Date Published 19 August 2020
The Most Common Mistakes Landlords Make
In this three-minute read, we look at the most common mistakes landlords make and share some simple, musical theatre-inspired tips, to help you protect your investment.
Hands up if you think this statement is true. Being a landlord is easy. You buy a property, find a tenant, and then sit back like Daddy Warbucks and count the cash as it rolls in !
If you raised your (jazz) hands, then we've got news for you. One of the most common mistakes new property investors make, is to assume that all landlords live on Easy Street.
The reality is that letting a property comes with a host of legal responsibilities. If you mess up and flout the law, you could face hefty penalties in the form of fines and/or time in prison.
So, if your sole focus is on Money, Money, Money, it might lead you to screech Mamma Mia because there's more to being a successful landlord than meets the eye.
If, however, you recognise that making it up as you go along is not a successful lettings strategy, then the team here at TOTAL Lettings can help you realise the full potential of your property investment.
We've compiled a list of other common mistakes landlords make, which we've related to popular stage musicals to help you remember:
1) Many landlords make the mistake of setting the RENT too high. This deters potential tenants who know the market and, as a result, the property sits empty – until the landlord drops the rent to a more realistic price.
2) When it comes to repairs and maintenance, always use professional tradespeople. The last thing you want is a FIDDLER ON THE ROOF or an unqualified jack-of-all-trades messing about with your electrics. A bodge job will end up costing you more in the long run.
3) A laid back, ANYTHING GOES attitude to paperwork is a recipe for disaster. Always take the time to thoroughly check references and verify employment details before signing a contract with a new tenant. And once the tenant is in the property, follow up any conversations with an email or letter so that you have a clear paper trail should you find yourself in dispute later.
4) As a landlord, you don't want to be such a shadowy figure that tenants wonder if you are a GHOST. It would be best if you built a professional rapport with tenants through regular contact and inspections. That way, if there is a problem, you can nip it in the bud before it becomes a significant issue.
5) Take maintenance seriously and keep your property in good condition – you don't want it to be like a scene from LES MISERABLES. If your property looks and feels like a home, tenants are more likely to treat it as such. If it looks like shabby student digs, don't be surprised if it gets trashed.
We hope the above tips give you a clearer idea of the potential pitfalls of being a landlord. But before we say So Long, Farewell, we want to stress that being a landlord can be financially rewarding, if you take a professional approach.
If you don't think you have the time or skills to dedicate to managing a property, then we can help. We'll handle the day-to-day graft and take the pressure off you.
At TOTAL Lettings, we're lettings experts, and we can help you navigate the demands of being a landlord.
If that sounds like music to your ears, let's talk.
Photo by Alex Gruber on Unsplash