How To Become A Successful Landlord

published on 16/03/2017  


Treat it like a business
By doing this you ensure that your tenants will not lose out. We recommend that you set money aside for repairs using your rental income, which we will manage for you. We will also make sure you have a system in place for who your tenant can contact if you are on holiday and repairs are needed to the property. Don’t treat being a landlord as a hobby, as long as you are organised, have the correct systems in place and use a reputable lettings agency, your business can be successful.

Screen tenants
Landlords who don’t screen tenants can often be faced with late payers and evictions. We will guide you through the background check before you agree to be their landlord. This means you can avoid tenants who have been evicted in the past, increasing the likelihood of receiving the rent. When screening, we will look for tenants who have had no recent evictions or felonies, those with good landlord references, and with a stable monthly income. We can take care of all of this and guide you through the process.

Keep your tenants happy
Ensure you fix repairs in the property promptly, we can help manage this. It’s better to keep a tenant than find a new one, so you want to ensure they are kept happy. Consider rewarding your tenants, if your tenants always pay on time or have given you a referral, you should consider rewarding them with anything from chocolates to dinner vouchers. We will always treat your tenants with respect, as this increases the chances of getting your rent on time. However, you shouldn’t allow your tenants to break the rules, if it is not agreed in your lease, don’t allow it, in the long run this could lead to financial loss.

Document Everything
Make sure you have a signed contract with your tenant and make note of any repairs undertaken on the property, we can manage all of this for you. If you state all your terms and conditions in your lease, this ensures you are covered if you are taken to court. We can have a lawyer check over your lease to check for anything illegal. In your lease, you should set a late policy, and make your tenant aware of this. We will check that you have rental insurance and property liability insurance for your property.

Charge the right amount of rent
Based on our knowledge of the local area, we can advise you on the appropriate rental amount for your property.  We will also keep an eye on the current property market conditions for fluctuations in property prices and advise you where necessary.

Set up easy payment methods
The most preferable payment option is online payments, which you should offer to your tenant. However, they may prefer another payment method, so make sure you have multiple options available, so they are easily able to pay the rent. We would manage these payments, to ensure they are paid on time.

Any questions? Please feel free to email: clive@paigeandpetrook.co.uk,  call on 020 8866 5666 or visit our website. Tags: Landlords, Property Management Agency, Property Management, Rentals, Lettings, Pinner