So, you have finally got yourself on the rental property ladder, congratulations! It is a big step, especially in this financial climate, and if you have ever been on the other side of the system, you know how much of a nightmare a bad landlord can be. If you are like us and want to support those within your property as much as possible then carry on reading for a useful guide on how to get off on the right foot with your renters, here are five great tips for first time landlords who care about tenants.
Think about the interior
When looking at a new property, it is very easy to let your mind run wild with ideas about furnishings, what curtains do you put up to tie the room together, how do you place the sofa in the lounge to make the most of the space you have, the list goes on. Although, here is where the first hurdle comes into play, do you rent your property furnished or unfurnished? There are pros and cons to both ideas, and can be very subjective for each case, though a useful rule of thumb is if it is a house then rent it out furnished, and if it is a flat then rent it out unfurnished.
What are local rent prices like?
It is all well and good trying to make the most from your investment, as at the end of the day it is still a financial transaction and you are there to earn some money from your property, but jacking up prices to extortionate rates not only makes your property less desirable and feasible to more renters, but is also a larger burden for your tenants who may already be struggling with living costs. Make sure to look around the area and see what the trends in the renting market are and try to match them, or if you are feeling extra generous then maybe rent out your property a little below the area’s average (which is also a great tactic to help you keep your property constantly being occupied).
Pets or no pets?
It is easy to say no pets and ban all animals from your property, that way you never have to worry about a dog or cat making a mess on your floors, though this can also be a very rigid rule that may make the lives of those with pets a lot more difficult than it has to be. If you are really against animals in your property then by all means keep the pet ban in place, though if you are indifferent and want to give people a bit more freedom then think about allowing them to have pets. Even if you make ground rules and make it clear that pet-related damage would be paid for by them, it is just nice for them to have the choice.
Do not watch over them
Although you own the property and wish to maintain it to a standard of your choice, there is nothing more off-putting and disruptive to a tenant than a landlord that is overbearing and consistently visiting to make sure that everything is still in order. This is not to say that you can never check in on a property and seek updates on its condition, but it is not acceptable for you to randomly turn up at the property to demand to come in and judge how they are living in there. We all seek privacy at home, and that privacy extends to those renting your property, so make sure to give them the respect and space that they deserve and give them some warning if you do plan on visiting.
Be timely with property matters
When it comes to legal matters or incidents that need urgent action, there is nothing worse than someone who cannot respond or act in a timely manner. When dealing with tenants, there should be a sense of urgency when responding to a query, paying for a repair to be done, or whatever issues may arise. As stated before, this is a financial transaction, but also is someone’s living accommodation, and if you were in their position and an issue arose then you would hope that the issue was dealt with swiftly, so be on top of tenancy issues and make the time to deal with issues as they arise, that way both you and your tenant can happily coexist and hopefully have a pleasant experience from your property.