In order to be an effective landlord, there are a number of tasks that you need to take care. Here are 12 things a landlord needs to do well.
Be aware of lettings legislation
Many new landlords are not aware or are surprised by the amount of legislation and legal requirements associated with being a landlord. There is a need to ensure that the property is safe and this requires safety certificates to prove it. Landlords have a duty to arrange for their property to be tested and for the outcomes of these tests to be shared with their tenants
Have your property valued by estate agents
When looking to price a property, a landlord may decide to look at the local market and choose a price based on what else is on offer in the local area. This isn’t the best solution because there are many different factors involved when valuing a property and it may be that a landlord has a property that is considerably better than the average property in the area or of significantly less value. If the landlord’s property is better, they need to make sure that they charge a price that will provide them with fair income. If the landlord’s property is poorer, they need to make sure that they are not overpricing their property, as this may see the property lying empty for months on end.
Take constructive criticism from experts with respect to staging a property
Everyone has their own style and taste and it is easy to see why a landlord would decide to stage their property according to their own tastes. The problem with this approach is that it can limit the level of interest or demand in a property. In order to increase demand and interest in a property, there is a lot to be said for staging a home in a neutral manner. This can be undertaken by anyone following the tips and guidelines of staging a property but for a landlord looking to maximise their return, there is a lot to be said for following the constructive criticism from a professional stylist or property stager.
If someone is saying that changing the décor or style of a room or home, it can feel like a personal slight but it shouldn’t be viewed this way. Staging a home is not personal, it should be viewed in a business or professional manner, and it is important to heed the advice of experts when it comes to staging a property to attract potential tenants.
Stick to the agreed conditions
If any conditions are placed into an offer, it is vital that the landlord sticks to these agreements. Disputes between landlords and tenants can cause major problems and quite often they arise in a silly or unnecessary manner. Many disputes arise due to a lack of communication or because one party fails to adhere to agreed conditions. Landlords should realise that minimising conflict is a key ingredient to obtaining the best return from their rental property so if a landlord has agreed on conditions, they must adhere to them.
Ensure your property is cleaned and that all safety certificates are presented
There are many reasons why a landlord should ensure that the property is as clean as possible but a key reason is the fact that when a property is already clean, a tenant will be more likely to maintain this condition. If a property is untidy, a tenant may feel less motivated to clean and tidy the property. The long-term benefits associated with starting off with a clean property are immense, so it is something that all landlords should bear in mind.
There is also a lot to be said for providing safety certificates on arrival of a new tenant. This is not something that a landlord should wait for a tenant to request, making this information available up-front showcase that a landlord is meeting their requirements, which can provide confidence to the tenant.
Carry out a check-in and inventory on the day a tenant moves in
One of the most important documents a landlord and tenant will have is the inventory list at the time of moving in. It can be helpful for the landlord to carry out a check-in with the tenant on the day of moving in, or when handing over the keys. This ensures that both parties are in agreement about the condition of the home and what is in the home, which can help to minimise conflict or disagreements at a later date.
An increasing number of landlords and tenants are hiring a professional inventory firm or provider to carry out the inventory, which can offer a greater degree of confidence to all parties.
If the landlord previously lived in the property, have the mail forwarded
This seems like a simple step but to make the tenant feel at home, make sure that any mail for the landlord is not going to their home. This will also be more convenient for the landlord but it is small things like this that can help a tenant to feel at home, which may encourage them to stay for longer.
Transfer the utility accounts to the tenant
A landlord taking control of the transferring of utility accounts is the most effective way of ensuring that this actually takes place. This removes one issue of concern for the landlord and it makes sure that the tenant is fully in control of their own bills. Not every tenant will like the sound of that but for the best living arrangements; this is clearly the most effective way to deal with utility bills.
Provide instructions for all appliances
To facilitate effective running of the property by the tenant, and to minimise any issues in the property, a landlord should provide full instructions on using the appliances in the property. If a landlord has time, they may offer a physical demonstration of how to use the appliances.
Prepare spare keys
While the landlord doesn’t have to provide the tenant with a spare set of keys, there is a lot to be said for having a spare set or two cut, and then keeping them handy. In the case of emergencies, having access to a set of spare keys can save time and money.
Respond in a timely manner
If a tenant has any requests, it is best for the landlord to respond in a timely manner. This is partly due to offering respect to the tenant but it can help to develop a relationship and if a landlord responds quickly to a tenant’s request, they should expect a tenant to respond quickly to any requests made by the landlord. Developing a suitable relationship is crucial in making the most out of being a landlord and it is often down to the landlord to set down the terms and tone of the relationship.
Be accessible but not always present
It is important for a landlord to be accessible to the tenant and whether this is directly or via a property management company or estate agent, they should be on hand when needed. However, there is also a need for a landlord to provide a tenancy with space and privacy and all landlords should be aware of the regulations requiring the amount of notice required for visits and inspections.
Article Source: INHOUS