Being a great landlord takes effort to provide value for your tenants while having systems in place to manage your properties efficiently. It is a great opportunity to provide people with the luxury of a home and increases the chance of getting a better return on your investment.
Financially literacy
Being financial literate when managing many properties is important as being a great landlord does require managing finances and increasing the value of your assets. Being able to have a plan in place to pre-empt financial issues is key for the sustainability of your investments.
Tenant screening
As a landlord, it’s important to generate the tenants you desire, and this process is majorly important for maximising value for yourself. Finding the right tenant who meets your requirements can be a challenge, take those steps and request for references from your tenants as a strategy to find the right occupants.
Outsource Tasks
Be in control of your time and outsource tasks that you’re uncomfortable with. It is best to take advantage of outsourcing tenant finding, accounting and general property management. Taking this option will increase efficiency and allow you to focus on other aspects of your property business.
Customer service
Being a landlord requires tenants to be satisfied with your service and having the right steps in place will improve their experience. Building rapport with your tenants is key to building great reviews as a landlord which could boost credibility in the industry. Having a tenancy contract that both parties agree on can also boost value.
Property Maintenance
Creating plans to improve the quality of the homes you manage is key to being a good landlord. Identifying what can affect the experience for your tenants is key to continuing the growth of your properties. Over time, buildings can be prone to heavy damage, which may require repairs.
Regulations
Being a great landlord is crucial for your investments and it is essential you follow these regulations:
Make sure gas equipment and electrical equipment are safely installed and maintained.
Provide an energy performance certificate for the property.
Protect your tenant’s deposit through government schemes.
Check if your tenant has the right to rent your property.
Fit and test smoke alarms and carbon monoxide alarms.
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