5 ways to become a top landlord

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5 ways to become a top landlord
While virtually anyone can be a landlord, if you want to be a top landlord, there are some steps you can take to achieve this feat. Here are 5 ways to become a top landlord.

Treat being a landlord as running a business
Far too many landlords consider being a landlord as a good way of bringing some additional money in, and this means that they treat the role as a hobby or part-time interest. This means that they inevitably end up providing a sub-standard or insufficient service, which means that the tenant ends up feeling frustrated or cheated in their agreement.

If you want to become a top landlord, you need to take the process seriously and make sure that you approach decision making in a calculated and effective manner. Not every decision you make will be popular and not every decision should be based on the bottom line, value for money is important, but when you think about being a landlord in the manner of running a business, you’ll find that you provide a better standard of service to your tenants.

Know the rules and regulations
There are a number of rules and regulations that a landlord has to be aware of. The property has to be properly inspected with respect to health and safety, you must have proper certification and from 2016, landlords have to ensure that tenants have a legal right to rent property in the United Kingdom. It is crucial to meet all of these rules and regulations because a failure to do so can result in financial penalties for any landlord that fails to meet the expected standards. Anyone that needs assistance on the regulations can contact the best Shoreditch estate agents for help.

Vet your tenants and take precautions
One of the biggest factors in how enjoyable or easy your time as a landlord will be relates to the quality of your tenant. There is no way to predict the future and you can never be 100% confident about the quality of your tenant, but there are ways in which you can minimise the risk of being stuck with a sub-standard or challenging tenant.

If you are unsure of how to vet a tenant, contact an estate agent or property management firm to provide you with the information and guidance you need. Knowing that the tenant has sufficient income to pay their rent, and that their income is stable, is an excellent starting point. You should also look to check references from previous landlords, ensure that the tenant hasn’t been evicted in the past and that they don’t have a criminal record.

If a tenant passes these tests, you still can’t be certain that they will be a good tenant but without these checks you could be letting anyone into your home.~

Show your tenants respect
The relationship between the landlord and tenant is one of the most contentious issues for a landlord, and it doesn’t have to be the case. Landlords and tenants are often seen to be pitted against each other but by showing your tenant respect, and looking for some respect back, you should expect to have a more pleasant and polite time as a landlord.

This harks back to the nature of having a business-like approach to being a landlord. Businesses don’t like all of their customers but as long as they treat customers with respect and look to provide them with what they want, they’ll find that they can develop a relationship that is suitable for all parties.

One good way to develop respect from the start of the letting process is to hire an independent inventory clerk to undertake an inventory of the property and its contents.

Seek assistance
Unless you have a lot of time and experience, it is unlikely that you’ll be able to do everything by yourself. There is no shame in calling on the experts for guidance, advice or support and you’ll find that the process of being a landlord becomes a lot more manageable when you have assistance from the experts. If you need help, calling on the leading estate agents in Shoreditch is a smart move.