Five Ways to be the Best Landlord

publication date: May 31, 2009
 | 
author/source: Kate Faulkner, Property Expert and Author of Which? Property Books
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The best landlords will care about making sure their property is let legally and that their tenants are happy. However bad landlords aren’t bothered about being a good landlord, and especially whether their properties meet the legal requirements and don’t care if their tenants are happy. The only thing bad landlords care about is the rent going into their account every month.

Bad Landlords Lose Tenants
Bad landlords rarely receive the best rental income and are always having to find new tenants to pay the rent. Worst still, the property is likely not to be cared for, so will no doubt be losing value day to day – especially in today’s market when property income is declining.

Follow our top five ways to be the best landlord to help you secure:-

   1. The best paying tenants
   2. Top rental income
   3. Retain your property’s value

The best landlords:-

1. Are legal
Will ensure their property is let legally with a gas safety certificate, electrical and PAT testing, as well as extra precautions such as smoke alarms on every floor.

2. Keep up to date with the latest letting rules and regulations
Good landlords don’t just know the current regulations, they also make sure they keep up to date with new rules and regulations, such as the new letting agent and landlord licensing.

3. Ensure their buy to let property is in good order
The best landlords realise that if they keep their property in good condition, the tenants are more likely to look after it. That means clean bathrooms and kitchen with taps, shower and appliances all in good working order, with no leaks! Clean carpets and walls and a tidy front and back also help. The best landlords will also ensure that all appliances have easy to read instructions so that tenants know how to use them.

4. Fix things quickly if they go wrong
How would you feel if you lived in a home and the tap kept dripping, keeping you awake at night, or the heating didn’t work and you were freezing cold? Then when your tenant (or letting agent) asks for something to be fixed, it’s worth getting it done straight away.

5. Do what they can to retain good tenants
Good tenants are worth their weight in gold, so try and keep them if you can. It’s always worth chatting to the tenant (even if it’s a letting agent looking after the property) and asking them if they will stay for a while. It might take a small reduction in rent in return for a longer agreement, or a quick paint job or new shower, or even the addition of a dishwasher. All a few hundred pounds, to retain someone paying you thousands on an annual basis, so it’s well worth it!
 
So if you want to be the best landlord make sure you follow our five tips, check out our top 10 letting tips and buy our Buy to Let eBook.

For further information on renting and letting, visit the Renting and Letting section of the website, contact the Designs on Property team or telephone 01652 641722.
 

 


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