A buy-to-let property seems like a lucrative investment asset. Pick the right property and you may think it is as easy as sitting back and watching the rent roll in.
In fact it takes a bit of legwork to get to this stage. Start the letting off on the right footing and it won’t be long until you reach this goal.
To boast your rental yield and enjoy your property’s potential profit you want tenants to stay in the property for as long as possible to minimise any void periods. As a landlord you will have a number of obligations as set out by local laws, but there other pointers to consider too.
First and foremost, as soon as you can introduce yourself to your new tenants if you have not already met. Build a rapport from the outset whether this is by phone, email or SMS.
This is also the opportunity to find out what is their best form of communication whether you are managing the property yourself or have employed the services of a managing agent. You want to make sure that you are always contactable to assist with any queries.
If you deal directly with the tenants then find out what their best form of communication is, whether this is a phone call, email, SMS or instant messaging channel like WhatsApp or LINE. By being quick to respond shows your attentiveness as a landlord, which is especially important in emergency cases.
And if you are unable to answer their question, then acknowledge the request and state you will get back to them as soon as you can. Show your tenants that you care.
Where you can be flexible to their requests. Of course if you are feeling that they are asking something that is not reasonable then do not be obliged to just say yes, but carefully consider everything that is asked of you. Remember tenants that are happy are likely to stay longer minimising any reletting costs.
If your tenants ask for a new television but the one in the property works fine, you are unlikely to consider this. But if they are asking to make an improvement to the property which needs to be done anyhow, or they want to put their own sofa in the property or even paint the bedroom, then think about these especially if it increases the value of the property.
Tenants who put down roots are less likely to move on if they have made your property their home so many landlords help their tenants achieve this.
Lastly don’t forget your responsibilities. Be quick to make any repairs especially if any delay in getting it fixed could cause further damage.
A property that is in good condition is more likely to attract tenants who will look after it. Start the relationship well; hand over the property at the beginning of the letting in the condition that you would wish to receive and it will bode well for your investment.