Last Updated: 08/02/2018
6 Things a Landlord needs to do really well
Being a landlord is a sensible way to generate regular income. Some people and personality types will find that being a landlord is a great way to utilise their skills and to use their time in an effective manner too.
However, being a landlord can be difficult and there are 6 things a landlord needs to do really well, which are:
The research element should begin long before a landlord buys a home or starts looking for a tenant. If you are looking to invest in property, you should look at the best markets to buy for letting purposes and research what the rental yields are in certain areas. It may be that you are keen to buy in an area close to you, so you can be a “hands-on” landlord. This is a sensible idea but even with this in mind, you need to research different areas and determine what sort of property, in a particular area, is likely to offer the best return for your money. You should also research who the likely tenants are going to be for the area and what they are looking for from a landlord.
Being able to communicate makes a difference
It is important for a landlord to be able to communicate clearly and effectively. Whether this is communicating effectively to property managers, to companies where property advertisements are placed, to professionals carrying out work at home or to their tenants. It is best practice to have everything in writing and agreed upon from the outset, especially when dealing with tenants. Aspects like the details of how a tenancy should end and inventory reports can make life so much easier in the long run.
When it comes to getting the best possible rental yield for your investment, small margins can make a big difference. This is where the skills of an expert negotiator can make a big difference to your income levels in the long run. Money saved in the property price or even the price charged by a professional to carry out work or make improvements on your home can all positively impact on the overall rental yield a landlord receives. However it is important to note that in order to receive the best possible service from a professional it may be worthwhile paying a suitable going rate for their time and expertise.
Brush up on your networking skills
Networking may not seem like the most important task for a landlord but there are many ways in which you can engage with others, develop relationships and generally make life easier for youself. You may think that you are in competition against other landlords but it may be that working with landlords will help you find better professionals or allow you to find out which suppliers can help you save money in the long run.
Marketing and Promotion
You also need to know how to promote your property. Yes, there is a high level of demand for rental property at the moment but if you want the best income from the best tenants, you need to ‘sell’ your property to the right demographic. This means you need to understand the benefits of your property and where to reach out to the people who are most likely to benefit from what you offer. Well written descriptions and good quality images of your home looking attractive can make a noticeable difference to the level of income you receive as a landlord so don’t overlook the promotion and marketing aspect of the role.
Never stop learning
It is also important to never stop learning. You can always provide a better service and even if you make mistakes or don’t provide a good service at one point, think about why this was the case. If you can make improvements to your service, you will develop better relationships and be more likely to earn better income in the future.