Am I a good landlord?

Am I a good landlord?

Being a landlord is a role where you continually learn new things and face new challenges. Waterfords Letting Agents in Camberley, Chobham, Fleet and Yateley are here to help you be the best landlord while making the most from your property investment.

We have years of experience working with landlords and tenants and have pretty much seen it all. To help you keep on top of the many requirements, our property management team have created a handy list of essentials that - if followed - will ensure you are compliant, keep your tenants happy and save money.
 

1.       Stay business minded as a landlord

While it may sound obvious, don’t forget that buy-to-let is a business. As with any other business, you should think about creating a business plan.

This will help you set clear goals and strategies to achieve them. Staying business-minded will also help you to keep focused on making a profit, not forgetting to put a price on your time. If a property is not financially successful, it’s probably best to sell it and re-invest somewhere else.

It is worth remembering that if you don’t have time to do this, you can always outsource this work to a letting agent like Waterfords.
 

2.       Have a clear Tenancy Agreement

Excellent tenants will understand and respect the need for a comprehensive tenancy agreement, realising they protect the tenant as much as the landlord. Providing an inventory check is essential and can prevent a huge headache when the tenant vacates the property.

Write up a fair tenancy agreement, clearly outlining who has responsibility for the maintenance of the property. To make life easier, be sure to include specific details such as pets policy and how the deposit may potentially be deducted once the tenancy ends, so it is clearly understood and recorded officially on paper.
 

3.       Choose the right tenant

We don’t need to tell you how problematic – not to mention costly – having difficult tenants can be. The dream tenants are the ones who pay their rent on time, look after your property and behave. So how do you make sure you get these kinds of tenants? 

Tenants who intend to stay in a property long term are beneficial. Six-month leases inevitably lead to more void periods, which mean less rent and more paperwork. Someone who wishes to stay in the property for a longer period is more likely to take better care of it.
 

4.       Follow rules and regulations

Landlord legislation is tricky to navigate, especially when that legislation can and does change all the time. If you miss something, the consequences can be costly. Make sure you are signed up to our monthly landlord newsletter so we can keep you well-informed of important changes to legislation. If you want to learn more about landlord legislation and rules, our friendly and highly knowledgeable property management team would love to help you.
 

5.       Respond to issues quickly

There will come a time when a tenant contacts you with an issue that needs your attention. Never ignore or overlook it – communication is key. If you cannot fix it immediately, let the tenant know.

There are going to be things you can’t deal with yourself – it’s worth having a good relationship with tradesmen of all types. Do not skimp when it comes to getting a maintenance job done. A botched repair will cost you more in the long run and leave your tenant unhappy and more likely to look for somewhere else to rent.
 

Short on time? Waterfords Lettings will be a huge help

Want someone else to take on the load of the actual property management? Hire Waterfords Lettings to look after your rental property and your tenants. Here are some of the many ways that we can help you:

• Advise you on rental property prices based on market conditions
• Market your property, online and offline
• Arrange and conduct viewings on your behalf
• Draw up tenancy agreements
• Property maintenance and repairs (no late night calls about broken boilers for you!)
• Collect rent every month and chase up late payments

View our property management packages here. We have something for every landlord in Camberley, Chobham, Fleet and Yateley!
 

Alternatively call our friendly property management team below on 01252 235348 or email info@waterfords.co.uk