How to Become a Successful Landlord
Whether you have experience in the property world or a complete novice when it comes to lettings, the below blog can help you become a successful landlord in 2021.
There are two main types of landlords. Those who rent out their home and those who specifically buy a property to let. Either way, many of the same rules and guidelines apply.
From understanding what being a landlord entails, meeting your legal responsibilities, deciding whether you want to manage your tenants yourself (spoiler, you don’t), keep reading to find out everything you need to know about becoming a successful landlord this year and beyond.
Find out if you are suited to the job
You will be surprised at how many people wear rose-tinted glasses when it comes to becoming a landlord, with the majority believing it to be a “get rich quick” type of scenario. Unfortunately, this is simply not the case. Being a landlord can be challenging work, especially if you are managing your own tenants (more about that later).
You have to be prepared to deal with the possibility of rent arrears, unexpected maintenance bills, unauthorized subletting, rogue tenants, and periods where your property/s are empty.
All of the above beings said that if you are mentally prepared to become a landlord and are lucky enough to find good tenants, it can be a great long-term investment.
Decide if you want to go it alone
You may be tempted to undertake the whole letting process yourself, including finding and managing tenants. However, even though this can save you money in the short term, it can end up costing more later down the line.
Alternatively, you can use an agent to either help manage the entire process, including finding tenants, collecting rent, and anything else that needs sorting regarding your property, or you can use one to find tenants and take viewings.
If you are looking for property management Coventry, for example, a letting agent can help you get the best price for your rental property and help to safeguard you in non-payment or any other issues.
Make sure you understand your legal responsibilities
Becoming a landlord is a huge responsibility, and you are accountable for the well-being of your tenants. In terms of your legal responsibilities, there are many rules that you need to abide by, including:
- Ensuring your property is fit for human habitation
- Making sure you are adhering to your state’s landlord-tenant laws
- Carrying out a gas safety check
- Fitting working smoke and carbon monoxide alarms
- Ensuring your tenant has a right to rent in this country
This list is not exhaustive, and, depending on where you are planning to rent out your property, you will need to check your local laws.
Be professional at all times
If you are renting out a property that used to be your home, it can be challenging at times to keep your emotions out of proceedings. However, it would help if you remembered that you are now running a business, and therefore, you must strive to remain professional at all times.
This includes treating your tenants as your customers, keeping all correspondence polite, and maintaining professional boundaries.