If you are looking for a business to get into that will give you a long term income, and that doesn’t require too much input from you (most of the time, at least), then renting out a property – or an entire portfolio of properties – and being a landlord might work out just right for you. Of course, you’ll need to have the money in place to buy properties, but you can start with just one and build up your business from there. Alternatively, you might have inherited a property and renting it out would be an ideal solution if you didn’t want to sell it right away.
Whatever your reasons for becoming a landlord, even if you fell into it accidentally, it’s important to be the best landlord you can be. Taking care of your tenants is a big part of the job, and if you’re as helpful as possible at the start, most of the time you won’t even need to worry about them or the property; they will live there happily, and you will receive the rent each month. It’s the ideal relationship. So if you want to know how to nurture such a relationship and be a great landlord, here are some tips.
Customise The Lease
Once you have a property that’s ready to rent out and you have found – either through your own advertising or through a letting agent – the tenants who are going to move in, you will need to send them a lease. There are standard templates that can be used, and if you have a letting agent to help you, they will certainly have a form lease they send to tenants. However, if you’re going to be a great landlord, you should look at customising the lease if you need to.
Take the time to talk to the tenant and discuss with them what they want out of the property. Between you, you can work out the ideal situation, whether it be regarding pets, children, or anything else. This way, your tenant will feel happier and will stay in your property for longer, and you won’t have to go to the trouble of finding a new tenant six or 12 months down the line.
Allow Changes To The Property
In the majority of cases, if a tenant is asking their landlord for permission to make changes to the property, it will be a good thing. This is one less job that the landlord has to take on, which saves money and means you won’t be disrupting your tenants either. So if a tenant wants to install new carpets or paint some walls, or if they want to do something more significant like put in a new kitchen or change the bathroom, it’s a good idea to let them (subject to agreeing the style and colour being used in the new decoration, perhaps).
In the end, the property is going to look better and potentially be worth more thanks to the changes, and as long as the tenant asks for permission and understands that they won’t be able to make their money back as they would if they owned the property, there is no harm in it and will help both parties out.
Make Repairs Promptly
If you have a good relationship with your tenant, then they should be more than happy to carry out small repairs around the house. They might not even contact you about them at all, but just repair them and get on with their lives.
When it comes to more extensive repairs, a good landlord will put things right as soon as possible, especially if the tenant’s standard of living is compromised. Having contractors like Repair Giant on hand to help out when appliances need to be fixed, for example, means that no one is inconvenienced for too long. Although this will cost you money, it is all part of being a landlord, and it won’t usually happen very often. When it does though, the sooner you can fix things, the happier your tenant will be.
Disclosure: This is a partnered post