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8 Keys to Being a Great Landlord
The best way to find and keep good tenants is to be a great landlord. Being a great landlord takes effort, time and money but it is worth it to give you a reputable business and help you maintain clientele that respect you and your property and ultimately make you money. Success as a landlord is possible but it takes a real commitment to your work, seeing your business as just that and asking for help when needed. Nick Fox property mentoring services are here to provide that help, after all no man is an island. Contact us for courses, information and guidance and read on in this blog to discover 8 keys to being a great landlord.1. Treat it as a business To be successful as a landlord you must see your properties as your business, not just something you do on the side to make extra cash or as a way of investing money. You must take every aspect of the business seriously, being organised with paperwork, up to date with policies and diligent with your work.2. Set BoundariesRemember this is your business, you wouldn’t be on call 24/7 to your boss, you wouldn’t be open 7 days a week, 365 days a year. In the same way you will find that you are less drained and therefore more successful if you set limits and boundaries on your business. Set up a business mobile or create a google voicemail account so that you can control when you take calls, inform your tenants of the times you are available to receive calls. Provide tenants with a business email so they can contact you that way and you won’t be disturbed frequently out of hours.3. Stick to your policiesNo matter how small your business, have the right policies and procedures in place from the beginning and stick to them. Things like a quality property inventory, comprehensive application form, a clear late fee policy etc. will go a long way in helping you manage your property successfully. Having rules and policies don’t put tenants off, they make them feel more secure as long as you are clear from the outset on all your policies and you inform tenants of changes and always stick by what you have said.4. Research and LearnJust like in any role you must always keep learning and developing your skills. Property management is no different. You must do your research, keep up to date with the law and latest regulations for health and safety and keep investing in yourself by training and reading books, blogs and other available resources to ensure you are being the best landlord you can be.5. Quality Property = Quality Tenants You need to have good tenants to make your business work and to make money. The best way to attract and keep good tenants is to have a good property to offer. Don’t scrimp and save on fixtures and fittings, do maintain the upkeep of your property as you would your own home. The property is your investment so it is your job to improve it. Any improvements you make will be appreciated by tenants and the better quality your property the more likely you are to attract tenants quickly and be able to pick the cream of the crop for your property.6. Good RelationshipsWhilst you don’t want to make best friends with your tenants you do want to have a good working relationship with them, as a boss would with their employees. You can improve your relationship by taking an interest in your tenants, sending a Christmas card for example and being sensitive to any major life changes for them. This does not mean you should let them off late fees or damages but rather you should let them know you are available to them as a support and that you value their tenancy.7. Quick RepairsNothing upsets tenants more than delaying on necessary repairs. Be considerate when you arrange repairs, working around the tenant’s schedule where possible and choosing qualified approved workmen that will do the job well. Always inform tenants when you will be entering the property and make sure you abide by all the policies you set out in your tenancy agreement8. Choose WiselyChoose your tenants wisely. You should develop a thorough and comprehensive application form which covers all the bases. Try to find out as much as you can about the prospective tenants, do take up references and do interview. It is much easier to take the right tenants from the beginning than it is to deal with the problems of having made a bad choice. As always there is an element of risk in property management but by investing in yourself, making good choices and continuing to grow and learn you will be a successful landlord. Don’t forget to contact Nick Fox Property Mentoring for further advice and resources.