If approached professionally and with organisation, entering the rental market can be a great way of ensuring a constant income. Whether looking to earn additional cash to go hand-in-hand with monthly wages, or simply renting to achieve a sole income, renting can be very profitable.
People choose to rent out a property for a number of different reasons. Inheriting property, being unable to sell a property having purchased a new one, or simply not wanting to sell are all common situations that lead people to rent. Whatever the reason for wanting to rent a property, becoming a landlord will present new and challenging responsibilities.
It will be the landlord’s duty to maintain and care for the property, both inside and out. They will need to look after exteriors, such as chimneys, drains and guttering, alongside making sure the gas, water and electric supplies are maintained and in correct working order.
Despite the due diligence of landlords, sometimes, as in all walks of life, problems arise that simply cannot be controlled.
Common Emergencies facing landlords
There are a number of unforeseen problems that landlords will have to face when maintaining a property. Sometimes, these problems can be classed as emergencies. These could include:
- Blocked taps, pipes or drainage
- Gas leaks
- Electrical failure
- Fire
- Flooding
- Breach of security i.e. burglary
Becoming a landlord is not simply a nine-to-five job. Unforeseen problems can occur at any time, therefore a landlord must be prepared for all eventualities.
It is the landlord’s responsibility to ensure that they are able to respond to emergencies quickly and with as little inconvenience as possible to their tenants. However, issues can take different amounts of time to resolve. Whatever the issue, landlords can take steps to make a problematic situation easier.
Take out the correct insurance
Landlords must ensure that they have the correct insurance for their property or portfolio. Insurance policies differ, so landlords must make sure they have sufficient protection against accidental damage.
Establish emergency contact details
Some landlords have the knowledge to deal with a variety of situations. However, landlords may use other external persons, such as a plumber or electrician, in emergency situations. In the case of an external person needing to be contacted in an emergency, landlords should provide a clear list of numbers as soon as their tenants move in.
Make sure tenants know what classes as an emergency
Landlords will not want to be contacted for trivial matters in the dead of night. To combat this, the landlord must outline what is and isn’t an emergency, again when the tenants first take residence in the property.