5 Tips For Successful Landlords

Whether you are a seasoned landlord with 1 or many properties, an aspiring or even an accidental landlord, you should read our latest article containing valuable tips on how to be a successful landlord in Sheffield.

Demand for quality accommodation in Sheffield has never been higher. Students studying at the University of Sheffield and Sheffield Hallam University are constantly searching for rooms and apartments to rent from now for the forthcoming 2019/20 academic year. This puts pressure on working professionals and young families looking to rent houses near the Sheffield City Centre, Royal Hallamshire Hospital and leading schools such as Notre Dame High SchoolTapton School and King Edward VII School to name a few.

New pension rules introduced in 2015 allow people who reach 55 to access their pension funds giving rise to Buy-to-Let investors and seasoned landlords wishing to expand their property portfolios in Sheffield.

Property prices in London and selected areas in the south-east are starting to plateau and Sheffield has been hailed as the gateway to the North attracting lots of investment in the city and surrounding areas throughout South Yorkshire.

“We are approached on a daily basis by investors looking for advice on the best areas to buy and are often asked technical questions about Article 4 areas, the rules surrounding HMO (Houses in Multiple Occupancy) and general compliance such as minimum room sizes, EPC (Energy Performance Certificates), the impact on the housing market as a result of Brexit and even new Landlord Tax Relief Changes” says Nicholas Lambrou, Director at Nicholas Humphreys (Sheffield – Broomhill & Crookes).

So here are 5 Things Nobody Told You About Tips For Successful Landlords that we would like to share with you today:

#1           Making your property stand out from the rest. There are plenty of properties on the market that are available to rent. Why should people pick up the phone and enquire about your property? Tenants are looking for:

  • Properties ideally situated IE. Close to shops, public transport, local amenities and schools
  • Houses with modern fixtures & fittings throughout
  • Homes that are efficient IE. Cheap to run and those that leave a low carbon footprint (properties with good EPC ratings)
  • Even a well thought out advertisement with crisp & colourful photos is key to success

#2           Houses in Multiple Occupation. Typically, these houses ae occupied by multiple personalities all looking for a lovely room and welcoming home to come to after a hard day’s study at university. The most attractive HMO properties are those that have:

  • Ensuite bathrooms (most people enjoy the privacy of their own bathroom)
  • Equal sized rooms throughout the house
  • A decent sized communal area IE. A separate lounge
  • All the day-today necessities that make life easier EG. A clothes dryer or dishwasher
  • Close walking proximity to university

#3           Making Bills Simple. Consider offering an “all-inclusive bills option” within the rent. Houses with bills included are more attractive to students. Working professionals today have also come to expect the cost of utilities & council tax to be included within their rent.

#4           Staying Compliant. A little attention to detail and effort now can provide you with a hassle-free tenancy, happy tenants, a good reputation for being a responsible landlord and can even save you £££’s by avoiding unnecessary tribunal / legal fees or penalties for non-compliance. We often see landlords fall short on:

#5           Taking Care of Business. Purchasing a house is one of the largest investments a person can make today and the stakes are high. Houses can be expensive to repair if not managed correctly and can be costly if there are no tenants living inside. Falling short of the law by staying compliant can be costly too so it is important to make sure your investment property is managed by professionals who understand all the complexities of the rental market.

At Nicholas Humphreys (Sheffield – Broomhill & Crookes), we can help you with all your rental requirements and we have lots more tips on how to make landlords even more successful and keep tenants happy, safe & warm.

Contact us on 0114 470 4715 or e-mail at sheffieldwest@nicholashumphreys.com and ask us how we can help you be a successful landlord in Sheffield today.

For added convenience to our valued landlords and tenants, we are open 7 days a week from 8am to 8pm.