Landlords boydens.co.uk 30 Communication with all parties is extremely important, from managing agents and tenants to contractors and financial professionals. Finally, a good landlord should get to know their tenants. How can tenants ensure a positive relationship with their landlord? Communication is key and it is important that the relationship is seen as one in which landlord and tenant work together, and not against each other, as a form of yin & yang. What have you learnt most from your time as a landlord? As a landlord, every day there is an issue to be resolved. You need to be organised and so you should ensure that you are in control of all your finances, accounts and tax returns. Understanding a broad base of property maintenance terms and requirements so that no one can deceive you is another useful tip. Today and at this present time, and especially in the last five to six years, you have to accept losses and profitability and that capital growth is no longer guaranteed. Finally, I would advise you to choose your managing agents wisely and manage them. What advice would you give to someone starting out as a new landlord? Only buy property for cash as a Sole Trader or LLP and if you are within a Limited company think hard and long before taking on the conditions, all the time considering restrictions and your end game strategy. It is important to fully understand the full requirements to be a landlord, from accounting, mortgages, business plan, maintenance, legislation, and tenants’ rights. It is also wise to anticipate a high degree of involvement whether on one property or 50! Finally, this is a long-term investment and not for the faint-hearted or those not used to dealing in reasonably large quantities of funds as you will need a cash reserve at all times for unforeseen circumstances. John & Gill Nicholson: ‘Maintaining properties well is vital’ How long have you been a landlord and what made you want to become one? We have been landlords for over 20 years now, having bought our first property back in 1995. We wanted to broaden our assets by renovating properties ourselves which would then also give us an income in our retirement. We now own six properties. What do you think it takes to be a good landlord? It is important to maintain a good relationship with the tenant whilst remaining firm but fair when dealing with their requests. Keeping well maintained properties is vital, as is using Boydens’ maintenance team to react quickly and efficiently to any snags raised. As landlords, we like to be proactive, for example, visiting all the properties after the storms in February 2022 and repairing fences where required. All our tenants have our personal contact details and know that they can always contact us in an emergency. How can tenants ensure a positive relationship with their landlords? The prompt reporting of any snags and problems will help avoid further damage to the property, which is essential as issues such as a slow leak can create serious damage over time. Maintaining the garden, cutting grass and shrubs and so keeping up good appearance for other residents is also very important. Finally, keeping Boydens informed of any issues that might affect the tenancy is vital on the part of tenants. What have you learnt most from your time as a landlord? It is best to use Boydens to eliminate any future problems. We have been guided by their excellent Lettings Department, which ensures good vetting and selection of tenants to avoid potential nightmares as we encountered before using Boydens. We also appreciate the importance of keeping the property in the best condition and thoroughly checking and maintaining between lets. What advice would you give to someone starting out as a new landlord? We’d advise to rent through an agent like Boydens and take an active interest to ensure your rentals run smoothly. Also, research the market you are investing in, HMO’s (House in Multiple Occupation) or single tenants for example in order that you are fully up to speed.
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