5 Things Experienced Landlords Have In Common
I’ve been in the lettings industry for 13 years now and have noticed how most of the more experienced Landlords adopt a very similar approach. Given their success it’s fair to say their approach works well so I’ve outlined 5 things they have in common in their strategies.
Don’t Ask for the Highest Rent
This may sound counter-productive but is actually a really important point. Experienced Landlord’s put a much bigger emphasis on finding quality tenants who can move in quickly rather than trying to achieve the highest possible rent. If you have a house that could rent for £625 pcm and a tenant ready to move straight in offering £600 pcm then if you have to wait an extra month to find someone who would pay £625 pcm it will take you two years to make up the difference of the one month’s lost rent.
Fix problems quickly
Experienced Landlords know the importance of keeping their properties well maintained and fixing problems quickly. It often works out that many problems are cheaper to fix whilst they are still small whereas when left they become bigger and more expensive to put right. More importantly then that though by fixing things quickly you show your tenants that you are a good Landlord that looks after your property. This will help make them want to stay in the property for longer and if they can see that you really look after your property than they are more likely to look after it too.
Choose Your Tenant Carefully
The more experienced Landlords I know are always extremely careful with selecting their tenants and would rather have their properties empty then take a risk with tenants that they didn’t feel happy with. They will generally either have a long-standing relationship with a letting agent they trust or will insist on meeting tenants themselves before making a decision so they can get a better feel for them and judge them on more than just on paper.
Hang onto good Tenants
If you have got good tenants that are looking after your property and consistently paying the rent on time without any issues then you really want to try and keep them. Experienced Landlords appreciate this more than most and within reason will do all they can to keep good tenants in their properties for as long as possible. This will often mean keeping rent increases slightly below market rates to reflect the fact you are happy with the tenant, looking after your property as mentioned above and building a good relationship with your tenants if you manage the property yourself and if not using a good letting agent who will do the same.
Clean & Refurbish Between Tenancies
Good tenants are looking for good properties so experienced Landlords always make sure that their properties are well presented and clean when advertising for new tenants. Making sure it is nicely decorated and professionally cleaned really makes a rental property stand out against other properties tenants might be viewing and helps to attract the right sort of tenants.
The above combined can cost a little more in the short-term but will definitely pay off over the medium to long-term which is why virtually every successful Landlord I have worked with takes this approach. I hope you have found this useful and as always for any advice or help on your properties just give us a call on 01332 30 30 30, we’d be pleased to help.
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