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What makes a good landlord

Q3 2015

Over the past decade, the culture of property letting in the UK has altered considerably. In years gone by there was a view that people rented out of necessity and desperation, but times are now changing.

Over the past decade, the culture of property letting in the UK has altered considerably. In years gone by there was a view that people rented out of necessity and desperation, but times are now changing.

The lack of mortgage availability over the past few years has meant that there are many more people who can’t afford to buy a home – shifts in working and migration patterns have seen far more people actively embrace the freedom that can come from renting a property.
 
Into this changing rental space steps the landlord. In times past, landlords were often revered (and sometimes feared) by their tenants. But this hierarchical relationship is changing and landlords increasingly realise that if they are to succeed in buy-to-let – enjoying regular rent and little difficulty securing a follow-on tenancy without void periods – then it’s important to establish a strong relationship with their tenants from day one.

So what makes an effective landlord? This first blog in our series looks at what makes a good landlord and discusses the importance of dialogue and communication with your tenant.

Initial meeting
 
People’s reasons for renting are very different, so establishing open and honest communication channels from the outset will help both parties.

It’s crucial that prospective tenants are put at ease from the beginning. Ensure a tenant feels confident that you understand what it is they’re looking for and make sure that they understand you will be putting their requirements first.
 
In the past, a first viewing of a property was a way for a landlord to vet a potential new tenant. But today, the initial meeting serves as a two-way interview. As a landlord, be mindful that while you are evaluating a tenant’s potential, they will be doing the same with you.
 
 
‘Soft’ touches
 
After a tenancy is secured, get to work on communication and engagement. It’s important not to go overboard on this – no tenant wants to feel harangued. Instead, implement clear communication channels at the beginning and ensure that you make a good initial impression. This can be followed up with face to face property checks where required.
 
For a new tenant preparing to spend their first night in their new place, simple but effective touches such as leaving a bottle of white wine chilling in the fridge, a friendly greeting card or a pack with local information will all make a positive first impression and make your tenant feel at home. Follow this up a few days later with a call to ensure things are going ok.

Long-term strategies
 
These sort of touches are not just about being ‘nice’. The rapport and relationship you have built up serves as a useful platform to work from if problems occur further down the line. A good relationship with your tenant means that if an issue does arise and you need to speak to them, you can get access to your property more quickly and diagnose the problem sooner. Fix things as quickly as you can and respond pleasantly if they tell you there’s a problem – otherwise, next time, they may not bother, and the problem will escalate from being a tiny one into a big, potentially costly one.

And remember that this approach can have positive knock-on effects. It might be that your tenant is so impressed with the quality of service and management you provide that they recommend your property – and you, as a landlord – to a friend, speeding up the end-of-tenancy process and actually finding a new tenant to step into their shoes.
 
As far more of us commit to renting for long periods of time – we could reach a stage where far more people accept and even embrace a lifetime of renting in this country, as they do elsewhere on the continent. Lifelong tenants deserve lifelong landlords – who treat renting out their properties as a profession rather than a hobby.

In the end, professionalism is key – and clear, honest communication paramount.