How To Be A Great Landlord!

If you’re a landlord you want to be making the most out of your investment. You want to ensure that your properties are never empty and are always filled with happy tenants. We’ve put together some helpful tips on how to be a great landlord to your tenants.

Offer fair rent
It’s vital that you undertake some research into your property and get a good understanding of the price of the area. Tenants are always going to aim to save money and find the best value. We’re not saying you need to undercut everyone in the area, just make sure tenants are receiving good value for their money.

Reward advanced payments
Consider offering a reduction in rent if the tenants pay for a full year, or 6 months up front. You don’t need to offer a long list of discounts and deals to generate interest in your property but creating an incentive for tenants to stay long term could go a long way. If a tenant feels appreciated they’re a lot more likely to stick around. A small saving on their bills could mean more to them than you think.

Make a detailed inventory
Although this will take up quite some time and feel monotonous, detailing the contents of the property and the condition they are in will help greatly should there be any disagreements over damages. This also shows you pay attention and you are fair so that there are no awkward disputes at the end of the tenancy when it comes to damages.

Get to know your tenants
It’s important that your tenants feel they know you on a personal level. People don’t want a landlord in which they only communication is through the occasional formal letter in the post. Showing genuine interest in them will pay off in the long run as building that relationship is what builds trust and loyalty, showing that you’re not just interested in their cash.

Give them some space
Although we’ve advised you to become friendly with your tenants, it’s good to remember not to become a nuisance. So once your tenants are all moved in, keep your distance because the last thing tenants want is to be hassled. Ideally you wanted to keep a consistent line of communication e.g. a monthly email to check everything is ok. However, you don’t want to be just turning up unannounced for an inspection. Allowing the tenants to enjoy the home as if it were their own is the key and scheduling inspections well in advance, giving them plenty of time to prepare, will keep your tenants very happy.

Stay on top of maintenance
The biggest comfort you can give to your tenants is making sure they know that any repairs will be dealt with swiftly. Organising a time that’s best for them to inspect anything that is damaged or faulty and letting them know that you’re doing your best to resolve the situation quickly is what builds respect and loyalty between you and your tenant.

We understand that letting your property, especially for the first time, can be a worrying experience and with this in mind we aim to provide you with the best possible service and the right tenant for your property.

If you would like to find out more about the lettings services we can we offer you, why not get in touch? 020 8422 5222