3 Key Tips for Becoming a Successful Landlord

Successful Landlord

Landlords tend to get a bad rap, but this isn’t always a fair judgement. Many tenants like to push the boundaries to see how much they can get out of you, but the reality is that owning and letting properties is a business, not a charity. Whilst you have the responsibility to do everything within reason to ensure your tenants are happy and well looked after, it is essential to know where to draw the line in order to ensure you are not being taken advantage of. There are many ways you can ensure that you are a fair and successful landlord. Here are just a few of them.

  1. Screen Tenants Properly

Good tenants are the best ingredient to ensure that your rental business runs smoothly. This is why it is so imperative that screen your tenants carefully and choose wisely. In the rush to get a property off the market, it can be tempting to take the first tenants who offer the going rate, but if they turn out to be rude or unreliable then you are in for a rough ride. You may end up stuck with late rent, a badly cared for property, or even legal battles and evictions. Therefore, it is well worth taking the time to find tenants who you trust to ensure the ongoing profitability of your investment. Make sure you seek out validated references from previous landlords and employers, who can verify the identity and reliability of your new tenants. This is the safest way to ensure that you won’t regret your decision.

  1. Take a Deposit

Another way to safeguard against unruly tenants is to take a deposit prior to them moving in. This acts as an incentive for them to treat the house with respect and care. When it comes to the end of their lease, you should arrange for a professional schedule of dilapidations to be prepared. Dilapidation surveyors in Barnet can ensure that your tenant has maintained your property to an acceptable standard and holds them responsible for any damage they may have caused that is not permitted in the terms of their contract. It also allows you to schedule in any repair work necessary before the tenant vacates the property so that a fair deal can be negotiated between landlord and tenant.

  1. Be Respectful

If you approach your property rental as a business, remember that your tenants are your clients. If you treat your tenants with respect and dignity, you are likely to receive the same in return. This makes for a mutually agreeable relationship, where a little give-and-take is an accepted practice. If a tenant’s request is reasonable and likely to add value to your property, then it is well worth considering as an investment in both your business and your relationship with your client. Likewise, if you present yourself as a fair and reasonable landlord, then your client is likely to accept those times where you refuse their requests on rational grounds.

Becoming a successful landlord is not an easy feat, and there are many hurdles to be encountered along the way. By creating a good relationship with your tenants from the start whilst also maintaining a professional distance and setting up legal safety nets, you can be well on your way towards a successful business venture.