Top Tips For New Landlords: Getting Started
Becoming a new landlord is an exciting project to begin, and comes with great advantages, especially financially. There are a few challenges along the way but, when you get it right, being a landlord is a rewarding and enjoyable experience. So, if you’re preparing to start your journey as a new landlord, here are our top tips to make your transition as smooth as possible.
Your property is a business
Even if you are simply starting with a sole property, new landlords should consider this as an important and rewarding business investment. That's why we recommend getting organised right at the start.
- Get the right paperwork in place for you and your tenants, and insurance for your property (whilst not a requirement) is great as it protects your investment in the long term. It's worth spending that extra time making sure you have everything right for you and your tenants, so that it makes the process smoother.
- Start as you mean to go on with an excellent filing system. Making sure you keep those important documents and receipts safe and readily available when you need them, is really helpful. And, let's be fair, it's much easier for you (or your accountant) to do your taxes at the end of the financial year!
- A great diary structure, whether you fancy paperless or like the feel of something more tangible, is a great way to keep a track of those all-important payment and utility dates too.
- Finally, there are a few regulations which you should make sure you are up to date with - so do take the short time to familiarise yourself with these. You can find out more here.
Look after your tenants, and they'll look after you
- Think about the ways you can build a great relationship with your tenants from the get-go. Perhaps you can start by welcoming them with a bottle of wine or a bunch of flowers on moving day? Starting on a positive note sets the tone for your relationship for the long term.
- A great tenant is worth keeping in the long term as well; as they pay their rent on-time, communicate repairs needed and take great care of your property. When you feel confident that your tenants are keepers, why not consider securing them for a longer period? You can fix your rent price for a set time; meaning you know you have guaranteed income and a great ongoing relationship with your tenants.
- Finally, only rent out your property when you are so comfortable with the contents and condition of your property, that you would live their yourself! It's easy to consider scrimping on some of those little details but, ensuring your property is the way you would want it, is worth it, as your tenants will appreciate and love your property even more.
Outsourcing marketing and managing your property can save you time and increase your lettings
Whether you’re a new landlord letting one property, or with a growing portfolio, there are some time-management considerations to think about. Getting organised, as the point above, is just one way to make sure you can manage your time effectively.
Another way is to outsource the marketing and management of your property. You benefit from extra time saved, and reap the rewards of a well-managed property, by letting someone else sort the paperwork, deposits and repairs needed. Of course, and not to blow our own trumpet of course (!), we can provide expert help with all of this, and more. We can even do your property visits too, saving you even more time.
Let our team of established, office based, experts help you market your property effectively as well. If you're a new landlord, looking for tenants for the first time, it can feel a little overwhelming. Our team can help make sure you have the right materials in the right place at the right time, to find the tenants you are looking for.
For more information, get in touch with a member of our team on firstname.lastname@example.org.