3 Requirements of a Good Landlord
Being a landlord doesn’t only involve having spare premises that you can rent out. It can also mean looking into your responsibilities and making sure that everything is in good working order.
This way, you may be able to retain tenants who will treat your property with the utmost care. Failure to comply with legislation, or make timely repairs, could see you losing tenants frequently, which will inhibit your ability to gain revenue from these homes or buildings.
Look After the Boiler
When moving into a property, the last thing a tenant may want to find is that they have no access to heating or hot water, especially if it is cold or they have young children. It can be good practice to ensure that regular servicing is undertaken, so that you know the boiler is in good working condition. The differences in answers you will find between ‘how much is a new boiler’ and ‘how much is boiler servicing’ may also help to motivate you to check this annually. If you do need to replace the boiler, it could be a good idea to opt for one that is simple to use, so that tenants are able to adjust temperatures and times easily. Choosing an engineer who is fully qualified is also imperative to maintaining its condition.
Whether you liaise with tenants via an estate agent, or directly, is up to you. This may depend on how much you like to be involved with the inner workings of your property, as well as your own schedule. You may want to discuss some aspects of the property, such as tenancy inspections, with the tenants themselves, so that you can make it clear when you plan to visit, and ensure that the tenants will be home at this time. Direct communication can also be a good way to find out about repairs needed, if these are still your responsibility, as well as to build a good rapport between yourself and the people living in your building.
When contemplating raising rent prices, it could be a good idea to keep your tenants in mind. If you have had no issues with your current tenants, raising the rental price significantly may force them to search elsewhere. While you may want to make sure that being a landlord is still profitable for you, you might not want to run the risk of losing good tenants. Likewise, if your tenants fall into straits, you may want to show some level of leniency for a temporary period. An example of this could be that a tenant’s pay isn’t until the day after rent is due, so you might opt to waive fees as long as it is paid promptly that day.
Being a good landlord involves looking after your property, and avoiding any unfair changes. If work needs to be done on the house, it can be a good idea to give your tenants as much notice as possible.