So you’ve purchased your first investment property at auction and now it’s time to find a tenant…
There are many variables when it comes to finding a tenant, and managing your relationship throughout the life of the tenancy.
Your tenant may be someone you know – a family member, work colleague or friend. Or your tenant may be a complete stranger, secured via a letting agent or social media platform. You may have a direct relationship with your tenant, where you handle the referencing, paperwork, and payment arrangements yourself; or you may choose to instruct a management agent to take care of things for you. Whatever form your landlord/tenant relationship takes, it is important to get the balance right between achieving the rent levels you desire and looking after your tenant.
What does being a “conscientious landlord” mean? Be prompt in dealing with repairs, make sure your property complies with safety regulations, allow your tenant to make the property a “home” – a few picture hooks can easily be removed at a later date! Don’t be too eager to raise rents… take a moment to consider the loyalty and reliability of your tenant. Having your property empty for six weeks whilst you chase that extra £25 per month is counter-intuitive. It’s true that not all landlord/tenant relationships have the potential to be harmonious, but taking time to “think like a tenant” now and again can be a valuable and mutually beneficial exercise in the long run.