Revealed - insider tips on becoming a successful landlord
Mon 13 Jun 2022
For many, having aspirations of becoming a successful landlord is an appealing prospect. Not only is it a fantastic source of residual income, but investing in property in the long term could be substantially rewarding. However, one should not be blinded by the prospect of profits as one should strive for accumulating satisfied tenants and fully occupied rental properties.
Our objective at Letting Solutions is to provide a fully comprehensive tailor-made service so that all parts of the rental package meeting the needs of the client are available from us.
Whether you are new to the whole concept of buy-to-let a seasoned investor with many properties, or somewhere in between, using our expertise can provide you with helpful insider tips to reach success in the industry.
First and foremost, your property should be in mint condition if you would like to appeal more to prospective tenants. Although this might sound obvious, if you’re looking to let a house that has an attraction, and is well maintained and presented, then you’ll also be in a more advantageous position to charge higher rents. It is advised that your décor remains neutral in colour, as these are likely to appeal to the widest audience.
Charge reasonable rent
Set a fair rent fee instead of charging over-the-odds, since it is better to have tenants than a property that remains empty. Even with demand currently being so high, long-term tenants especially will appreciate being rewarded for their loyalty with more impartial terms.
Invest in your inventory
As a landlord, your most vital asset will be your inventory. This will have to be prepared prior to your tenants' arrival and given to them on the very first day they move in. All contents of your comprehensive inventory should be explained to your tenants as they check in, with a signature given by both parties, and a copy returned to your clients to keep as proof of the lease agreement.
If you ever find yourself in a situation where damage has been done to the property or items have gone missing, then your inventory will ensure that you are able to deduct money from your tenants’ deposit to cover the costs.
Furniture - included or excluded
Properties available to rent can come fully furnished, part furnished, or unfurnished and prospective tenants will all have different requirements. Typically, unfurnished properties are most popular, because tenants usually want to incorporate their own style into the place they are going to call home. The basics, such as light fittings, curtains, and excellent quality carpets should at the very least be included.
Your tenants' safety should be a top priority and an inspection of all gas and electrical appliances should be carried out before your tenants move in. After these checks have been done an Energy Performance Certificate (EPC) should be provided to them, according to the Housing Health and Safety Rating System, which landlords should be fully aware of.
It’s absolutely vital that you put your tenants at no risk because failure to uphold and carry out these measures could lead to a fine, or in serious cases, prison.
Fluid turnaround of tenants
Your rental properties are an investment, and the worst thing for a landlord is an empty house that is losing money rather than making it. Although you may be disheartened to see good, long-term tenants go, there is, unfortunately, no room for sentimentality and your turnaround period between tenants should be fluid and seamless.
To make sure there is no delay in getting the next batch of tenants in, employing the services of a cleaning agency can help in returning the property to its very best state as quickly as possible.
Fulfilling your legal obligations to make sure your tenants are kept safe, and going the extra mile where possible, can all be contributing factors to your overall success. Extra information such as council tax, car parking, local authority practices, instructions on how to operate the boiler and heating, along with any relevant emergency contact numbers can all be included in a tenants’ handbook for them to keep during their stay.
In summary, your key to becoming a successful landlord will be to treat your tenants as you would like to be treated, hence establishing a solid relationship, reacting swiftly to issues, and making them feel welcome will all be highly advantageous and will increase the odds of a renewed tenancy as well as a regular, reliable stream of income.
Here at Letting Solutions, West Lothian’s first dedicated lettings agency, we can guide you through all aspects of the lettings journey and can help you to get the most from your rental properties as a result. You can find out more about our current hours of service and our current ways of working here.
Please don’t hesitate to contact us, even if you are not a current client. You can ring us on 01506 496006 where our team are waiting to help. Or you can email us at: firstname.lastname@example.org.