Renters and landlords

[Learnloveyoueself]

i have recently become a landlord through inheritance (extremely fortunate I know)

the property is already let and had had the same tenant in for a number of years really good tenant and very lucky with them. The estate agents I will use to manage the property has advised of a rent increase increase of £50. I have looked at similar properties that are available to rent near by and the tenant is getting a really good deal and the increase means they will still be paying less than other properties that are available, but I don’t want to be that landlord that everyone dreads.

I suppose I am asking renters what makes a good landlord ?

landlords any advice very much welcomed

A good landlord takes care of the property, does regular maintenance, responds to emergencies in a timely fashion, but otherwise is invisible.

You need to charge enough in rent that you can afford to make repairs. If your margins are too tight, then you might start to skimp.

I tend not to raise the rent if tenants are staying put. A good reliable tenant is worth more to me than an extra few hundred quid income each year.

However, having said that it’s often not in the tenants best interest to be paying way below the market rent - it makes going out into the market (if they need to move on for whatever reason) a huge shock.

If they haven’t had a rise for at least 2 years I think a £50 increase is not unreasonable. By law you are allowed to increase rent up to prevailing market rates.

I'm sure you'll get loads of replies telling you to put the rent up but why? You've inherited the property (which I presume means you don't have a mortgage on it) so it's not like you need the money. That extra £50 will be worth a lot more to them than it is to you, especially since you'll be paying tax on it.

If they're a good tenant then I say leave them be. A good landlord is responsive to things breaking and doesn't act like you're really putting them out whenever it happens. They're also aware that it's the tenant's home and that unreasonable demands (e.g. no pictures on the walls) can really affect someone's quality of life.

As a landlord I echo what’s already been said about being very responsive to repairs.
I don’t use a letting agent so try to have a friendly but businesslike relationship with the tenants. Most of them are quite long term in a market known for high turnover, so it seems to be working.
I don’t often increase rents during a tenancy, but when I’ve had to I made sure the increase still brought it to slightly less than market rent.
I am not sure that in your position I’d increase the rent straight away. The tenants are possibly feeling a bit anxious about having a new landlord as it is.
I would suggest a friendly introduction and a brief mention that the rent will be reviewed in a few months or so but that you are committed to keeping it fair.

Why raise it? Dont be greedy. You’re already getting an income you haven’t earned.

Just one more piece of advice OP - develop a thick skin and come to terms with the fact that for some people whatever you do as a landlord will be wrong.