Becoming a successful landlord won’t happen overnight. All kinds of things can go wrong, and you need to be prepared for them if you want to make this business venture work. The following secrets are used by all successful landlords:
Secret 1: Be Prepared to Work Hard
Let’s set one thing straight: being a landlord isn’t about sitting back and watching your bank balance grow. If you’re good at what you do, this may be a very small part of it. You’ll also need to work very hard if you want this to work. It’ll be up to you to sort out repairs and maintenance, follow government regulations, and so on. You’ll need to make sure you have insurance too, in order to protect yourself and your tenant. It won’t be easy, but it will be worth it!
Secret 2: Treat Your Tenants Like Valued Customers
Your tenants are paying for your mortgage and maybe even then some, so make sure you’re treating them like valued customers. Be nice and polite, and go the extra mile to make sure that living in your property is suitable for them. This means sorting any issues out ASAP, and making sure they know you appreciate their tenancy. Also, keep your tenants safe by making sure you add extra security measures. This should lower insurance premiums for both you and your tenant too.
Secret 3: Make Sure You Adhere to Requirements
There are requirements you must adhere to, as briefly mentioned earlier. First of all, you’ll need to make sure your property is safe for the tenant. This means checking over your electricals and furniture for hazards. You’ll then need to get certificates to prove this to tenants. The deposits you receive from tenants should also be placed in an appropriate government scheme until that tenant moves out. There’s a lot more to think about too, as mentioned in this lettings checklist. Make sure you haven’t forgotten anything to stand the best chance of success.
Secret 4: Get Some Outside Help if You Need it
Sometimes, being a great landlord can be overwhelming. There’s no shame in getting a little outside help if you need it. Letting agents will give you advice, and will even offer to do everything for you for a price. Make sure you pick one who you trust with managing your business. This means vetting them carefully and ensuring they will do what you need them to.
Secret 5: Write Everything Down
Whenever your tenant needs something fixed, make sure you write it down. Better yet, ask the tenant to ask you in writing as well as in person, so that you can begin making a history for each client. This will protect both yours and the tenant’s interests. It may also help your tax deductions when the time comes.
If you make sure you use these 5 secrets, I guarantee you’ll become a successful landlord with a lucrative property letting business. You almost won’t need to worry about anything else!