According to our survey, nearly 70% of landlords agree that the benefits of being a landlord outweigh the time and hassle involved in the process. However 20% of landlords say their biggest concern over the next 12 months are poor tenants and damages. We’ve put together some top tips to get you on your way.
Think about using a letting agent to manage your property
60% of landlords are employed full time as well as being a landlord, meaning it can sometimes be a challenge to manage a property alongside full time work. According to the survey, 78% of landlords said they use a letting agent because it makes their lives easier, whilst nearly 50% said they feel more protected using a letting agent.
Make sure you have the correct insurance
20% of landlords have had to claim on their insurance for accidental damage and 20% of landlords’ biggest concern over the next 12 months are poor tenant and damages. You can find out more about the types of landlord insurance you may want to consider here.
Know what your responsibility is as a landlord
Nearly 30% of tenants agree that they are often unaware or unclear of what their responsibility is, whilst nearly 40% of landlords are unclear of this. Check out our handy guide here and let them know their responsibilities before they move in.
Ensure your tenants know how to use appliances in the property
13% of landlords have been called out at an unsociable hour for something that could have been resolved during the day. From being called out to turn on the boiler and flip the trip switch, make sure you show your tenants how to use the boiler, where the trip switch is and any alarms the property may have on move in day.
Keep your tenants happy
According to the survey, nearly 90% of landlords have gone out of their way to do something nice for their tenants, with 83% of tenants stating they are happy with their current landlord and feel like they make an effort for them. Nearly 20% of landlords have bought their tenants a present, whilst others stated the key to a happy tenant-landlord relationship was open communication, dealing with issues promptly and being fair and consistent.
Choose the right tenants 85% of landlords think that the recent “Right to Rent” regulation will change how they act as a landlord. With 18% of those landlords saying it will make them more cautious about future tenants. Choosing the right tenants is one of the best ways to safeguard your income.
Looking for landlord cover? Find out more about landlord buildings and contents insurance today.