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 you well.

 

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?