Becoming a Landlord: How to be Profitable and Well-Regarded

If you’re fortunate enough to be in a position where you are able to rent out a property to tenants, don’t hesitate to establish yourself as a landlord. Renting out a house or a flat can be an extremely profitable enterprise and some landlords are even able to make this their primary source of income. Others can use the profits generated by letting a property to fund exciting projects like setting up their own businesses. Whatever you choose to do with income, it’s essential that you are aware of the characteristics that a good landlord possesses. Well-regarded landlords who have a good relationship with tenants are more likely to receive good reviews and increased numbers of applicants.

Property Maintenance

In order to attract the kind of tenants who will care for your property and cause you as few problems as possible, it’s important that they are given a living space that they can be proud of. You can’t expect tenants to respect the house or flat if it’s in a poorly maintained state to begin with. The exterior of the property should be freshly painted, with the front garden tidy and all bushes and shrubs trimmed back. Inside, the carpets and walls should be clean, the furniture in good condition and all appliances in working order. Dirt and damp will certainly put off prospective tenants.

Communication is Key

Good landlords are known for keeping the lines of communication open and answering the phone to tenants as often as possible. Remember that most tenants will not call you unless there is an urgent problem. Encourage your tenants to report breakages and accidents immediately, so that you can rectify things quickly. Issues with water, heating or damp should be addressed within two days.

Ethical Profitability

Unfortunately, some landlords have a bad reputation for being greedy and uncaring about the needs of their tenants. Of course, it’s natural to want this enterprise to be as profitable as possible, but this shouldn’t be achieved at the expense of those residing in your property. You can save money on outgoings like insurance by finding specialist dealers from a variety of providers, including Click4Quote Ltd. It’s always better to look for places to make savings than to suddenly surprise your tenant with increased rent, as they may not be in a financial position to pay it. If you want to increase to cost of rent, do it between tenants and justify it with serious improvements to the property.