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It’s been a rollercoaster of a year! Over on Twitter we’ve been sharing our blog posts and more recently our top landlord tips and quotes. Here we’re reminding you of the ones you loved the most based on likes and re-tweets, straight from our twitter feed. Enjoy!
The Best Landlord Tips
Each day we release a ‘tip of the day’ out into the wilds of Twitter. We don’t regurgitate these from anyone else, these are our own tried and tested tips and you’ll often see these sentiments included in our blog posts. Here are the ones that have had the most likes and re-tweets this year:
Tenants are People Too
The landlord-tenant relationship can often be tricky, but it’s in a landlord’s best interest to cultivate a good working relationship with his/her tenants. The vast majority of tenants are decent human beings, even if the press suggests otherwise. Treat your tenants like people and they will respond in kind!
Prepare for the Worst
Disaster management is something all landlords should do. There’s nothing wrong with being a glass half full kind of landlord, but in the real world, things can and do go wrong.
By preparing for the worst, you can better deal with problems when they arise.
Do an Inventory
Taking a proper inventory is time-consuming, but it is also time well spent. Without an accurate record of fixtures and fittings, as well as the state of the property prior to the tenant moving in, you don’t have a leg to stand on if there is a deposit dispute at the end of the tenancy.
If you can’t carry out an inventory, pay someone else to do it on your behalf. And make sure the tenant signs it to verify they have seen the inventory and are happy it’s not a work of fiction.
Kerb Appeal
Kerb appeal is important when marketing a rental property.
Pay attention to what a property looks like from the street. It’s easier to attract good quality tenants when a property looks cared for. Simple things, like clean windows, a tidy front garden, and hanging baskets make a huge difference.
Read More
Read up on landlord rules, such as the latest legislation. The world of buy to let is a constantly shifting landscape. Rules and regulations are updated and new ones come into effect when politicians want to score points.
It pays to stay ahead of the curve, which involves reading the news, hanging out on landlord blogs, and joining in the conversation on social media and landlord forums. The landlord sector is a large community, so get involved and stay up to date on issues that affect you!
The Best Landlord Related Quotes
We love a good pithy quote and we share one every day on Twitter! Nope we don’t come up with these ourselves, but we do go out of our way to make sure they are relevant to landlords. Here are the ones that you’ve liked and re-tweeted most this year:
Expenses Matter
A wise man once said, take care of the pennies and the pounds will take care of themselves. We can apply this (and the quote linked above), to a landlord’s expenses. It’s very easy to lose track of expenditure, particularly if you are new to running a business. But not keeping a tight rein on your expenses could cost you more than a few pence. Not only will you miss out on tax relief when you file your tax return but HMRC could also fine you for not keeping accurate business records. If that doesn’t send a shiver down your spine, nothing will.
Failure is Nothing to be Scared of
Not all landlords are a success. It’s a tough old world out there and the buy to let sector is being squeezed on all fronts. It’s important to realise that things can and do go wrong, and if you endure a long run of bad luck and unfortunate events, it might even cost you your business. Try not to let the bad days get you down. Smart people treat failure as a valuable lesson. Learn from your failures and strive to move forward with enthusiasm. You are not alone!
Put Your Heart in Your Business
If your heart is not in your business, it will be hard to make a success of the venture. Being a landlord is not a 9-5 job. You can expect to work long, often unsociable, hours, dealing with tenants, fixing issues, and taking care of the admin. It’s pointless investing in properties if you don’t have an interest in the sector and can’t stand dealing with people.
The only way around that is by sub-contracting all the work to letting agents, which will cost you money. The best landlords are the ones who are interested in buy to let. They read up on the latest news, put a lot of effort into growing their business, and enjoy their job. If every day is a grind, it won’t be long before you chuck in the towel.
Investing for the Long-Term
Property investment rarely yields instant rewards. It takes time to grow a landlord business. You won’t see much in the way of capital growth for several years, and if you had to spend money to bring a property up to the required standard, expect to be in the red for a while. Don’t be in a huge rush to make money. Buy to let is a long-term investment and the more you put in, the more you’ll get out of it.
Live Your Best Life
Many of us stumble along without giving much thought to our actions and the fact is we won’t live forever. Your best life begins when you start living your life aware that this day could be your last. Take a few risks, do what you want to do, and be the very best version of yourself you can possibly be. There will be hardships and things will go wrong, but when they do, pick yourself up and come back stronger than before.
If you want some more daily inspiration and tips, follow us on Twitter @LandlordVision.
