TPP215: How to be a landlord

We're very excited to announce that Rob D's new book came out yesterday and we may be biased, but we think it is his best yet. In this week's special episode of The Property Podcast, we are going to discuss 'How to be a landlord', with tips from the book, and from all sorts of other places.

Also, we have Meetups next week. The evening's are lighter so there's no excuse not to join your nearest get together. Find all the details here.

You'll need to listen to the episode in full to get all of this week's tips and info, but here are some notes you may want to jot down.

You can make property management a lot easier with some little tricks and processes.

 Communicating with tenants:

• Writing is better than phone
• Do whatever’s easiest for them - WhatsApp group, text, even Facebook
• You don’t have to give out your phone number - Skype or switchboardfree
• Set out ground rules at the start about when you’re contactable, and stick to them!

Chasing up rent:

• Ideally use direct debit - you’ll know it’s set up properly
• Diarise rent date and make contact on the same day if it doesn’t come in
• Have a process: e.g. text day 1, call day 3, final warning day 5
• Don’t fall for sob stories
• If you have RGI, make sure you notify them in line with T&Cs

Dealing with emergencies:

• Define “emergency"
• Instruct tenants about what to do in an emergency. Often, calling you isn’t the best thing to do
• Consider landlord emergency cover

Dealing with routine maintenance:

• Build up trades contacts and treat them very well
• Save a visit by seeing if it’s something the tenant can easily sort - e.g. washing machine filter, defrost fridge, unblock sink, re pressurise boiler
• Communicate clearly around damp and condensation - explain the difference
• Use routine inspections to look for condensation, and also look for early signs of repairs that will need doing (including external)

Inspections:

• Quick check of each room
• Check smoke alarms
• Visually inspect electrics
• Look for fire risks
• Look for condensation
• Look for early signs of repairs that will be needed (including external)

Conclusion:

• Work smart, not hard
• Use checklists to get the best result every time
• Be proactive and stop issues from happening in the first place

Oh, and of course the first thing you need to do is purchase a book that tells you exactly How to be a Landlord, right? Funnily enough, we know just the book.

News story: General Election

Obviously the biggest news story of the week is Rob's new book but we also gather the Prime Minister has called a snap General Election. We'll obviously keep you fully up to date over what this means for you in property terms.

Resource of the week

This week's resource of the week is obviously Rob's book - make sure you get yourself a copy!

Continue the conversation over in the forum

Have you ordered your copy of the book? What is your must-add tip that you would include on How to be a Landlord?

Let us know and join the conversation over in the forum!

If you enjoyed The Property Podcast, please leave a review on iTunes

Reviews are really important in helping other people to find the show, so by way of thanks we read out every single review we receive on air.

If you’d like to hear your name on the show, leave us a review on iTunes here.

Not sure how to leave a review? This video shows you how to review and subscribe on iTunes.

See omnystudio.com/listener for privacy information.