Tips for Landlords
Whether you’re an experienced landlord or just about to start out, these top tips will help make the job a little easier and smoother for you.
Get the Right Insurance
When you’re trusting your property to a tenant that you’ve never met before and know very little about, there’s a lot of risk involved. It’s important to trust your tenants, but that doesn’t mean you shouldn’t get the right insurance cover too. Your property and its contents can get damaged, so you need to be able to pay for repairs should anything happen.
Getting insurance as a landlord isn’t the same as getting ordinary home insurance. Insurers won’t pay out on an ordinary home insurance policy if you’ve been renting out your property. You need specific landlord insurance that covers your home and contents against malicious and non-malicious damage.
Build a Strong Relationship with Tenants
Your life as a landlord will be made a lot easier if you have a good relationship with your tenants. And if you have a fractious relationship with them, things can get unworkable, very quickly. It has to be a two-way relationship, so the effort isn’t all on your part. But don’t do anything that could annoy your tenant too much.
I find that the best landlords are those that are there when the tenant needs them, and not there the rest of the time. There’s nothing worse for a tenant than an overbearing landlord who is always calling up and checking how things are. That’s not what people want in a landlord.
Know the Law
Tenants and landlords alike have many legal right and obligations, and it’s important that you know them before you hand over your keys to your tenant. First of all, you’re not allowed to discriminate based on race, sex or disability when finding a tenant. Then you should be aware of what you’re responsible for.
It’s your responsibility to make sure that the property is safe and secure for habitation. And the tenant is responsible for paying bills on time and keeping the property in good condition. You’re not allowed to break the agreed notice period, and unlawful eviction is a criminal offence in most places.
Know Your Market Inside Out
When you’re looking to expand your property portfolio, you need to fully understand the market. Don’t forget, it’s changing all the time, so you need to keep on top of the latest changes in your local property market. You don’t want to be tripped up by changes that you’re not aware of when buying a rental property.
Having a larger property portfolio brings its own problems too. You’re still only one person, but you have more tenants and properties to look after. To help make things easier, use a company like Network 4 Rentals, that helps you manage and organize your portfolio. Then you’ll be able to keep everything in check.
Life as a landlord can be pretty stressful at times, so make your life as easy as possible by following these tips.