What have you learnt most from your time as a landlord? As with any property, location is the key factor – the more favourable location, the better the rental yield. I would advise any fellow landlord to keep on top of the bills – be business-like and keep the property running and maintain standards. I always take the opportunity of a break in tenancy to carry out any redecoration to maintain rentability. Also, listen to your agent who will advise on the current rental values in order to maintain your investment. What advice would you give to someone starting out as a new landlord? Renting a property is a long-term commitment and as long as you truly view your investment this way, you will always make money. In this industry there are no quick returns, but if you are prepared to commit to the investment, it will reward you over time. I am fortunate that little can go wrong with my property, and so I would advise that you consider the type of property you are investing in to begin with as some will be costlier than others. I also think it is important to trust your agent to provide good quality tenants rather than simply place a tenant quickly to minimise void periods. A good tenant is worth their weight in gold, so make sure they are a quality tenant recommended by your trusted agent. Margaret Crowe: ‘An agent like Boydens will save you hassle’ How long have you been a landlord and what made you want to become one? My family background is in the building trade where our family firm was constructing houses in the Colchester and wider area. In the 1980s, the business moved into build to rent, which was not as common a concept as it is today. Ultimately, the building firm took a change of direction and diversified from building the homes to managing those already built, which is what we do today with a portfolio consisting of a mixture of commercial and residential properties. What do you think it takes to be a good landlord? There can be a lot of issues being a landlord and it is noticeably more complex now than when we first began owing to the increased regulations within the sector. That said, there are two principles I have always stuck to – keep your properties up to scratch and ensure you have good quality tenants by working closely with your agent. How can tenants ensure a positive relationship with their landlord? I prefer to keep the tenant/landlord relationship a professional one and so recommend using managed services from your agent as intermediaries to help manage the relationship and maintain harmony. What have you learnt most from your time as a landlord? Reliable, long-standing tenants are the most desirable, so use the services of a trusted agent to recommend and filter the best tenants for you. I would not recommend managing your properties yourself as using an agent (such as Boydens) will save you hassle and make your life easier. If you are in the market for a sizeable investment, I would recommend purchasing a block if possible so that all areas of maintenance are under one area (and, quite literally, one roof). What advice would you give to someone starting out as a new landlord? Weigh up the cost of the property against the rental yield, considering renovation costs. Property management and rental is a long-term investment, so commit to it for the long term and you will see the return. You need to be fully aware of Capital Gains Tax rules and just remember that tenants are your business, so keep them as happy as possible. Gary Cocks: ‘Good communication is key’ How long have you been a landlord and what made you want to become one? I have been a landlord either in the UK or abroad since 1994. The initial reason for the investment was to find a long-term, safe and easily disposable asset, unlike a pension scheme, and one at that time could easily be transferred to siblings or family. My plan was also to use income from rental proceeds and capital appreciation to provide for further investment to grow the portfolio. What do you think it takes to be a good landlord? Having a global overview of your portfolio and a balance of diverse properties is important, as is the maintenance of those properties to a high standard. Responding to legal requirements is vital in terms of repairs and a general comprehension of the condition of each property. boydens.co.uk 29 Landlords
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