Being a first-time landlord is not easy. While it is certainly a great source of income, there are a lot of management responsibilities that come with it. What estate agents should you use? Do you need to do any decorating? Are tenants difficult to come by? In the end, it’s easy for the first-time landlord to feel stressed out and bogged down by the weight of it all.
Consequently, here’s what first time landlords should expect to do.
Secure Good Estate Agents
The first thing a landlord needs is a quality estate agent backing them every step of the way. They’ll help you find and maintain the property you want to rent out, as well as act as a liaison between you and your tenants. Additionally, they’ll ensure every action between the landlord and the tenant is conducted in a legal manner, and basically maintain a sense of fair play across the board.
As with any industry, some businesses are better than others. Consequently, you should set your sights on those offering quality, not shoddy services for some extra cash. For example, Andrews Online are a great estate agent to align yourself with, as they provide a wide range of listed properties as well as taking care of rent collection. They’re really fighting your corner and don’t miss a detail, so sign up to the best of the best and crack on.
Outfit Your Property
When it comes to getting viewings from potential tenants, your property will speak to everyone who walks through the door. They’ll ask themselves; is it nice? Is it for me? Could this house be for someone my age or older/younger? Are any furnishings fire retardant, or is the property unfurnished? People are choosier than you may think, so how you outfit your home will determine what kind of tenants you attract.
Style choices and demographics aside, there’s one thing all tenants will want across the board; cleanliness.
Make sure fresh paint or wallpaper adorns all the walls, and that all surfaces are clean and tidy. Ensure you have adequate gas and electric certificates too. Give everywhere a good dusting and a hoover and tend the gardens too. It’s the simple things that really make the difference, so with each new tenant give the place a good clean and revamp. You’ll be surprised at how much this changes the game and the overall appeal of your property.
Get Great Tenants
Getting the right tenants isn’t as easy as it sounds. After all, you can’t just let anybody live in your property. What’s their occupation? Are your estate agents satisfied with their references? How will you market the property to bag the right tenants? If you choose poorly, you can land yourselves with problem people who will skip rent day and trash your property when they’re through. Therefore, it’s important to try and secure honest, hardworking people for your property.
Additionally, empty periods are also possible, as many people dislike renting these days. Generally, it’s viewed as a leach on a tenant’s finances, whereby buying a home with a mortgage reflects true ownership. Every arrangement is temporary, and there are likely to be periods where your property is empty and there’s no rent coming in. Ultimately, expect fluctuating levels of actual rent to come through and make sure you have at least one other source of income.