4 Must-Read Tips For New Landlords

Being a landlord is a great way to make a living and can be a rewarding role to be in. However, it doesn’t mean that it doesn’t come with its own set of challenges.
You want to make sure you properly settle into your new position so you can succeed and have a stable career or side gig. Be patient with yourself because it may take some time before you feel completely comfortable managing your properties and making the tough decisions.

1. Educate Yourself

It’s important that as a new landlord you know what you’re doing. Brush up on the landlord-tenant laws and other related laws that will affect you and you should know about. Make sure you’re up to speed with all the latest regulations that are in place regarding your role and that come with being in charge of properties. The more you know, the more confident you’ll be and the fewer mistakes you’ll make, and less surprises you’ll encounter. Put everything in writing and make sure you know what information needs to be in a lease.

2. Know Your Limits

Another must-read tip for new landlords is that you should know your limits. It’s going to require a lot of time and energy on your part to properly manage property or multiple properties. You need to know what you can handle and when to hire help. For instance, you might want to reach out and work with a residential property management company to take some of the stress and burden off of you. They know what they’re doing and having them on your side will also free up more of your time.

3. Vet Your Tenants

Your job is to make sure someone’s living in your properties and paying you rent. Therefore, vet your tenants and have a process and paperwork in place that helps you do so. Follow through with credit and background checks and call up the last landlord they worked with to ensure they are reliable with paying rent and taking care of a place. Make it easy for your tenants to pay rent so that you can avoid issues in this area. Also, be cautious about pets because many times they can cause damage and might bring about more problems. Be a good landlord by thoroughly screening your tenants so you feel comfortable with who you choose to fill the open vacancies.

4. Be Available & Address Issues

Open and honest communication should be a top priority as a new landlord if you want all to go smoothly. Be available so that your tenants know how to get in touch with you and can do so without any issues. It’s in your best interest to know what’s going on at your properties so you can take action and keep them well-maintained and in good shape. If you’re not around make sure that there’s someone who can answer your calls and address an issue right away. You might want to consider taking pictures of the properties you own before someone moves in to ensure all are kept up to your standards.

EAN Content

Content shared by this account is either news shared free by third parties or sponsored (paid for) content from third parties. Please be advised that links to third party websites are not endorsed by Estate Agent Networking - Please do your own research before committing to any third party business promoted on our website. As an Amazon Associate, I earn from qualifying purchases.

You May Also Enjoy

small house bird box
Breaking News

UK First Time Buyers better off than many other global nations

Is it really that bad being a first-time buyer? UK better off than many other global nations when it comes to affordability The latest market analysis from Yopa, the full-service estate agents, reveals that first-time buyers (FTBs) in the UK may be paying 63% more to get a foot on the property ladder than they…
Read More
new build homes colchester essex
Breaking News

Building Safety Regulator Reform

The Government has announced reforms to the Building Safety Regulator, including leadership, process and investment. The changes are hoped to deliver 1.5 million homes. The reforms pave the way for creation of a single construction safety regulator, as recommended by the Grenfell Tower enquiry. David Smith, property litigation partner at London law firm Spector Constant…
Read More
Breaking News

New anti-money laundering rules now in effect: what landlords need to know

New anti-money laundering (AML) rules came into effect this month, marking a significant change for landlords and the lettings industry as a whole. The new rules mean financial sanctions checks are now required for all lettings, regardless of how much rent is charged. Here, Steve Bond, managing director of residential lettings for Beresfords, explains what…
Read More
Breaking News

What landlords need to know about the upcoming Renters Rights Bill

The government’s long-awaited Renters Rights Bill is one of the most significant overhauls of the private rental sector in decades. While it has not yet received royal assent, the legislation is expected to come into effect late this year, or early in 2026. With the bill moving closer to becoming law, Steven Bond, managing director…
Read More
Breaking News

Mortgage approvals bounce back in May

The latest figures show that: – Mortgage approvals on house purchases for May sat at 63,032 up 3.9% from 60,656 in April. The monthly increase seen in May marks the end of four months of previous decline, with approval levels having fallen each month since January of this year. Approvals are also 2.5% higher than…
Read More
Breaking News

Money and Credit – May 2025

Key points: Net borrowing of mortgage debt by individuals increased by £2.8 billion to £2.1 billion in May, following a large decrease in net borrowing of £13.8 billion to -£0.8 billion in April. Net mortgage approvals for house purchases increased by 2,400 to 63,000 in May. Approvals for remortgaging also increased by 6,200 to 41,500…
Read More