This Blog is directed at Landlords who are interested in property in Falmouth and surrounding area. We aim to keep landlords updated on potential local property investment opportunities as well as give our light-hearted commentary on Property News items that might affect them and their property investment.
Monday, 15 June 2015
What makes a Good Landlord?
Our last article looked at the
reasons why ordinary people become landlords. It concentrated on the opportunity
for individuals to take control over their investment future by buying a
property of their choosing. It reflected on the solidity of buying ‘bricks and
mortar’, set against a backdrop of increasing property prices and a trend
towards renting locally.
Many potential landlords are
put off becoming one, because they perceive they are either not made of the ‘right
stuff’ or that being a landlord is fraught with problems. The misconception is you
have to be ‘hard-nosed’, ‘rhino-skinned’ and capable of bulldozing your way
through potential problems without a care. This is not true. They also perceive
that there is a problem waiting for them around every corner, and that any
income benefit will be offset by the hassle of managing a property. This is also
not true. Certainly if you are a good landlord or you employ a good agent then
with a little luck you should most of the time be able to sit back and enjoy
the income and other comforts of being one.
There isn’t a one fits all
description of what constitutes a good landlord since one person’s ‘good’ is
another person’s ‘average’. However there are some positive traits which most
of would recognise. Indeed the question of what qualities you need to be a good
landlord, could easily be substituted for what makes a good boss, teacher or parent.
Take it as a given that good landlords are those that abide by their legal and
contractual obligations. A really good landlord is one whose ‘mettle’ is tested
by facing a problem and in dealing with it are tolerant, understanding, even-handed
and decent with it. Further they tend to act swiftly, by resolving a problem
where a reasoned cost-effective solution is obvious and readily available.
Good landlords like good
teachers, bosses and parents are respected by those around them. In this
instance they are respected and trusted by their tenants, their neighbours and
those contractors that work with them.
The best landlords balance and
weigh to a nicety the interests of themselves with those of their tenants. This
is not easy since your own standards are not necessarily those of your tenants.Likewise you may have to act contrary to your
own natural instincts; sometimes you will have to show caution where you are
carefree by nature or vice versa. Like
all good parents/teachers and managers the ability to use common sense, not to
get too emotional and to judge the situation on its merits will usually serve
Being a landlord is not for
everyone. However if you are decent and reasonable and you offer a good quality
property, more often than not you will be rewarded with a good tenant who
reciprocates your own qualities. After all ‘if you throw a pebble in the water’
don’t you see your own reflection?