I’ve just looked at the new www.rentwell.community site, put in some dummy data and had an interview regarding DIY landlords. I have both rented and landlorded.
What makes a good landlord - I am on friendly terms with my tenants, that means they feel comfortable approaching me for issues and to let me know things are going OK, or they have fixed something. I don’t do formal inspections, but look at what I am shown when invited (I trust them). I have a schedule of works which means floor coverings, blinds, curtains etc get replaced, so the place is always in good condition.
My tenants know that my house is in poorer condition than theirs, and the rent is below the usual rate. When appliances eg dishwasher need to be replaced I will look through Choice test & reliability and get what suits them - This worked out cheaper, after going through 3 dishwashers in 3 years with my agent, I became a DIY, paid a little more and this one has lasted 4+ years.
I accept that kids will draw on or collide with walls, and don’t expect a professional repair after every scratch, I’m happy to wait till they grow out of it and my tenants repair it when confident. Tenants can be messy without damaging the property (something the agent never understood). For long term tenants I let them choose tiles, colours, carpet; saying “you’ve got to live with it” and all have been very happy to do that, in fact loved the opportunity, it’s like home ownership for low income owners.
Responsive to financial issues, both ways - my tenants know that I am currently living off savings (can’t get a job) so hold off on requests for another garage. I have reduced rent, given a rent holiday in return for what they are able to provide while incapacitated. For one low income tenant, I approached his employer and had his rent salary sacrificed, in effect releasing a little more into his paypacket.
I am getting on, so we’ve had the conversation with our long term tenants about what they want. We sold one house to the tenant for what it cost to buy and maintain, which was about a quarter of it’s valuation, other tenants are unsure, so if I die they will be offered the house at half valuation before going to beneficiaries who will most likely sell at market value. My houses are in small towns, so values are low. Most I bought to live in because my employer would not provide accommodation as I was a single female, and rented them when I left and eventually sold when vacant.
For the most part my tenants were good, but had the odd bad apple.