Being a landlord comes with a lot of responsibilities, but it is not as difficult as you may thin...
Being a landlord comes with a lot of responsibilities, but it is not as difficult as you may think. We have created five easy tips to help you to become a successful landlord and create a relationship with your tenants that will be mutually beneficial.
Create a warm welcome
Providing a warm welcome to your tenants and informing them of key information regarding the tenancy before it begins can be extremely useful for both the tenant and the landlord.
A good idea would be to create a ‘welcome pack’, which includes information such as how to work appliances within the property, helping them settle in to the property more quickly. It will set the tone and ensure that the relationship is starting on the right foot.
Another great idea would be to provide the new tenant with a guide to the area, highlighting nearby places of interest in Sheffield.
Keeping a good line of communication between yourself and a tenant is crucial for a successful relationship... and tenancy.
Implementing a good level of communication with your tenant can be beneficial, as it will help them feel respected. They are also likely to enjoy living in your property more... and potentially for longer too.
A lack of communication can lead to a tenant deciding to leave the tenancy. It can be really frustrating for a tenant if a landlord doesn’t answer calls or emails – all of which should be responded to within a reasonable amount of time to ensure a good relationship.
Screen out bad tenants
Firstly, make sure a tenant’s income is at least three times the cost of monthly rent. It is also important to run a credit and background check, follow Fair Housing laws, ask for referrals from previous landlords, and avoid tenants with past evictions.
It is sometimes easy to be convinced not to put a potential tenant through the entire screening process due to them making a good first impression. Someone who appears nice and seems to be responsible in person might have a record of skipping out on lease agreements. You cannot trust your instincts alone when it comes to leasing.
Keep your tenants happy
It is much cheaper to retain a tenant than to find a new one. Fix repairs promptly, keep the property in good condition, treat your tenants with respect, and you’ll see a healthy turnover and cash flow.
A key area that can cause tenants to become unhappy with a landlord is sudden increases in rent. Keep rent increases to within the local market rate and give prior notice to tenants of any rent increases. Imagine yourself in the tenant’s position and treat them with the same fairness that you would expect.
Keep family out of it
Renting to friends and family can be a recipe for disaster. Each time, you’ll be faced with the following dilemma: Lose the money or lose the relationship. Don’t put yourself in that situation.