The idea of being a buy to let landlord is an appealing one, and there are many first-time landlords operating in the industry these days. While the demand for rental accommodation provides the opportunity to make a good return on investment, being a landlord can be a lot more challenging and difficult than it seems. Therefore, it is important that buy to let landlords get as much help as they can and here are some of our top tips.
Money can make many people uncomfortable but as a landlord, you are not running a charity or providing a social service. You should be looking to bring in rent on time and in full every month and this must be a focus of your work. If you would feel uncomfortable about collecting money or placing a large focus on rent, you would be advised to enlist the services of a professional who will do this for you or whom will take the appropriate action if a tenant fails to pay.
The success or failure of a tenancy period will come down to many things but ultimately, the standard of tenant is likely to be the biggest factor. If you have a good tenant, being a landlord can seem like an easy role. If you have a bad tenant, being a landlord can seem like the hardest job in the world. There is no way to tell for definite if a person will be trustworthy, reliable and take good care of your home, but by vetting your tenants, you improve your chances of having a good tenant in place.
Many landlords consider the tenants credit score as a good starting point and when it comes to credit, the following parameters are fair:
Again, if you are uncomfortable or unwilling to vet tenants, you should turn to a professional who can provide this service for you.
It is probably for the best that you don’t allow tenants with pets into your property because pets cause problems in the home with mess and smell. This may sound harsh but you should think of being a landlord as running a business and being strict on pets is a good way to improve the chances that your home will be looked after.
Of course, you may be a pet lover or believe that by offering property to a tenant with a pet, you have a chance of tapping into a market that is willing to pay more. The choice you make is yours but be sure to create guidelines and then stick to them rigidly.
In fact, that last point is so important; it is worth singling out. You will have terms and conditions in place between yourself and your tenant and it is vital that you stick to these rules and regulations. If there are penalties in place for an action, the penalty must be imposed. If you are a landlord that provides leeway or doesn’t follow through on their penalties, your tenant will naturally start to take more leeway from you and very soon, you will not be in control of the relationship.
Other tips to follow include:
If you follow these tips, you should find that being a first-time landlord isn’t a daunting prospect in the buy to let sector.
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