How To Be A Good Landlord

How To Be A Good Landlord

Being a landlord is more than just buying a property and making sure someone moves in. It’s about keeping your tenants happy and making sure that you fulfil your legal responsibilities.  

Happy tenant equals happy landlords

Being a good landlord requires time, money and effort - but it’s worth it if you can find and retain the right tenants. Here are a few steps you can take to ensure that you’re a model landlord.

 Make sure you have a tenancy agreement in place.

A recent report indicated that 10% of all landlords either have an illegal tenancy agreement or no tenancy agreement at all.

You must make it clear where the responsibilities lie for the upkeep of the property. Be sure to draw up a detailed tenancy agreement which is also known as Assured Shorthand Tenancy (AST). A established

Lettings Agent or Solicitor can help you draw up this agreement.

Ensure the tenants deposit is protected

It’s your legal obligation to make sure that any deposit given to you by the tenant is kept in an approved deposit scheme. This ensures security and compliance with the law for both you as the landlord and the tenant.

There are three approved schemes which you can choose from and you must ensure the tenant has all the relevant information such as which scheme you’re using, how to apply to get the deposit back and what to do in case of a dispute.

NB: Ensure you choose an Agent with a recognised deposit scheme.

Should you fail to meet this obligation you could face legal proceedings and be fined up to three times the amount of the deposit in question.

A detailed inventory is essential

An inventory can be seen as time consuming and a cost you can avoid but in our opinion it is essential to protect you and the tenant should there be any disagreement over damage caused during the tenancy.

Your inventory should be as detailed as possible, listing all the contents of the property and their current condition prior to the tenant moving in.  We further recommend a photographic record that includes details of existing cosmetic damage such as flaking paint, peeling wallpaper and carpet stains.

Taking meter readings is essential and we recommend a photographic record of the meter readings.

Treat this property like a business

Whether you have purchased the property specifically as an investment or are renting out your existing home, you are technically in charge of a business and should act accordingly and in a professional manner. Make sure that your tenant has your contact details and knows when they can contact you. It also helps if you can provide an email address so that you can keep a written record of your communication.

Alternatively, an established Lettings Agent will help alleviate your responsibilities.

Keep your properties in good condition

It is important to keep on top of all maintenance and repair issues as soon as they arise and are reported to keep your investment in good condition. A happy tenant is less likely to leave your property and reduce the amount of time your property is vacant.  A vacant property will have a very negative effect on your finances and the yield your investment produces.

 A good landlord is one that goes above and beyond the call of duty.

Don’t interfere

Once your tenants move in then its important that you keep your distance. Tenants don’t want to be harassed by their landlord and as a landlord you have to give 24 hours notice before you enter the property. So leave them to enjoy their home in peace.

Seek advice

If you find yourself in a situation where you find that you’re not sure what to do then always seek advice. Agencies such as Alan Batt can provide invaluable assistance for those looking to invest in property and attract the best possible tenants.