A successful landlord will enjoy a thriving renting business with fair relations with all. His business sense will duck all unnecessary void periods and the property will be well maintained and kept well by the tenants. Contrary to perceptions landlords earning the tag of ‘terrible landlord’ , some tips if followed well can make a landlord very successful and respected.
Be Business Like
But a majority of landlords ruing losses are doing a terrible job by not running the business professionally. In other words, they run it as a hobby. Land lording is a serious business and needs to be practiced with all its gravity to be respectful, by virtue of the systems and structure like in any other business so that only the right results can come.
So think yourself, when was the last time you read a book on business leadership?
Have you put in place systems to address maintenance concerns without the landlord directly involving in it on occasions like you are on a vacation and the water supply line breaks?
You will see that as soon as you shift your perspective to business owner than a as a hobbyist landlord, your success will not be far away.
Weed Out the Bad Apples
For all landlords the biggest mistake is letting out to the wrong person. This brings in a chain of events and altercations in terms of late rent, trashed homes, mental stress and costly evictions.
This happens because the desired due diligence on the tenants was done badly. Just as a bank does not grant a loan on grounds of emotion to any one a landlord cannot rent his property without being convinced of the client’s worthiness. So in letting business It is business sense that have an upper hand by way of validated credentials of the tenants.
For screening the tenants there must be:
- Ability to deposit 3 months of rent in stable income
- No recent evictions
- No recent felonies
- Appropriate references from ex landlords
Treat Tenants with Respect
Even if the landlords may do like tenants do not allow personal feelings to come in the way of business relationships. Tenants desire to be treated fairly and seen as an equal human beings. Owning some rental property does not make any individual a superior person. Therefore don’t act in a headstrong manner. Do treat tenants with respect and you will get that in return.
Don’t Be Too Nice
The job of a landlord is to be fair and not very nice. The overly nice attitude will send a wrong message to the tenants and may prod them to take you for granted and take advantage of every opportunity.
If the lease says rent is due on the first, it must be so. The tenant must be clear that if the landlord is fulfilling his duties the same is expected from the tenant also.
If the leniency of the landlord allows the tenant to break the rules, it will be a drift into you a phase of struggle and compromise that may derail your business ultimately besides financial losses and stress. Being respectful and being nice are entirely different things.
Landlords looking for properties to rent in London need to be prepared for handling distress situations such as handling a tough eviction, or fighting a deposit issue. Even for reassuring that you are on the right track consulting fellow landlords or industry associations can help. There are also professional letting agencies like ISA (Instyle Apartments). Just can visit the website www.instyleapartments.co.uk and utilize the services in terms of landlording and best practices.