What To Think About Before Becoming A Landlord

One way to make a living or earn an extra income is to become a landlord. Real estate is a great business to get into if it’s your passion and you know what you’re doing.
You may have tossed around the idea of becoming a landlord but aren’t quite sure if it’s the right role for you or not. In this case, review what to think about before becoming a landlord and what to consider as you try to make your way into the business and industry. The more prepared you are mentally the better chance you have of succeeding.

Your Motivation

Consider your motivation before becoming a landlord. The reason being is it’s a commitment you need to take seriously and can’t just quickly get out of when you don’t feel like doing it anymore. Set realistic expectations for how much time and effort you’ll need to put into getting the right education and credentials and what the job will require of you long-term. You’ll need to be able to stay motivated to continue going strong when obstacles arise or the market takes a hit.

Your DIY Capabilities

You’ll also need a plan for how you’ll handle property problems and repairs that pop up. You may want help in this area if you are not that skilled at home DIY projects or simply don’t have the time to address them. Take a moment to review What is Facilities Management and all that’s involved in caring for a property properly and legally so that you know what to expect. You can’t just wing it and hope for the best. You need to be able to maintain the property well and respond to questions and issues in a timely manner. Know what you’re responsible for and will need to take care of so you have the help handy and money available.

Ways to Find Tenants

Think about how you’ll find quality tenants to rent out your properties. Before you become a landlord it’s wise to set up a tenant screening process. It’s an important step in the process of filling your properties and you’ll want to make sure you have reliable people living in them. It’s in your best interest to take the time to check out references and run background checks before having a tenant sign a lease and move in. While it may be tempting to rent to friends or family, it isn’t always a good idea and you should consider treading lightly.

Your Schedule

Being a landlord is a big time commitment and will take up a lot of your schedule. Think about how much time you have available for and to give to the role before diving in. It’s not only about renting the places out and securing reliable tenants but it’s also about properly maintaining them. There’s not only a time commitment involved but also a financial responsibility on you, so make sure to run the numbers prior to taking on this new role. Keep in mind that being a landlord is a business and not just a hobby.

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

Home and Living

High Quality Modular Homes for the UK

Are you looking for added accommodation space in your garden / on your land? Modular Living Homes by tutumHOUSE offer a new way to live – minimalist in form, rich in experience. “There are approximately 9.6 million homes in the UK with a garden shed, and around 52% of the population owns one.” asgardsss There…
Read More
Estate Agent Talk

The most stressful places to move to in the UK

With more people in the UK moving homes during summer than any other season and the average cost of moving in the UK rising to over £14,000, picking the right place to move to has become more crucial than ever. Luckily, new research from Pay Less for Storage reveals the UK cities that make life easiest…
Read More
Estate Agent Talk

Time-Traveling Estate Agent Sequel Climbs Amazon Charts

A UK Estate Agent Currently Bringing Joy to People’s Lives – Shame He’s Fictional…   Eric Meek, the fictional estate agent created by author Dale Bradford, is back for a second outing in The Time‑Travelling Estate Agent 2, a sequel that is already climbing Amazon’s bestselling time‑travel rankings. Estate agents were recently highlighted as the third…
Read More
Estate Agent Talk

Is it finally time for lenders to back green homes?

Andrew Smith weighs the risks and rewards Property developers are increasingly pitching green homes to lenders; however, with sales cycles slowing down and repair costs rising, is now the right time to back sustainable builds and at what price point is there market demand? Sustainability is continuing to shape our future of construction with the…
Read More
Breaking News

Breaking Property News 24/07/25

Daily bite-sized proptech and property news in partnership with Proptech-X.   OpticWise – digital infrastructure in commercial real estate If your building were a product, how would it perform on the user experience scale?  Week 9: Experience as Infrastructure – Designing for Human-Centric Buildings Welcome to Week 9 of our 52-week journey into the future…
Read More
new build homes colchester essex
Breaking News

UK Housebuilding Falters as Construction Hiring Flatlines

New research from Inventory Base reveals that UK construction industry employment has increased by almost 11% in the past five years, but there has been less than 1% growth in the past 12 months. Inventory Base’s analysis of the UK construction industry shows that in 2024 (latest data available) it employed an estimated total of…
Read More