How the Best Landlords Do the Basics Brilliantly
Have you ever wondered how some landlords seem to run successful portfolios and others don’t seem to crack the rental property puzzle?
In our experience, we’ve seen what the best do that the rest don’t. And the answer is surprisingly simple; they do the basics brilliantly. The best landlords have weathered many storms over the years, from interest rate rises and market turmoil to regulatory and tax changes.
And they’ve seen countless Prime Ministers, Chancellors and Housing Secretaries (there’s been a revolving door in that department) come and go.
The key learning here is they don’t get too worked up by noisy headlines, fads or predictions; instead, they focus on getting the fundamentals right.
They take a long-term view and prioritise doing basic things really well.
Here’s their advice to you.
Look after your tenants
Take care of your tenants, and they’ll take care of your property. Don’t drag your heels when a tenant raises an issue; respond promptly. Think how you’d feel if you lived in a home with a leaky roof or faulty boiler. Be open and honest and establish a good line of communication.
Maintain your property
A well-kept property will hold its value and enable you to attract high-quality tenants and keep them for longer. Have a schedule for routine maintenance jobs (that way, you won’t overlook important tasks) and look for potential problems when you and/or your letting agent conduct property inspections.
Follow the law
Landlords must navigate a dizzying maze of red tape, and further regulatory changes are coming with the Renters’ Rights Bill. This new legislation, currently making its way through Parliament, is expected to come into force by summer 2025. Educate yourself so you stay on the right side of the law.
Use a letting agent
Being a landlord can feel like a 24/7 job, as you never know when something at your property will require your attention. However, working with a good, experienced letting agent removes the pressure, as they can step up and respond on your behalf. They will also keep you on the right side of the legal fence, providing you with priceless peace of mind. Having an experienced professional on your team to help manage your portfolio can make all the difference.
Work with a financial adviser
Top landlords get sound financial advice and work in a tax-efficient manner. They’re also not afraid to change things when the situation demands it. It’s useful to regularly review your systems, structure, insurance and mortgage deals to ensure you’re running a profitable and responsible portfolio.
