6 Tips for Making a Living as a Landlord

It’s no surprise that so many people are turning to property investment. It’s a great way to make money if you build up a portfolio of buy to let properties. Here are 6 great tips to help you make a living as a landlord.

1. Find Suitable Properties

You’re not going to find much success as a landlord unless you are good at matching the right property to the right tenant. Every tenant requires something different, so make sure you know what they need.

If you’re renting out a property in a suburban area, you need to be targeting young families. Work out what it is a young family wants when they’re looking for rentals, and provide it! If you do that, you’ll have no problem finding tenants to move in.

2. Be Picky When Finding Tenants

Your life will be made a lot easier if you can find good tenants to fill your property with. That’s why it’s so important to find the right ones for your property. You don’t want to be stuck with nightmare tenants.

I’d recommend you always ask for references from potential renters. If they have a history of causing trouble for landlords, it’s best to steer clear of them.

3. Provide a Top Quality and Clean Home

The best way to find good tenants and make a decent amount of money as a landlord is to provide a good product. And that product is your property. It should be up to a high standard with good facilities.

It should also be kept clean. If it isn’t clean when potential renters are looking around the property, why would anyone be interested in moving in. You have to prove to people that you’re an attentive landlord who cares about the quality of the property.

4. Get Good Cover

As a landlord, you don’t want to be hit by huge losses, so make sure you are fully covered by your insurance policy. Every landlord needs landlord insurance; ordinary home insurance is not sufficient cover.

Make sure you have the best policy possible, don’t just choose any old landlord insurance policy. There are all kinds of things that can go wrong. You should be covered against malicious damage in case the tenant causes damage to your property.

5. Build a Relationship With Good Tradesmen

You’re going to need help from top tradesmen if you’re going to be a successful landlord. Lots of things go wrong, and you should make sure you get them fixed as quickly as possible.

Building up a relationship with the best tradesmen in your area will prove a useful thing to do in the long-term.

6. Don’t be an Annoying Landlord

Nobody wants to feel like their landlord is overbearing or annoying. It’s vital you respect the privacy of your tenants. Just because it’s your property, that doesn’t mean it’s your home. Don’t drop in on them randomly, always arrange it in advance.

This is important in order to build a positive relationship with your tenants. Keep the lines of communication open with them and do everything you can to keep relations good between you.

If you follow this advice, you’ll be making a profit in no time!