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If you’re fortunate enough to own more than one property, you may wish to consider renting it out to tenants. Renting is currently a popular choice and many professionals are renting into their 30s and 40s. There’s a great deal of money to be made as a private landlord, and smart entrepreneurs will embrace this prospect. However, being a landlord isn’t all about taking home profits. You should be prepared to provide the best possible experience for your tenants in order to keep them happy and attract more interest to your property when each tenancy comes to an end.
Legal Responsibilities
It’s important that you take your responsibilities as a landlord seriously, as they protect the safety of your tenant. You should keep your rented properties free from health hazards and make sure that all gas and electrical equipment supplied with the property has been safely installed and is regularly maintained. Fire safety regulations should always be followed and it’s essential that you provide an Energy Performance Certificate for the property, so that prospective tenants can work out what their bills will cost. If you live in the UK, you will be required to protect your tenant’s deposit in a government-approved scheme.
Decorating Your Property
The best way to ensure that tenants look after your property is to provide them with a space that they can be proud of. A dilapidated flat where things are shabby and broken will not encourage tenants to treat the property with respect. Make sure that the exterior of your property is neat and welcoming, with shrubs trimmed and the front door and window frames freshly painted. Some retailers including David Phillips provide specialist furniture for landlords, so you can find high quality items for reduced prices. Remember that cheap furnishings and appliances are more likely to become broken or damaged, so invest initially and save yourself money in the long term.
Communicating with Tenants
The mark of a good landlord is excellent communication skills. You should be available to discuss any queries your tenant may have during normal working hours and in the early evenings. Encourage your tenants to report breakages and damage as soon as it occurs, and make sure that problems are resolved in a timely manner. Urgent issues involving heating and water should be fixed within two days. Remember that if you treat your tenants with respect, then they will give good recommendations to friends and prospective tenants, thus increasing your popularity as a landlord.
