How to succeed as a landlord

With our property management promotion well underway, which, if you don’t know, is giving one new and one existing landlord client the opportunity to win free property management for six months, we thought a landlord-themed article is timely. So, whether you’re a seasoned landlord or someone who’s thinking of becoming a landlord in the coming months, here are five tips for rental success from our property management team.

1. The bigger picture

The rental market is changing – constantly. In fact, even as a team of property management professionals in Surrey and Hampshire, it’s hard to stay on top of the ever changing legislative and regulatory landscape. But it’s essential, and you must in order to remain compliant. From Energy Performance Certificates to understanding deposit schemes, the onus is on you. It’s easier if you use an estate agent such as us, of course, as it’s our job to keep on top of it. But if you decide to go it alone, do your homework and don’t get caught out. 

One major forthcoming change is Renters Reform, which is set to make waves. Keep your eyes peeled as we’ve created an eBook on how to navigate Renters Reform, which we’ll be launching soon.

2. Right on the money

Getting the price right is important for several reasons. Firstly – and most importantly – getting this right could be the difference between having and not having a tenant. Setting the rental figure too high and you risk alienating your property. Too low, and you’ll be wishing you had asked for more. A good estate agent, with years of reading the market, will be able to set a pricing strategy that works for you and the tenants. And this takes us onto the next reason. A happy tenant, one that feels as though they’re paying a fair rate, is more likely to stay with you. And if you have a long-term tenant in place, you maintain a positive cashflow and reduce the risk of having untenanted periods.

3. It’s okay to be picky

There’s arguably only one thing worse than having no tenants, and that’s having unreliable tenants. And the way in which to mitigate risk on this front is to run the key checks, such as referencing, employment verification and, of course, the all-important credit checks. Not only is our property management team trained to handle these key areas, but they’ll also be able to provide wider advice (and raise any concerns based on past experiences) around tenant suitability. Getting this bit wrong can be stressful and take time to fix.

4. In it for the long-term

As a landlord, there’s no quick gain like you might achieve with the stock market (if you’re good or lucky – or both). Being a landlord is a long-term play, which, if managed correctly, can provide a sustainable, long-term business. However, just like any business, you need to plan for rainy days. So, keep money aside for unexpected issues, whether it’s a leak or a broken washing machine. Likewise, when it comes to the tax implications, make sure you commission an accountant, who’ll be able to guide, advise and make sure that your rental property is providing income in a tax efficient way.

5. A well-maintained property is a profit-making property

Well, maybe not always. But it goes without saying that the better your property looks, and if everything works as it should, it’s going to be more attractive to potentials tenants – both in terms of attracting new one and keeping existing ones. And it goes beyond aesthetics, too. Staying on top of boiler servicing and anything else related to safety is essential, not only in terms on enticing tenants, but also in terms of maintaining your reputation as a landlord.

Naturally, we can help with all of the above and make being a landlord a seamless and stress-free experience. Get in touch to find out how – and don’t forget to ask about our property management promotion, which comes to an end on the 31 October. 

Need a hand with property management? Contact your local branch of Warren Powell-Richards to discover how we can help you manage your property. Alternatively, find your nearest Warren Powell-Richards office here.