The Beginner’s Guide to Property Ownership for Landlords
There are many benefits to being a private landlord, not only is it profitable but it can also be extremely rewarding.
However, there’s no denying that it takes a lot of hard work, too. A landlord who manages their properties without a letting agent has a lot of responsibilities and tasks that they must learn to do and keep track of.
Anyone new to the world of independent renting might not be aware of the marketing strategies and other responsibilities that are necessary to being a successful landlord.
While it may seem daunting at first, there’s no reason why you can’t learn these parts of being a landlord yourself to avoid the time-consuming (and expensive) services of a letting agent.
That’s why we’ve put together this concise guide to help you get started!
Know all there is to know about your property
It helps to start with the basics: to know as much about your property as possible to maximise potential and profit.
Whether you have renovated your property intending to rent it or have inherited a property and you want to make the most out of it, you must know ins and outs of your property, including the surrounding area.
This means that you’ll able to advertise it correctly and charge an appropriate amount for rent. After all, you don’t want to put an extremely desirable property on the market, only to discover that you’re seriously undercharging, as once it’s priced low, it’s much harder to raise the price.
First, you need to consider your property’s amenities, features and parking situation. For example, how many bedrooms and bathrooms can you offer, and is there a driveway or will your tenants have to park on the street?
It would also benefit you to find out what the neighbourhood has to offer. For example, what access would your tenants have to transportation? Many people commute, and if your property is near a local train station with a direct route to town then you’re in the money.
Equally, tenants also look for convenient shopping opportunities, so it’s worth finding out whether you have a supermarket or precinct nearby.
Once you have determined all of these factors you can set a rent price.
If you’re still unsure of what would be a reasonable figure, you can always research the other properties available for rent in the area and see what price they are set at.
Marketing and finding a tenant
As an independent landlord, you will have to market your property and screen tenants many times, so it’s important you know what to do. This may seem like the most intimidating part of being a landlord, but here’s our top tips to make the process a little less daunting.
Listing your property
This is the part that would usually be handled by a letting agent, but it’s just as easy to do yourself once you learn the ropes.
To advertise your property, you need to write a listing. Don’t worry, it doesn’t have to be an essay!
All you need to provide is a clearly written paragraph featuring all the basic information about your property, for example how many bedrooms and bathrooms it has. You should also include the cost of the rent and how much the deposit will be.
It can also help to attract potential tenants if you highlight the other benefits of your property, such as its proximity to transport, schools, shopping centres and entertainment venues.
One aspect of your listing that you shouldn’t underestimate is your property photographs.
If you take poor-quality photographs in bad lighting, the tenant looking at your listing may think that you’re trying to hide some fault with the property and be put off applying.
You also want the property to look as attractive as possible, so it benefits to try to capture decent photos.
You may even want to hire a professional photographer to ensure that the photographs are of the best standard to accurately show the property’s best features.
Most people who are looking for a property to rent start on the internet, so the best place to start is to upload your listing online, or to a landlord app like Rentr, which allows you to choose which websites your listing appears on, from Rightmove to Zoopla, as well as the frequency they’re shown.
Once you’ve posted your listing and you start receiving applications from potential tenants you can begin to book viewings.
Again, this is where a letting agent would usually take the reins for you, and you would communicate with the tenants and organise an individual meeting through them.
However, an independent landlord will have to arrange these meetings themselves. We recommend having clear and direct communication with your potential tenants.
If you have numerous applicants, it can be hard to keep track of all the contact details you need to organise meetings efficiently, mistakes can be made or candidates forgotten.
That’s why a landlord app with a messaging service is highly beneficial, as it allows you to keep track of all the necessary contact information, as well as have a direct line of communication with the tenant.
During the viewing, you need to make a thorough judgement of what kind of tenant the potential candidates will be.
Not only is it standard for you to receive references and financial information as proof that they are responsible, reliable tenants, but you may also want to pay attention to how they act during the viewing.
For example, when inspecting the property, do they handle items with care, and do they ask questions about the property, such as when bin collection day is and what day you would like to receive your rent payment? All of these are signs that they would make a good tenant.
After you have decided which candidates you would like as tenants of your property, you can go ahead and sign all the necessary legal documentation.
This is another part of the process which is usually left to the letting agent. It can be hard to know just what documentation is needed.
You can usually find the relevant information online, but why wade through all that information when it’s easily available to you on a landlord app?
With Rentr, you’ll find templates of all the relevant documents and contracts you need to legally secure a tenancy. You can even sign them digitally with its e-signature service, which means that there will be no delay for you or your tenants.
Once everything has been signed, your tenants can begin living at your property!
Make Landlord responsibilities stress-free with the Rentr app
When you’re an independent landlord, there’s a lot to keep track of, from maintenance to rent payments and even legal documentation, so it’s no surprise if something gets forgotten or neglected.
Luckily, there’s now a landlord app where you can manage every aspect of rental property ownership in one convenient place. With Rentr, you can:
- Advertise your property and arrange viewings
- Communicate directly with prospective tenants
- Draft and digitally sign contracts
- Arrange for repairs and keep records of the results
To find out more about the Rentr app, contact our team today, or download the app from your app store.
[Download on the App store]
[Get it on Google Play]