Being a landlord in 2014 is not a particularly difficult job. If you’ve got the money to purchase your property and then lease it out,you shouldn’t have too much trouble trying to find new tenants to live there particularly if your property is in the London or the wider South East area.Despite this, just because trying to find tenants isn’t particularly challenging, that doesn’t mean that there aren’t a range of other things you’ll need to do as a landlord. Here are some of the things you need to tick off your list.
What Basic Amenities Will Your Tenants Need?
Most landlords provide their tenants with a set of basic appliances and amenities to help them to keep the home in good shape. It will be to your advantage to give your tenants the tools they need to keep your property looking clean and tidy, as this will mean you’ll need to spend less money on cleaning and repairs at the end of the agreement before you get your new tenants in. Many landlords forget this, and believe that for example providing your clients with a vacuum cleaner is a waste of money, but doing so could mean the difference between having to replace your carpets every five years or every ten.
Do You Need to Refurbish The Property?
Of course, you cant completely write-off refurbishment,regardless of how much money you invest into ongoing property management. If you’re an organised landlord, you’ll have an inventory of everything that comes with your property, and this means you should have an ongoing record of what was purchased when. With this in hand, you should be able to see whats due to be replaced and budget appropriately. Using a site like Pre Let allows you to see what sort of prices you’ll be paying.
Keeping Your Tenants Happy Throughout the Agreement
Its essential to remember that the happiness of your tenants is paramount to the level of respect they show to the property. If you treat your tenants well, they’ll be likely to show the property respect. So if you pay for light bulbs, repair appliances promptly and organise monthly meetings at the property to catch up with your tenants, you’ll stand yourself in good stead with them. Put simply, if you want your tenants to treat your property with respect, you should treat them with respect, too.
Ultimately, there are a number of things you need to remember to do as a landlord. The job isn’t as easy as it might seem in 2014. Just because there are always a steady stream of potential tenants, it doesn’t mean that your only task is to take their money.