Becoming a landlord can be a great way to make extra money. If you’re starting with your first rental property, learning how to be a good landlord can take some time.
Here are tips to help you build a good relationship with your tenants and protect your property.
Table of Contents
Set a tenancy agreement
A tenancy agreement is beneficial for all parties involved. It clearly outlines the respective responsibilities of landlords and tenants.
As a responsible landlord, it is important to ensure that the tenant understands the rules of the property. Having a well-defined and comprehensive AST can help prevent potential disputes. You’ll need to share a copy of How To Rent.
By following our tips for being a good landlord, you should have a smooth relationship with your tenant. If the tenant believes that you have failed to fulfil a certain responsibility, you can always refer to the agreed clauses in the tenancy agreement.
Keep things professional
It’s important to foster a good relationship with your tenants, but it’s also important to keep boundaries. Being friendly is great – maybe sending cards at Christmas or having a chat when you’re called over to fix something.
However, getting overly close with your tenants could lead to an uncomfortable situation if there are issues with the house or rent. The best thing for landlords is to be friendly, yet professional.
Make an inventory that’s fair
Making an inventory of the house when your tenants move in is key to protecting both parties involved. It may take some time to record the contents and condition of the property, but it is well worth the effort.
Snap pictures of each room and any existing damages or blemishes.
This way, you and the tenants have a record of how the place looked when they moved in. Doing this will make it easier to figure out the security deposit at the end of the tenancy for both of you.
Get landlord insurance
Good landlord insurance is essential, though it comes at an extra cost. It offers protection if your property is damaged, if there is an environmental issue, or if you have tenants who don’t pay their rent. Even if something goes wrong, you can be sure you’re covered.
Some buy-to-let mortgages require you to have landlord insurance before your tenants move in. So, by making sure you’re insured, you know that you and your property are secure.
Protect your tenant’s deposit
Putting down a deposit on your property is often a substantial investment for your tenants, so it must be appropriately safeguarded.
Legally, you must protect their initial deposit using a government-approved deposit scheme. There are three options available – the Deposit Protection Service, MyDeposits, and the Tenancy Deposit Scheme.
Once your tenant pays their deposit, you must inform them of which scheme you are using, how they can get their deposit back, and any conditions of the deposit.
In the case of a dispute, the deposit will be protected and held in the scheme until the issue can be resolved. More information about tenancy deposit protection can be found here.
Put safety first
As a landlord, your property must be secure for your tenants. You must adhere to safety guidelines or risk your tenancy agreement and landlord insurance becoming invalid. Here’s what you need to do to keep up with safety standards:
- Have all gas and electrical appliances installed by a certified engineer;
- Check that all gas and electrical equipment is safe;
- Perform yearly checks, including a gas safety check, and provide your tenants with a copy of the gas safety check record;
- Install fire alarms on each storey and carbon monoxide alarms, and inspect them regularly;
- Make sure there are escape routes in case of fire;
- Ensure furniture and furnishings are fireproof.
Invest in your property
You don’t need to redecorate every year to stay on top of the latest trends, but make sure that it is well-maintained.
Depending on the terms of your tenancy agreement, you might wish to invest in the property to ensure it is comfortable for your current tenants and any potential new renters. Good landlords might consider replacing worn-out carpets, painting the walls in neutral tones, and making sure all necessary appliances are up to date.
By keeping your property in good condition, you can attract high-quality tenants and demonstrate to your current tenants that you value their well-being.
Be flexible, but set your limits
Being a good landlord means being professional, but you should also remember that your tenants are human, too. It’s important to be flexible to accommodate their needs.
If you want them to pay their rent on time, give them different options to make it easier for them. Ask when they get paid and how they would like to pay their rent. A direct debit on a specific day is a great way to make sure that rent payments are done conveniently and quickly.
If your tenants are having a difficult time or are having trouble paying the rent, be flexible and try to come up with a solution together. As a landlord, you should be empathetic and try to understand their situation.
Make sure you are clear about what you can do to help them so they know where they stand. In the event of a tenant refusing to pay rent, be polite and firm, and document everything that is said and done.
Make sure your tenants can contact you
Communication is essential for being a great landlord, so ensure your tenants can reach you. Email is a great choice since it creates a record of your communication but also includes a mobile number so they can contact you in an emergency.
Make sure they know you’re available to help. Let them know if you’re going on holiday and who they can contact while you’re away.
Fix things quickly
Having problems in the house that don’t get fixed promptly can be a huge source of worry for tenants. As a landlord, it’s essential to make sure issues are rectified as soon as possible.
Create a list of reliable workers who can help on short notice and always keep tenants informed if there is a wait time.
A broken boiler or oven can be very stressful for anyone, so if tenants know you will take care of things quickly, they can relax. This will also reduce the number of calls you receive.
By following these tips for being a good landlord, you and your tenants can develop a beneficial relationship. If you’re looking to sell your rental property to raise capital or buy a rental property, we can help you sell your house quickly for cash.
Sell Your Rental Property
If you own a rental property and want to sell, evicting a tenant might come with unique challenges. Tenants can end up trashing the property, leaving you with a huge repair bill.
With an average property taking 6 months to go under offer and 3 months of conveyancing, you’ll have to pay 9 months of mortgage with zero income coming in. To top it all off, the council’s empty homes officer will start to pester you.
Why not sell your tenanted property as it is? Read our reviews, and our unique values and request a callback today:
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