Essential Skills for Landlords – So you think you have what it takes to be a landlord? Whether you plan to let out just one or two properties, or to build a huge property network, you should think about whether you have the skills and knowledge you need before taking that investment plunge. So what are those essential skills?
1) People skills
As a landlord, you will spend much of your time dealing with people, from letting agents, to tenants and accountants. They will all have a different relationship with you, and they will all need some of your time. Some will be very difficult to deal with, such as noisy tenants who cause the neighbours to complain. Others will need a little understanding, such as the tenant who has just lost his job and is worried about paying the rent. You need to learn how to deal with each person and situation sensitively and appropriately.
2) Financial understanding
You will probably want to enlist the help of an accountant when it comes to tax-return time, but you should have a clear understanding of your own books yourself. Make sure you also understand the wider property market. Keep an eye on trends and look out for where might be the best places to invest. Stay literate in all things property and investment.
3) Attention to detail
A landlord needs to know a lot about many different things. Even if you employ others to clean, repair and maintain your properties, you need to be able to oversee any work done and know whether the work is good. You need to remember to renew your landlords insurance on time, and you need to be able to remember which legal notices you should serve and when. Over time, much of this should become second nature, but you will still need to be willing and able to keep checking your own and others’ work.
4) Willingness to keep learning
Even if you are not a full-time landlord, you should see continuing your professional development as essential. Things change all the time in the world of property. Laws, financial circumstances and markets never stay the same for long. Take advantage of courses for landlords run by landlords’ associations, or keep yourself carefully informed.