Are you thinking about becoming a landlord, but want to know what it is really like? Are you in a position with an extra property and are considering your options between letting and selling? 

Find out more about the top tips, useful tricks and harsh truths about renting out a property, but the most important fact to know is that you do not have to go it alone. 

Professional letting agents can take as much or as little of the burden as you need, helping with everything from arranging inspections and utility maintenance to seamlessly exiting the market. 

As you build your portfolio, it becomes impossible to do everything yourself, so find the right partner to help you through, particularly when it comes to navigating the Renters’ Rights Bill.

However, here is what you should know if you want to become a landlord.

Most Of Your Money Is Made Upfront

As with any other property investment, the amount of money you will make on the rental market and when you decide to sell will depend significantly on the amount of money you pay for the house.

This means that a successful landlord must have a keen eye for the right property at the right price, and must avoid the sentimentality that you can afford when it is your own home.

Have the same mindset as a landlord that you would as a house flipper; avoid paying too much for the house, and you will find it much easier to break even once your overheads and loan repayments are taken into account.

You Will Be Needed 24 Hours A Day

Another reason why a property manager is really important is that being a landlord is not a nine-to-five job with set hours. Some days you might spend an hour on paperwork or having phone calls with your tenants. 

Other days, you may spend every waking hour firefighting, or have to deal with a crisis at two or three in the morning. A tenant has lost their keys and locked themselves out, or the boiler made a really weird banging noise before it stopped working, and water started leaking.

Sometimes, urgent work will need your approval, and you need to either be available or have a system of deferring these issues to other people and clearly communicating who is in charge of what.

Tenants Cannot And Will Not Leave Your Property Spotless

Ultimately, a harsh truth to know is that whilst most tenants will be respectful and not deliberately try to cause property damage, a harsh fact of life is that many of the fixtures, fittings and furniture will be damaged over time.

Legally, this is known as “fair wear and tear” and there is not a whole lot you can do about this aspect.

What you should know before you start is the difference between damage that is inevitable and stuff that is the responsibility of the tenant to replace or pay for replacements.

Having clear, realistic expectations will greatly improve your relationship with your tenants and avoid issues down the line.

It Is Extremely Rewarding

A lot of this, alongside the negative cloud generated by initiatives such as the Renters’ Rights Bill and somewhat variable taxes when it comes to second properties, can make it seem like being a landlord is far more aggravating than it is worth.

If you love managing a portfolio, if you enjoy talking to people, putting roofs over their heads and networking with people you would otherwise never interact with, being a landlord is fantastic.

What is important to note is that you get out what you put in, and to keep it enjoyable, you should be willing to defer the aspects of the role you cannot commit entirely to. This is where property management can fill the gap.