If you have just purchased a buy-to-let property in the UK and are ready to start the journey of becoming a first-time landlord, then you may be feeling a mixture of excitement and nerves. This is all completely normal, but you do have some decisions to make. Will you be the sole landlord or will you hire an agency to manage the property for you? Both have their pros and cons. Below you can find 5 helpful tips to ensure that your time as a landlord is stress-free and profitable.
Consider Using An Agency
There are many different letting agents in Loughton and in your local area. Don’t be afraid to ask for the help of your local lettings agency who can often manage your entire business for you. There are many different pros and cons for hiring an agency to manage your property, but generally they can be a massive help. Many busy professionals find it to be worth the investment to hire an agency to take on the responsibilities of landlord duties. This leaves you free to work on your other businesses or to enjoy your retirement whilst bringing in an additional income. A good letting agent will stay on top of all communication, appointments and arrange maintenance where needed.
How To Attract The Right Tenants
Are you looking for specific tenants to rent your property? Perhaps you are keen to attract busy, working professionals? Or maybe you are looking to market your home as the perfect family space. This requires you to think a little bit carefully about how you design and decorate your property before marketing it. Think about the needs and requirements of your desired tenants and how they may utilise the space. Be sure to stipulate whether you allow pets and to highlight any important do’s and don’ts on the first meeting.
Remember That This Is A Business
The key thing to remember, when becoming a successful landlord is that you are running a business. Whilst it may be tempting to befriend your tenants, this may not always work to your advantage in the long run. Keeping a professional yet approachable demeanour will ensure that you are easily contacted but that you can’t be taken advantage of when it comes to late payments or other issues. Similarly, it is important to remain professional and to consult your tenants with the correct amount of advance notice should you wish to visit the property or arrange any work to be carried out.
Keep The Tenants Deposit Safe
As a landlord it is your responsibility to keep your tenants’ deposits safe and secure. If you are working with a letting agency, they should be able to advise you on the best way to handle this, but by law, you must place the deposit into a government approved deposit scheme.
Stay On Top Of All Maintenance
Lastly, it is important to stay on top of all general maintenance issues that are brought to your attention. Not only will taking care of your property help to make your tenants feel more comfortable, but it will also ensure that your property remains in good standing and that it is able to generate you an income for years to come.