To make your lives a little easier, we’ve come up with some top tips to help you get the most out of being a landlord; from tenant relationships to insurance and communication
Recent LV= research has revealed that Brits are facing a ‘rental relationship breakdown,’ with 83% of tenants saying that landlords have a bad reputation. But we know that landlords want the best for their tenants, with almost two thirds (62%) saying that they want their tenants to be happy living in their property.
That’s why we’ve produced a top tips guide for landlords to be the best they can be, and help improve relationships with their tenants. Happy tenant, happy landlord – right?
Don’t look at your property as a hobby; treat it like a business, with tenants being your customers. Be professional, be organised and have mutual respect with your tenants. Make sure you have sufficient landlord insurance for peace of mind that you’re protected should the unexpected occur.
Ensure that each new tenant is worthy of staying in your property with thorough screening including references and financial checks. You must feel confident that your tenants will treat your property with respect and make their payments on time – trust is at the heart of a positive rental relationship.
A happy tenant makes for an easier rental experience from both sides, so make sure repairs are carried out properly and that the property is in a safe and liveable condition. Within reason, also allow tenants to treat the property as their own, such as hanging wall furnishings.
Keep the lines of communication open with your tenants. Be open and honest, listen to their concerns and act on any issues. Life doesn’t always run smoothly and your tenants might fall on hard times, so make sure you have a plan in place should they suffer financial issues.
Always give plenty of notice when access to the property is needed or if inspections will take place. The same goes for giving tenants proper notice if they have to move out or if you are selling the property.
As a landlord, you face many potential risks to the safety and security of your property, so make sure you have the right cover in place. Buildings can be damaged by fire, flood and theft so ensure your landlords’ insurance covers all areas. Put the safety of your tenants and their home first.
Make sure you don’t become a victim of the rental relationship breakdown; keep your property and your tenants safe, treat tenants with the respect you expect back, and always be on hand when it comes to discussing the property and any payments.