The number of landlords in our area has shown an incredible increase over the past two decades, with private housing stock rapidly becoming the norm.
As Housing Essex explains, private renting has surpassed social renting, with only Basildon and Thurrock having slightly higher levels of social rented properties. Whilst it would be remiss to comment on this being positive or negative for renters, there is a preconception that the private landlord market can be open to abuse.
Basildon Council received a grant from the Ministry of Housing, Communities and Local Government’s Private Rented Sector Innovation and Enforcement Fund at the start of 2020 to help combat rogue landlords who are offering inadequate or unsafe housing, and breaking the law in the process. Whilst it is only a small minority who operate such practices, they can tarnish the reputation of others purely by association with the industry.
Even if you are a landlord who offers adequate housing stock, which is habitable and safe, you may still want to understand how to improve the service you offer your tenants. After all, the better the landlord, the more desirable the property will be, which means you are unlikely to have empty homes and perhaps can even be a little more selective around who you rent your homes to.
How can you be a better landlord, even after covering the basics? We have a handful of helpful tips here to improve your tenant and landlord relationship.
Communication
The key to any good relationship in any industry or walk of life is communication. This does not mean you have to call your tenants every five minutes, but being clear, concise and available is a big step towards being a good landlord. In the first instance, ensure what you expect from the agreement from the tenant. Be clear about the rent, the things the tenant can and cannot do and other guidelines, which will prevent misunderstanding. Indeed, Rochford Council reports one of the biggest challenges facing landlords in Essex is making sure the right tenancy agreement is in place at the start.
Going further into the arrangement, make sure any phone calls are returned quickly, and listen to what the tenant has to say. Remember, for you the property is a business, but for them, it is their home, the place they relax, rest and live their lives. They may have a concern which seems trivial to you, but for them, it may seem much bigger.
Property Management
Managing one property is fairly easy, but as your portfolio grows, you may wish to consider outsourcing the management to a property management service. Most services will look after tenant sourcing and ensuring all electrical and gas safety checks are carried as legally required.
As you grow your property portfolio, you should also consider insuring all your properties under one policy. This is often referred to as landlord portfolio insurance or simply multi property insurance. Landlord insurance for multiple properties is specialised insurance that should help save you money. Having all your properties under one single policy will make the management side easier. As you buy additional properties, you simply need to contact the broker to add a new property to your existing portfolio.
React
Following on from communication is reaction. If you do take a call about a problem, and it is within your remit, be sure to react quickly and without hassle. Consider if the problem occurred in your home, how quickly would you remedy it? Also, if you wish to carry out work on the house which is not forced by a breakdown, such as a new bathroom with quality Just Wedi tile boards, ensure that you do so as quickly as possible to avoid disruption and, tying back in with the first point, communicate clearly what will happen and how long it will take.
Insurance
It might be wise to throw in some added protection for the tenant if you want to go the extra mile and limit trouble for yourself. The range of insurance packages designed for landlords on HomeServe, represents how cover is possible not only for the big jobs, such as central heating but also smaller tasks like a leaking overflow pipe. This protection works in both ways too; the tenant can deal directly with the insurer in most instances, so they get quick and effective action from a qualified engineer. At your end, the phone may only ring as the tenant lets you know what they have done, and you do not need to worry about getting a problem solved at all.
Be Fair
Above all, try to be fair. If the tenant has issues at the house, put yourself in their shoes and imagine how disruptive that issue might be. Try not to dismiss seemingly small problems without giving some thought to how you would feel if it were your home. If a repair needs doing, be fair in acting as quickly as possible and try not to cut corners either – if a pipe is leaking, fix it, do not look for workarounds or cheap options. Of course, do not be taken advantage of completely, this relationship is a two-way street, and the tenant must be fair with you too, in terms of paying rent on time and respecting your property.
