Wed 02 Mar 2016
Being a landlord can be stressful, especially when you’re at loggerheads with your tenants. They often get bad press so you may be surprised to learn that it’s not always the tenants at fault. Property rental is a two way street and good, happy, long term tenants come from harmonious relationships with their landlord.
Here are our tips on how you can be a good landlord:
1. You are legally obliged to ensure your property is safe. Why would you want it to be anything less? Electric and gas equipment needs annual checks by qualified professionals, smoke alarms and carbon monoxide detectors must be tested and batteries replaced. Keep records of checks otherwise your landlord’s insurance may be invalidated. These are people’s lives in your hands, so take this seriously.
2. Make a detailed inventory before your tenants move in. Be clear from the outset what is included in the rental agreement. List the condition of the décor and items in the house – take photographs too. Take meter readings and photograph these too. This protects both parties and can prevent disagreements further down the line.
3. Make sure that your tenancy agreement is fair and clear on who is responsible for the upkeep of the property.
4. Take care of your tenant’s deposit. Legislation states that you must keep this in an approved deposit scheme which protects both parties. The fine for failing to do so can be up to three times the value of the deposit.
5. Fix things quickly. Have a list of approved tradespeople that you trust to deal with any problems that may arise. Alternatively, a property management company can do this for you – give Butchers a call!
6. Leave your tenant alone! Don’t become a nuisance – allow your tenant to enjoy the property and give the proper 24 hours’ notice when you wish to enter.
If you plan to build a property portfolio, a reputation as a good and fair landlord will stand you in good stead. Word will spread and you will attract good, reliable tenants.
Remember – happy tenants = happy landlords!