- Your own contact details
If you are working with an estate agent, they will be able to help you draft a compliant tenancy agreement.
Act fast to issues
As a landlord, you’ll always have to deal with items that have fallen into disrepair or in need of maintenance. The tenant has a responsibility to inform you as soon as this happens, and you should respond in kind, making sure it is fixed as soon as possible. Good communication is key here, keeping the tenant up to date on your plan of action. It’s interesting to note that many corporate tenants will only rent a property that is managed by a letting agent because they have an obligation to respond promptly and even supply an out of office hours emergency repairs service.
If you are managing your property yourself, having a good relationship with your tenant and making it easy to approach you about issues will put them at ease. When they move in, show your face soon after, and check in to see if everything is okay. Give them your phone number and email and tell them they can contact you if they have any questions or concerns that crop up. Better still, instruct a managing agent to take the strain off you.
Keep your distance
As you are effectively ‘lending’ out your property to a stranger, you may be worried about how it is being treated. This is especially true of newer landlords. However, trust your tenants and give them space to live comfortably without feeling they are being crowded out. This will be their home for the coming months or years, and they are entitled to their own privacy. You can schedule an inspection if needed, but only do this a couple of times a year at most and always follow the correct procedure.
Keep on top of your maintenance responsibilities
Whether it’s broken tiles on the roof, a blocked toilet, broken boiler or anything else, you need to keep on top of your maintenance responsibilities. This covers everything in the interior and exterior of the property, so you need to respond to tenant queries quickly to deal with any issues. Likewise, the tenant has a responsibility to ensure they provide easy access to any tradespeople that are schedule to fix them. This is another area where using a managing agent helps because they have registered contractors with the appropriate experience who by economies of sacle will often save you money.
Let out your property with Stadium Residential
Whether you are a first-time landlord or have let your property before, Stadium Residential can guide you through each step of the process. We work with landlords right across North London, covering areas such as Kings Cross, Islington, Marylebone, Finsbury Park and more. Get in touch today to learn more about our services.