Investing in property can bring you plenty in the way of returns, even if it means waiting for a while first. One of the best options is to buy-to-let, meaning that you buy a property and rent it out as you pay off the mortgage. This way, you can effectively have the tenant pay the mortgage for you, while also keeping the place occupied. This has many advantages, but it is important to remember that you need to keep up your side of the deal too. There is no such thing as a vacant landlord, and you will have to try to be present and engaged with the whole affair. It is in your best interests to be the best landlord you can be; if your tenants are happy, they are more likely to stay there, providing you with an ongoing source of cash. There are many ways of ensuring that you are the kind of landlord people want to have, and knowing what those ways are should help you hugely in the long run with your investments.
Go The Extra Mile
We have all had landlords who did only the bare minimum. Such people are rarely there when something goes wrong or needs fixing, and it seems as though all they care about is the money they will be receiving each month. There is nothing whatsoever wrong with looking forward to the money, but you need to be more than just a ghost of a landlord. If you want your tenants to stick around for as long as possible, you should do everything in your power to go the extra mile. There are many ways that you can show your appreciation of their custom, and going further than necessary and providing more than you need to are two ways of doing just that. If you show that you are willing to please the tenant, they will be much more likely to stick around, continuing to help you pay off the mortgage. Going above and beyond is also a matter of doing those little things that make all the difference. Consider fully refurbishing the property before the start of the tenancy, for example. Or you might decide to waive the cost of cutting an extra key and key fob. These little things soon add up to make the tenant feel much more at home, and more accepted in that home.
Set A Marketable Rent
It helps to think about things from the tenant’s point of view, at least a little. If you were the tenant, you would probably be happy to pay a fair amount in rent; after all, that is the nature of the deal. But you would no doubt be looking for a rental cost which is in keeping with the current market. So, as a landlord, you need to make sure that the rent you charge is in line with the market’s current averages. For this and many other reasons, it really does pay to pay attention to the market’s fluctuations. These fluctuations have a dramatic and distinct effect on the amount that you can reasonably charge for rent, so you need to pay as close attention as possible. As long as you have set a marketable rent, you will be more likely to find long-term and reliable tenants. You will also be more likely to keep those tenants happy than if you were to try and extort them. In the long run, being fair with your rent helps everybody out.
Get To Know Them
There are many different styles of being a landlord, differing levels of presence or absence. There is nothing that says that you have to be particularly present, and many tenants will prefer it if you are not. However, there is also much to be said for the idea of getting to know your tenants, at least a little. This could be a simple case of meeting them for a coffee one time at the outset of the tenancy. If you are working through an agent, it is possible for you to never see the tenant. This might well suit you fine, but it is possible that you will want to meet them at least once. Doing so adds something of the personal to the whole affair, leading to an increased trust on both sides. After that, you can decide between you how present you as the landlord should be in future. In this, it is a good idea for you to follow their lead.
That leads us neatly onto one of the most important points that all landlords need to consider. How much you are present is, as we have seen, up to the both parties to decide. But there are certain occasions when you do need to be present and available, often within a quick time frame. We are talking here of emergency situations, as well as if something needs fixing in a hurry. When it comes to repairs, it is often a show of good faith if you carry them out yourself. What’s more, doing so will save you a considerable amount of money as well. The most important thing here is to be as available as possible when the tenant needs you. But do remember that in most instances you need at least twenty four hours notice in writing before you can enter the property while it is being occupied by a tenant.
As with most kinds of human relationship, things can all too quickly go wrong or turn sour when communication breaks down. As a means of ensuring that the professional relationship between yourself and your tenants is kept strong, be sure to communicate any changes or any important information to them as clearly and as directly as possible. The more clear you are, the less room there is for misunderstanding. The less misunderstanding, the fewer arguments there will be. Above all, you should be trying to keep the peace; you keep the peace by remaining open in your communication. This is a golden rule, and it will likely serve you well.