A lot of people dream of working for themselves – and by taking the plunge, investing in property and becoming a landlord, you could do just that. As with any sort of freedom, being a landlord does not come without its responsibilities – and there are a fair few of them at that.
Becoming a landlord is a big step, and can be an extremely financially rewarding one at that, but if you’re planning on doing it it’s best to know what you’re getting into, so that you can be as prepared as you possibly can. If you’re a new landlord, or you’re simply thinking of getting into the business, here is some advice that you should follow.
Treat Your Rental like a Business
If you don’t treat your rental property as
a business, you won’t succeed and it’s as simple as that. Although there are
quick sale companies to fall back on nowadays such as Ready Steady Sell, the last thing
you want is to have to end up selling on your investment, so take care of it,
and it’ll take care of you.
Although it might seem like a side job
(even if it makes up all of your income), really as a landlord you are managing
and running a small
business. Therefore it’s important to think of it in that way, and treat it
As with any successful business, keeping
your finances in check, following protocol and keeping your clients (tenants in
this case!) happy is the key to success. Of course, there are also laws, rules
and regulations you have to follow and abide to in order to be providing a safe
service, so ensure you’re following all of these or you could be heavily fined.
The best thing you can do in the early
days, is purchase some landlord
insurance. Even if you’re in a situation where you’re lucky enough to know
and trust the people who are renting your property, you never know what’s
around the corner. Accidents happen, and appliances break, and if you’re not
insured for such things, then you’re likely to find yourself with some hefty
expenses in the future.
A good way of trying to prevent these
things happening, is by preparing for them as much as you possible can in
advance. Here are just a few of the safety checks you should be carrying out
BEFORE you move tenants in:
Check all of the internal and
external pipes for combustion.Ensure electrics have been
checked by a professional and have an up to date safety certificate.Make any minor repairs.Ensure that any build up in
vents such as debris and moisture are gone.And finally, check your fire
and carbon monoxide detectors are working.
Find Your Tenants using the Internet
Nowadays, you can do just about anything on
the internet more efficiently than you could in any other way, and that’s just
That being said, did you know that if
you’re looking for tenants, this is the place you’re going to be most likely to
find them successfully? Whereas once upon a time newspaper ads and “to let”
signs were the winners, nowadays you just can’t beat the internet.
You can, however, use online listing
websites in order to promote the rental. This means you’re going through a
legitimate organisation and are therefore more likely to obtain serious people
of interest. The best way of gaining interest, is by making sure your pictures
are HD and show the property off to its best. You can describe it as much as
you want in the caption, however the first thing people undoubtedly notice
online are pictures – otherwise they’re likely to just keep on scrolling. The
better the property looks in the pictures, the more interest you’ll get and the
easier you’ll find a tenant. It’s as simple as that.
Set the Rent at a Fair Price
Last of all, but by no means least, ensure
that you’re setting the rental at an appropriate price.
If there are other properties up for rent
in the area (your competition), that are the same size, quality and condition
as your property and yet they charge lower monthly rent, chances are people are
going to choose to rent these properties over yours. Much like the world of
property selling, people like to feel they’re getting a good deal, and if you
overcharge then they won’t be interested. Do yourself a favour, find out the
average rental price, and be a competitor.
The post New to the Property Rental Business Advice all New Landlords Should Follow appeared first on RealtyBizNews: Real Estate News.