What Does it Take to Make a Great Landlord

As someone who has been both tenant and landlord, I wanted to write this piece for anyone who is considering letting out property to ensure that you are doing the best for yourself, your property and ultimately, your tenants. There are a lot of landlords out there who simply don’t do the best by their tenants and this can not only make your and their lives more difficult, but can also prevent you from finding tenants who are happy to stay long term which is the best solution for any landlord. Let’s take a look then at what makes a truly great landlord.

Business First

It is vital to remember that renting out property is a business and should be treated as such, it is not a hobby or something you do in your spare time. Because of this you need to ensure that you are professional at all times, the tenants are your clients and they should be treated as such. Make sure that you have secured both the property and the tenants with great landlord insurance, I like to use homelet.co.uk/landlord-insurance/, the choice is yours but make sure that you have sufficient insurance.

When it comes to payments and information that you need to give your tenants, ensure that they receive them in a timely manner, doing so will make it clear that you expect the same in return when it comes to paying rent.

Be Responsive

You are letting out your property as it has been shown to your tenants and if anything should go wrong with the property then you need to be on hand to find a solution. So many landlords that I have either worked with or that my friends have worked with have been painfully slow when it comes to responding to problems. If you want to be  a great landlord then you need to fix problems as soon as they arise.

Screening Process

The one thing that costs landlords more money than anything else is unpaid rent, trashed properties and midnight disappearing acts. You can never totally avoid the possibility that this could happen but you can reduce the chances by following a thorough screening process and use due diligence. Ensure that your prospective tenant has no recent evictions, no recent felonies and has good references from previous landlords, you should also be asking for 3 months rent up front to give yourself some peace of mind.

Be Respectful

You don’t have to like your tenants, you don’t have to be chummy with them or condone of their decoration choices, you do however have to be respectful. Many landlords see their tenants as though they are some kind of problem, this is not the case and as mentioned before, these are your clients. In order to have the best possible relationship with your tenants, ensure that you give them the respect that they deserve.

Be Ready

As a landlord you are going to need the help of several professional services and it is important that you are ready with contact details when the time comes. An emergency plumber, a heating engineer, steam cleaners or indeed, a letting agent are all numbers that will come in handy and you should try to strike up a bond with them so that they can come to your need when it’s required.

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Thousands of Buy to Let Landlords May be Fined for Illegal Renting

landlords
landlords
Photo by CC user Jthornett on Flickr.

An ever-growing threat looms in Wales. Thousands of buy-to-let landlords may be facing fines and prosecution due to failing to complete the registration for a new licensing system. Over 13,000 private Welsh landlords may be prosecuted, all have failed to register since the Welsh government instated the Rent Smart Wales scheme. Despite licensing being legally mandatory for a year, the private rental sector has still not met full compliance.

13,208 Applications Left in Limbo

Rent Smart Wales requires all landlords and letting agents to register their properties before they can self-manage their rental. The deadline for compliance was initially set at 23rd November 2016. Ever since then, it has been a legal offence to either let or manage a property without being issued the appropriate license. Only 64,248 registrations were submitted, with 13,208 applications started but not finished. Despite the mass infringement, those delayed need not worry yet. Carl Sergeant, minister and overseer of the scheme, stated that those who started the process will not face persecution. He also insisted that this “must not be seen as an excuse to ignore the law”.

Rent Smart Wales – Promoting Quality Rentals

Rent Smart Wales aims to bolster the quality of service and accommodation of rental properties throughout Wales. They offer extensive training courses, allowing landlords to better understand the situational benefits of rental properties. 96% of all landlords who receive training from Rent Smart leave feeling that the education has made them a better rental agent. Both in-person training and seminars are offered, as well as numerous online training solutions. If you are not registered, you are incapable of serving a valid section 21 notice for possession of your property. Non-compliance may result in the following action being taken:

  • Fixed Penalty Notices (either £150/£250)
  • Rent Repayment Orders
  • Rent Stopping Orders
  • Criminal Prosecutions and Fines

Act Now to Prevent Prosecution

Time is running thin for those who are not yet compliant. Sargeantstated “My message to private landlords is clear. You must take action to comply with the requirements of the law”.Registration costs £33.50 online and £80.50 completed on paper. The amount of properties which you own is irrelevant to the cost. The Property Rental Factory from AXA can help you through the process, while offering useful advice on how to improve both the quality and income of your rental.

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