The current rental market in the United Kingdom has a lot of people clamouring for property, and this means that many people think that being a landlord is fairly straightforward and simple.
After all, when there is such a high level of demand, you would be forgiven for thinking that you could get away with providing the bare minimum level of service and still reap the benefits. This is not the case!
There is a high volume of demand for rental property in today’s rental market but there is still a lot to be said for being recognised as a ‘top landlord’. When you are highly-regarded as a reliable landlord, you will:
- Be able to charge a higher rental figure and tenants will be happy to pay
- Develop a reputation for being a landlord people want to rent from
- This positive reputation can see current tenants stay longer
- This positive reputation ensures you have a better class of potential tenants to choose from
All of these benefits will actually make life easier for you, ensuring you have to do fewer promotional activities or services to ensure you find good tenants and receive the money you want in full and on time.
Here are some of the best ways in which you can become a top landlord:
Be open to communication
Many of the problems between a landlord and tenant are due to a lack or breakdown of communication. If you make yourself available for any queries your tenant has, you’ll find that your life as a landlord becomes a lot simpler.
Problems often arise from misunderstandings or not getting back to someone with a suitable answer within a suitable timescale. Very quickly this can develop into resentment and any hope of a professional relationship between tenant and landlord is lost.
As a landlord, you need to be able to communicate clearly and effectively, and remember that communication is a two-way street.
Create agreements on everything and make sure these are properly recorded
Another major issue between landlords and tenants is a lack of written agreements. It is not enough to discuss doing something or to talk about inventory lists or the written notice period either side has to offer — there is a need to have everything in writing. Taking the time to provide an accurate representation of all agreements will save a lot of time and stress in the long run.
You don’t need to be best friends with your tenant but being respectful is a great way to develop your business relationship. If a tenant contacts you or asks a question, give them the respect that they deserve and respond in the most appropriate manner.
A landlord shouldn’t show up at a property without prior notice and a landlord should allow the tenant to feel at home in the property, within reason.
Know the legislations and regulations of the industry
There are many legislations and regulations that a landlord has to follow, and you need to make sure that you are up to date with these as and when they come into force. Do you know what your requirements are with respect to smoke alarms or electrical appliances in a property? Do you know the questions or what documents you need to obtain to comply with the Right To Rent regulations imposed on landlords?
If you don’t know the answer to the questions, you need to undertake research or call on the services of a property management company that can help you comply with these. Being ignorant of to these is never an excuse for not complying so to be the best landlord, make sure you know what you need to provide.
Don’t just settle for the bare minimum level of service
You may think that providing the bare minimum level of service is a sensible approach in keeping your costs down and boosting rental yield, but this often a short term approach. Don’t just offer the cheapest solution or the “quick-fix” solution, because in the long run, this can cost you more time, hassle and money while also harming your reputation.
If you want to be a successful landlord, switching your mind set to one of “value for money” as opposed to “the bottom line” will make a big difference in how your tenant perceives your service.
Call on professionals and experts for support
If you want to be regarded as a top landlord, you need to understand that you cannot do everything yourself. There are not enough hours in the day to lead your own life, provide landlord services and stay on top of administrative and legal duties. Focus on your core strengths and then determine where you will benefit by calling on the services of professionals.
When it comes to repairs or improvements, there are some jobs that are legally required to be carried out by a qualified professional.
Go above and beyond if your tenants are looking for more
It may be that your tenants could benefit from additional services. If they are professionals that are pushed for time, why not offer a laundry, dry-cleaning or even ironing service. This will make their life easier while you can receive an additional income.
Sometimes providing additional services on top of the rented accommodation will make the life of the tenant easier, provide you with additional income, but more importantly, it can make the tenant feel at home. Extending the stay of your tenant makes your life a lot easier so it makes sense to do what you can to make their life as easy as possible.
Stick to the agreements in place
If you expect your tenant to agree to the terms and conditions of a rental agreement, you have to agree to the terms and conditions. Doing so will provide everyone with confidence and minimise the likelihood of any disagreements or major issues.