How To Be A Better Landlord in 5 Easy Steps

How To Be A Better Landlord in 5 Easy Steps

 

As a landlord, you want to maximise your ROI. One of the best ways to achieve this is to actively invest in becoming a better landlord. 

 

It may sound a little daunting, especially if you are new to the environment. However, you can open the door to sustained success by focusing on the following five factors.

 

Know Your Options

 

When becoming a landlord, there are several potential routes that you could take. Some landlords simply rent out their old home, perhaps after moving in with their partner. However, if looking specifically at buy-to-let mortgages, you will find that there are many options to consider. 

 

For example, a multi-unit building may actually be easier to secure. This is because lenders know that you only need to fill a percentage of the dwellings to break even and cover your costs. Before rushing in, it is important that you conduct your research or speak to a pro.

 

Understand Tenant Needs

 

Attracting tenants and keeping them happy will be an essential ingredient in the recipe for success. To make this happen, you must be willing to put yourself in the tenant’s shoes. This quick guide will help you think about their priorities. From safety to personality, putting those key features in place is vital.

If nothing else, providing the best rental home(s) for your tenant(s) will lower the tenant turnover rate. This means less time spent trying to fill empty properties or covering monthly repayments without a source of income. It is the least that you deserve.

 

Go Green

 

As a landlord and a human, you have a responsibility to cut the property’s emissions. Thermal Integration can be particularly useful for embracing greener energy. The communal approach to energy supplies also adds convenience when looking at heating solutions. For flats and multi-unit buildings.

 

Adopting a greener approach doesn’t only reduce emissions. It could also save money on energy bills for tenants and for landlords when dealing with communal areas. Adding items like solar panels could allow you to charge more. So, they’ll be a good long-term investment.

 

Embrace Quick Communication

 

Responsive and transparent communications will play a key role in building a better experience for tenants. If you want to be a relatively passive landlord, hiring a property management team is advised. They can take care of various tasks and interactions, which is very useful if you do not live close by.

 

Many tenants also find it easier to deal with a management team as they are seen as an impartial intermediaries. For the sake of a small fee, it makes your job as a landlord feel far more convenient, especially if you run multiple properties.

 

Be Fair

 

There are a lot of bad landlords out there, you don’t have to be one of them. If your tenants have a fair complaint, such as dampness, you should sort it with damp proofing services. Likewise, any security issues should be fixed ASAP. Otherwise, tenants could seek outside support. 

 

When you are fair to the tenant, they will respect your property. So, this will probably help you make a healthy saving in the long run. Better still, as you gain a reputation for being a good landlord, it should help you fill future vacancies with ease.