Are you just starting your journey of letting your property out and want some guidance? Do you want to know what all of the experienced letting agents have to say about being a first-time landlord? If you’re a landlord or are thinking of becoming one, you’ll want to read this blog post. Here we’ve compiled eight tips for landlords from experienced letting agents, to help ensure your tenants are happy and that you’re making the most money possible from your property. However, if by any chance you want to trust your property to a professional, Western Lettings can provide you with all the necessary details so visit the Western Lettings website to find out more.
Reading these tips could save you time and money in the long run! So read on for advice from the experts on how to be a successful landlord.
Location, location, location
When it comes to letting or renting our properties as a landlord there are many things that you need to consider here are a few tips from landlords and other experienced letting agents.
Although this is something that you can’t control if you already have a property that you want to rent out if you are still considering finding a location to let then the location is absolutely everything and you need to make sure that you find one that is in a good neighborhood.
It is so important to consider the surrounding area and whether it is a desirable place for renters. If you take into consideration the distance of public transport, grocery stores, entertainment, schools, and much more and this will all help you to become a successful landlord.
The right tenant is key
Be sure to screen potential renters this is a process set in place to find the right tenant and before you rent out your property you need to make sure that the tenant you’ve chosen is the perfect tenant.
Before you sign any documentation and come to any agreements you should make sure to screen your tenants carefully to avoid any problems with them down the road. The screening involves credit checks criminal records, background checks, and much more which will help you to become a successful landlord.
Set the rent at a fair price
If you are new to renting out your property or to being a landlord something you may consider doing is setting the price of your property a bit too high or even a bit too low and this could drive potential renters away either way.
When it comes to setting the price of your property it is important to set a realistic price that is not too low and not too high which will attract quality tenants without draining your wallet. When considering the price of your rent you should look at other buildings around you and see what they charge but also take into consideration what kind of neighborhood the property is in, what kind of opportunities are around, and more.
Get the paperwork in order
Paperwork is the bane of anyone’s existence however when it comes to letting out a property or being a landlord, it is one of the most crucial aspects of it and something that you cannot skimp out on or do halfheartedly.
Always make sure to document everything from inspections to repairs to tenant communications and more. By keeping note of everything you can make sure that the relationship that you have with your tenant is good and that you don’t run into any issues down the line.
Your paperwork should also include a contract that stipulates all of the rules and regulations, as well as your rental fee, and the minimum time in which the tenants need to stay there this will all help you become a successful landlord
Keep on top of repairs and maintenance
Last but not least one of the most important duties as a landlord is to keep on top of the repairs and maintenance. It is not up to the tenant to do these sorts of things and they are likely to ask you to help with it quite frequently.
We hope you found these tips for landlords useful. Staying on top of these repairs is a good way to maintain your relationship with your tenant and become a successful landlord.