Being a landlord

Landlords

Boydens has a long history within the property market dating back to 1852. During this time, we established ourselves to be a leading agent in terms of service and experience, looking after a large portfolio throughout Essex and Suffolk. We have the pleasure of working with many fantastic landlords who provide quality properties for tenants. Here, some of those landlords share with us their experiences, how to create positive relationships with tenants and tips for success.

How long have you been a landlord and what made you want to become one? I have been a landlord for over 15 years now and wanted to invest some funds at the time, and so chose to invest in the property market. I was looking for a long-term investment at the time, and the buy-to-let sector provided that. I own an apartment in Colchester, though I don’t live in the town, and so my relationship with my agent is even more important as I am physically not close by.

What do you think it takes to be a good landlord? I think it is important to be a responsible landlord and for me that means I rely heavily on my agents (Boydens) to guide me and act on the advice they provide me regarding maintenance issues. This includes responding to recommendations of the Property Management Department, and so my good working relationships with key people (Brian Purvis, Tina Dove and Patricia Field) are essential to me as I know they will guide me as they have done so with annual rent reviews, for example.

I think it is also important not to be greedy as a landlord. Consistency is the key and long-term tenancies with trusted tenants provides peace of mind.

The other piece of advice I would give is to not become too attached to your property. I don’t love my rental property in the sense that I view it as an investment, so the emotional attachment isn’t a factor.

How can tenants ensure a positive relationship with their landlord? For the majority of my tenancies, I have not been particularly familiar with the tenants themselves (I prefer it that way, personally). I do, however, feel that tenants should listen to the advice given once a maintenance issue has been reported in order to avoid unnecessary charges in the case of simple issues such as blocked sinks, for example, which can be dealt with by the tenants themselves.

Landlords

Landlords

Landlords

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.

Landlords

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.

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.

Landlords

How long have you been a landlord and what made you want to become one? I have been a landlord for over 15 years. I became a landlord after I married and, rather than sell my own house, I decided to rent it and see how it went being a landlord; I now let three properties.

What do you think it takes to be a good landlord? I would advise any landlord to take out Full Management services on the property to remove as much worry as possible. It is also important to keep the property in good condition (both the tenant and the landlord) and to fix things quickly.

How can tenants ensure a positive relationship with their landlord? As a landlord, the property is my investment and so tenants respecting that and keeping the property in a good condition will always be seen as a positive. I do view my tenancies and the management of the relationship between landlord and tenant as a business transaction. Working full time, I like to be involved as little as possible and so I rely on Boydens to deal with the tenants in this regard.

What have you learnt most from your time as a landlord? There is a misconception of wealth when it comes to landlords. Much of the value realised does not come from the rental, but from the value in the property itself which, for me, is part of my retirement fund.

What advice would you give to someone starting out as a new landlord? Unless you are prepared to manage everything to do with the rental, it really pays to have Full Management services or else the rental process will dominate your life. Also, I would recommend new landlords purchase a newer property rather than an old one as, although it doesn’t necessarily follow, the maintenance is likely to be less on a newer property. Flats in older properties tend to have higher management fees.

If you are thinking about becoming a landlord, or extending or moving your portfolio, contact our lettings experts below:

Coastal Branch: Matthew Hayward 01255 853911 matthew.hayward @boydens.co.uk Colchester Branch: Brian Purvis 01206 771213 brian.purvis @boydens.co.uk Sudbury Branch: Angela Jeffery 01787 888601 angela.jeffery @boydens.co.uk West Essex Branch: Jules Cain 01376 570335 jules.cain @boydens.co.uk