What are the qualities of a great landlord?
Buy-to-let will always represent an attractive proposition for potential landlords and, as has been the case for a while, it seems plenty want in. Every individual is required to have financial backing or an asset at their disposal to enter the market, but there are additional qualities and traits that every reputable landlord must also posses.
To explain, a landlord must work hard to keep their tenants satisfied as they come and go. Good communication skills and an approachable manner, amongst others, are therefore imperative to building up a trusted reputation in such a competitive line of work.
It's important to understand that being a good landlord does not mean making a venture financially successful - that one's achievements arrive with every completed payment of rent. It means running a business in a professional and efficient manner. To do this, the individual should be able to display all of the below in some capacity.
Being reachable is less of a personality trait and applies more to the homeowner's chosen lifestyle. It is however a quality which cannot be underestimated in the buy-to-let market.
Potential landlords might be prepared to juggle their day job with the management of a property, but awaiting tenants would rather they didn't. Simply because a landlord is the first port of call when a problem with the property arises. If they're at work when a pipe bursts or the power is cut, there's no one around to restore normality.
If only one mobile phone number is listed as a contact detail then it has to be reached at all hours. Likewise with a work telephone, which is why most supply at least two numbers and an email address to guarantee round-the-clock service.
A landlords is, in effect, a small business owner who carries a great amount of responsibility. In fact, the role isn't too dissimilar from that of manager.
A good first in command will be organised, motivated and on hand to solve any glaring problems in a timely manner. Much like a manager, there's also countless amounts of paperwork that foe with being a landlord in modern day. If a gas safety certificate or similar document isn't produced when required, it's the tenants who will ultimately suffer through no fault of their own.
Every landlord must be 100 per cent dedicated to the cause. They might be driven by the prospect of owning their own business or building an entire portfolio of properties over time. Whatever their motivation, the ideal person for the role will be able to sustain interest in their work by pursuing a goal or lifetime ambition. This will only benefit potential tenants as they'll be trusting an individual who cares.
Every homeowner reserves the right to carry out occasional inspections, but tenants might consider regular check-ups - i.e those occurring more than once a month - to be an invasion of their privacy. A good landlord will respect that a tenant's personal life temporarily lies in a property of their own and that any disturbance is likely to offset the harmony within.
Such examinations of the property also make a rental home feel less like a permanent residence in the occupant's eyes. This is exactly the opposite of what landlords are trying to provide.
The tenant must have the confidence to take up any problems or issues relating to the property with their landlord. Being able to deal with people in a variety of situations is therefore essential. The character should remain calm even in the most testing of times to affirm their reputation as a trustworthy and approachable figure.
A sense of humour helps, too, especially when things take a turn for the worse. The best will be able to muse upon a fault of own before learning from the mistake. A landlord appearing overly protective of their asset or tense when communicating is likely to be seen as a character who struggles with their role, something which is in no interest of their tenant.