Becoming a landlord: Top tips!

Becoming a landlord: Top tips!

Before diving into the buy-to-let market it’s important to dip your toe and get to know how it operates. Here’s a list of some of our top tips to help you on your way.

Consider your tenants

Firstly, consider what type of tenant you want to appeal to. It’s important that you make sure you find the right tenants for the property that you want to rent out. Think about whether the property would be suited to a professional couple, a business person who only stays during the week, or perhaps a family looking for their ideal home. Once you have this in mind you can start to find your tenants.

Calculate how much income your property will generate

Researching how much the property is likely to achieve is a good start. Take a look at other similar properties on the market in your area and see what they are going for. You can also speak to one of the team as they will be able to advise you on the Cornish rental market. Philip Martin has been around since 1986, so we have plenty of experience to offer you. We can also value the property and advise on rental price too!

Decorating and furnishing

Getting the décor and furnishings right may not always improve the value of your property but it can often help towards securing a potential tenant in a competitive market, hopefully reducing the time that your property is empty. If you’re looking to rent your property long term then it’s a good idea to think about the types of materials used – easy-wipe walls and worktops are worth considering, as is wood flooring, or a mid-tone carpet that won’t show dirt or stains. You may also want to think about whether your property should be furnished or not – providing a furnished property can be a godsend to some tenants who don’t have furniture to bring with them.

Be on hand

Being on hand during a set time period (unless it’s an emergency) will not only prevent you from being called at any hours of the day or night, but it will also provide your tenants with a regular time schedule in which they can get hold of you. It also helps you to maintain a good relationship with your tenant. It is very easy for a relationship with a tenant to spiral out of control over a small problem that wasn’t dealt with effectively.

Clear communication

While this may seem obvious, it really is important to maintain a clear communication channel with your tenant. For example, giving enough prior warning to tenants for upcoming inspections, not entering the property without the tenants’ permission and giving at least 24 hours notice. This is also something that can be managed by an estate agent to save you fitting this task in to your busy schedule. It’s something Philip Martin have plenty of experience managing, so give us a call if you’d like any more information!