It’s not easy being a landlord in the modern day. Once upon a time, it would be pretty straightforward to run a property, but now there’s a lot of rules and regulations that everybody has to comply with. And not that we are belittling this but we have to remember that being a landlord is, in many ways, a full-time job. And for many people being a landlord requires a lot of effort. Being an excellent landlord is about what you put into it but what are there any methods that you can utilise to make being a landlord easier?
Working With the Right Agency
It’s easy enough to say that working with an estate agent or a letting agency can reduce your workload. But there are other aspects that you can outsource. For example, you can use property inventory services to help the tenant during check-in, so the initial process is easier for you. But this does make it a lot more hands-off. Many landlords work through an agency or a third party. But it’s important to work with the right agency. In doing this, there will be extra fees. You’ve got to decide if this is worth your while. You may find that if you put up the rent to cover agency fees, this will greatly reduce your tenant pool.
Operating With a Business Mindset
It is a double-edged sword treating your property as if it is a business, but if you want to take your landlord venture seriously and generate profit, this may very well be the thing that tips the balance. It’s important for you to create a proper business plan outlining your long-term and short-term goals. If you treat your properties as a business, this may very well mean that you exclusively work as a landlord, meaning you’ve got more time to yourself in other areas of your life. Many people are a landlord on the side of their full time job, but this can cause professional problems. If you are not able to get out to fix something in the property, this can go against you.
Working With a Good Accountant
Financially speaking, the right accountant can save you a lot of money. It’s important to have an understanding of your tax obligations and pay what you need to on time. But if you do not have the knowhow, having an expert to manage your books will make the process easier. There are so many different obligations you’ve got to meet as a landlord, it might just be easier to pay a fee for an accountant to do this for you.
Offering Tenants Simple Ways To Pay Rent
One of the biggest issues is having tenants paying rent on time. Setting up a direct debit payment is one of the best ways, but you also may think about being flexible in terms of how the rent is paid. For example, you may want to get a mobile card machine to make life easier. Being flexible in your payment can extend to other areas of your professionalism, and ultimately as long as they do pay, it doesn’t really matter how they pay!