The Landlord Blog
Professional Landlord? Questions Tenants Should Ask
A professional landlord will always make any fees clear up front. But don’t place the onus on them and leave the situation to chance. So, how do you know whether a landlord is professional?
Well it can be difficult to tell, but generally those who place their properties with the bigger, more well known agencies will be a good starting place. Letting will be their core business and since they have a reputation to uphold, they are likely to have policies and procedures in place to protect their credibility. Of course their are professional landlords who don’t use the bigger agencies, some actually prefer not to use agencies at all. In these cases your option is to protect yourself by making sure that you have your own agreements in place.
You can also limit your exposure by asking questions surrounding their existing portfolio. If there is an agency involved, on viewing you could quiz the agent asking questions about their relationship with the landlord. How long have they been working with this particular landlord? How big is the portfolio? Ask questions about any previous tenancies. And always get professional advice from a solicitor or accountant before signing anything.
Is Being A Landlord Easy?
Many people believe landlords have it easy. They think because they are earning monthly income on extra property that their life is a breeze. But substantial time and effort are involved to maintain and balance the books.
It takes a certain skillset to be a landlord. The first is the need to be an excellent judge of character when you first meet a potential tenant. Some people are not what they at first appear to be and having the wrong tenant can prove to be disastrous. Good landlords often have to be part psychologists to succeed at letting.
You also need to have the spirit of an entrepreneur. That’s because running rental properties can be like running a small business. You have to stay on top of everything. So many things can go wrong, personal organisation is paramount. Tenants can call you in three in the morning to tell you that their toilet doesn’t work or that the heating won’t come on.
Unless a landlord has a property manager who handles all repairs, he has to do it himself. He has to personally drive over and either fix the damage, or else spend the money on a contractor.
Today’s market is frought with income headaches too, with so many people losing their jobs, a tenant can easily fall behind on his rent. This puts the landlord in a difficult position because he still has the pressure of expenses on each property, additionally mortgage payments can be involved. At the very least property taxes, maintenance, and insurance costs. It takes a special personality to keep a cool head in this kind of environment.
Noisy Tenants – When Should A Landlord Step In?
One of the most common problems a landlord could encounter is a noise complaint from one tenant to another. These situations are rarely avoidable as one person’s tolerance of noise, or even what he or she considers noise is different for everyone.
It is usual for the person who complains about a neighbouring tenant’s music or TV volume to rush directly to the landlord with a complaint, rather than address the other person directly. Since the landlord is the one with whom tenants do business, it simply seems more natural to approach the landlord.
The first step in addressing a noise complaint should be to encourage the tenants to work out a compromise amongst themselves. A landlord never wants to be in an uncomfortable, awkward dispute between two tenants. It is imperative to calmly speak to both tenants involved, rather than relay messages back and forth, arranging a meeting between the two so that they can engage in dialogue. Often, the complaint can be as simple as lowering the volume slightly on the television, or listening to music at a more reasonable time.
Noise is a delicate issue, and only after a meeting of the minds between two tenants has completely failed should the landlord step in and take control of the situation.
New Landlords – Avoid Common Letting Headaches
Being a landlord can produce an attractive amount of extra cash and prove to be a lucrative financial investment. It does, however, carry with it a number of drawbacks and requires a fair amount of time and effort. Some of the most common problems faced by landlords are identified below, as well as ways to avoid them:
Drawing Quality Tenants:
• Choose tenants through word of mouth from reliable sources, or place an ad in a reputable local paper.
• Conduct thorough reference, security and credit checks.
Dealing with Difficult Tenants:
• Know your rights as a landlord and do not be intimidated if you are within your rights to serve them an eviction notice.
• Issue sufficient warnings before serving an eviction.
Difficulties When Tenants Vacate:
• Conduct a thorough check of the property, ensuring it is in rentable condition. This should be done before the tenant vacates. Also check that everything included with the property remains and is intact or replaced if damaged or lost. You may need to initiate a claim on your landlords insurance policy.
• You hold the right to deduct from the tenant’s deposit if the property is not in acceptable condition, or if there are items damaged or missing.
Finding the Time to Manage the Property:
• Choose a rental property that is reasonably close to your home.
• If possible, hire a part-time handyman to take care of regular maintenance and minor repairs.
