We know the difficulties attached to being a landlord. The idea of it seems simple but the process can prove daunting at times, especially in the capital.
Don’t fret too much though, we’ve compiled some effective tips that you can refer back to time and time again.
It’s never a bad idea to plan ahead with insurance. You will thank yourself later on if you stumble across a hurdle, whether it’s damaged property or a tenant refusing to pay, you’ll be glad you’ve covered it beforehand. UKinsuranceNET can help you out with these issues and will ensure that you receive your rent with help from a court of law.
Know what to offer
To get the most out of being a landlord, you should actively research and listen to what potential tenants are looking for. You’ll benefit in the long-run if you take the time to have a look at what different groups of people are after. For example, the expectations of students are evidently rising. The 2015 report ‘What Students Seek’ revealed that 61% of students require their room to have a double bed, while 59% set their sights on having a communal living area. If you take this on board as a landlord, you’ll see the benefits that stem from directly appealing to potential tenants.
Know your tenants
Once you’ve sorted out knowing who you’re appealing to, it’s important to ensure that you’re choosing your tenants well. If you’re uncertain about whether a potential tenant fits your contract, check their background or ask their past landlord about their experience. Meeting someone in person can often reveal a lot, yet people may lie about details such as pets, so it is worth going the extra mile and checking before you agree to anything.
Build a relationship
It may be difficult at times but building and maintaining a positive relationship with your tenants can mean less problems and quick solutions. If you make a consistent effort to listen and show that you are willing to help in some way, even if you can’t always solve the issue, maintaining a strong level of communication should make the experience run far more smoothly.
So, so get planning with our tips and you’ll be well on your way to getting the most out of being a landlord in London. However, if you’re finding something challenging along the way, don’t worry about asking for help. Look no further than The National Landlords Association for some support and advice!