If you are new to the property business you’re probably excited, nervous and anxious at the same time - and that’s perfectly normal. But unlike those who have been in the market for some time, chances are you won’t know the tricks that let you run a smooth, profitable and successful business.
So, we have compiled 6 top tips to help you make the most of it from day one.
1. Be organised
Staying organised is a key aspect of any business, not just for those who are a landlord. Ensuring your paperwork is in order and knowing where everything is will save you time and reduce your workload from the outset. Invest a bit of time and file things correctly.
Keeping things digital? Tools such as Dropbox or Google Drive can help maintain a digital copy. You can even upload them to Reoli and file them against the relevant property, tenant or tenancy to help keep things in order.
2. Have set office hours
This may seem a bit strange if you don’t have an office, but keeping to office hours will help you switch off and maintain a healthy work/life balance.
Ensure your tenants are aware of your working hours so they know when to expect a response from you too.
3. Keep a separate business line
This goes hand in hand with point 2. To help enforce your working hours keep a separate phone number where you can. Unsure where to start? Consider:
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Use a virtual number - Skype for examples allows you to have a landline number directed to your Skype login
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A dual sim mobile phone with a separate sim card and number. This means carrying just one handset but having control over 2 numbers
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Use a forwarding service. Some of these allow you to have set hours and even come with voicemail.
Remember, tools like Reoli allow tenants to contact you by email and also keeps a log of all correspondence.
4. Stay on top of rent collection
Staying on top of rent collection can be tricky. If you are still phoning, emailing and chasing missed rent, you should consider a more reliable option.
Services such as GoCardless for example, allows you to collect funds by direct debit. When tied with your tenancy management software, it allows you to collect rent with ease.
5. Be knowledgable
One of the tougher areas of being a landlord is staying on top of the constantly changing legislation. Just a few minutes a week reading up on these changes will help you maintain your knowledge.
For example, ensure you are signed up to popular landlord mailing lists; sign up to landlord forums; read or listen to the news on a regular basis.
6. Know when to outsource
Are you a bit of a handyman? Like to get your hands dirty too?
It’s often tempting to get stuck in and go and fix that broken tap or repair a door. The truth is sometimes it’s easier to have a professional do it. It may cost you a small sum, but in the long term the benefits can outweigh the cost.
And there you have it - 6 tips to help set you up ready for your landlord adventure.
Do you have any tips you could share? Comment below, or send us a Tweet