Becoming a landlord is a job that can be rewarding
Many landlords begin their first rental ventures as a simple side project to their daily life, with aspirations of it becoming a full-time business. But how do these landlords make the leap from hobbyist to successful businessmen and women? This guide highlights hints and tips to help you become a successful landlord.
Treat your role seriously
Many landlords fall short of success because they do not see their business as such, but simply a hobby that provides some extra income. By ensuring you treat your rental property seriously there is no reason why you can’t achieve success. This includes respecting best practices and maintaining your property to a high standard.
Screen for the right tenants
An extremely common mistake landlords make in the early days of renting their properties is letting to the wrong tenants. Poor screening can lead to loss of rent, damage to the property and ultimately an increased level of stress for you. Screen your tenants for:
- Recent evictions
- Sound references
- Suitable level of income
Treat your tenants with respect
Treat your tenants with respect, this does not mean that you have to like them, you may not see eye to eye on a personal level, but the business of being a landlord means acting professionally at all times. Do not act with an air of superiority. In doing so, you may antagonise your tenant and make communication more difficult.
Being overly nice will land you in trouble
Following from point three, although you must treat all your tenants with respect, just as importantly do not be too nice and allow them to dictate the rules of the tenancy. Humans naturally like to please others, but this is a costly mistake when it comes to being landlord. You should not agree to missing payments, damage to the property or a lack of communication from your tenants.
Create a community
By creating a community with other landlords you will create a valuable support network that you can turn to when you need advice. This is crucial when starting out as a landlord as there will be trade secrets you are not privy to. This support network will be able to provide you with an electrician’s number at short notice, for example and offer advice when dealing with problematic tenants. You may not have a local network, but the internet is an amazing resource that you can use to connect with like-minded people.
Is a property management company right for me?
Should a landlord employ a property management company? Utilising professional property management companies that are regulated by ARLA are a great option if you have multiple rental properties, don’t live near the property or properties you let out or want to take a less hands-on approach. So what do they offer?
- Deal with your tenants on your behalf and save you valuable time and money
- Handle rent collection
- Take over the repair and maintenance of the property
- Provide you with up to date knowledge of the legal implications of letting property and of the property market in general
- Offer vital know how and years of experience
A great landlord is a culmination of many things; it should be an enjoyable experience. Adhere to these guidelines in the very beginning in order to ensure you are doing everything you possibly can to enjoy the success of your business. Once your portfolio grows its best practice to employ a property management company in Glasgow to maintain the standards you’ve achieved.