Maintaining a buy-to-let property is no mean task. It can quickly become overwhelming if you don’t know what to expect and how to deal with problems that will invariably arise. What follows is a brief introduction to the world of the landlord.
Buy-to-Let Property: What Is It?
Buy-to-let property is the term used to describe property, which one purchases to rent out with the intention of making a profit. The term also applies to property that you already own and intend to rent out.
Things to Know: Duties of the Landlord
Being the landlord of a property is a job that demands a high level of attention and responsibility. The duties of the landlord can be broadly divided into two types:
- Tenant Related Duties
- Property Related Duties
Tenant Related Duties
The first thing you’ll need to do when you’re looking to lease out your property is to get the word out. This involves posting ads to reach out to potential tenants. Once you have tenant hopefuls, you must vet them to ensure stability. Going through the character references they provide is a simple way to do this. Employers, previous and current are usually a reliable reference.
When setting the rent, ensure that the tenant is well acquainted with the minutiae of the rental agreement. Decide on a date that the rent will be collected on, each month and stick to it to avoid complications. You have the responsibility to resolve any problems that may that arise, like incompatible neighbors.
Maintaining good rapport with the tenant is a must if you want a healthy landlord-tenant relationship. Communication will go a long way towards resolving problems before they even arise.
Property Related Duties
Ensure your property is well maintained. Having poorly maintained real estate will mar your reputation as a landlord and will affect the relationship you have with the tenant. You are legally obligated to provide a safe environment for your tenant to live in. This includes carrying out repairs on the property when needed, as well as periodic maintenance. Regular inspection of the property by both parties involved, will ensure that any problems are nipped in the bud. For instance, the condition of gas and electrical lines connected to the property must be checked at regular intervals. Problems like mold and pest infestation can get out of hand very quickly, if left unchecked.
When carrying out property maintenance, it is best to hire the services of a competent handyman. Don’t try to fix problems by yourself if you are inexperienced. Any error on your part might be hazardous to the tenant and to you. If you’re unwilling to handle the duties that come with renting out a property, you can hire a letting management firm to take care of the property on your behalf.
A well-maintained property and a happy tenant can ensure constant income. In time, you can expand your property portfolio and its diversity if you wish to.
Memphis Buy And Hold is specializing in locating, purchasing, renovating and managing single-family and multi-unit properties and possesses from 2007 up to the present of experience in real estate investing and property management in the Memphis and Nashville markets.
