Interview With Landlord Suzanne Smith
At Marks Out Of Tenancy we’re working towards making the rental market more transparent for all involved. While we campaign for tenants’ rights, we also acknowledge that renting is a two-way relationship and that landlords also have a right to make their voices heard too.
That’s why we’re encouraging landlords to join our platform and get involved. We spoke to landlord, blogger and podcaster Suzanne Smith from The Independent Landlord blog about being a landlord in 2024.
She is a self-managing landlord with a portfolio of Victorian houses in Maidstone, and is also an Accredited Landlord Member of the National Residential Landlords Association (NRLA). In August 2022 Suzanne set up her blog to provide free, reliable, independent advice about both practical and legal topics that affect landlords.
Suzanne is also a co-founder of the Good Landlording podcast with fellow landlord Richard Jackson in which they discuss and share practical tips to help landlords start, grow and succeed. It’s a weekly podcast and available on all podcasting apps, and has detailed show notes for each episode.
Renting is a two-way relationship. What would you say makes a good landlord?
That’s right. Both the landlord and the tenant have rights and obligations, as it’s a two way relationship.
Good landlords comply with both the spirit and intent of the law. They do the right thing, take a professional approach, and are fair and reasonable, whilst recognising that it’s a business.
I take great care of my properties and manage them myself, with a strong focus on fairness and respect. I aim to treat my tenants the way I would want my own adult children to be treated when they rent —it’s about doing the right thing.
Good communication and building a strong relationship with tenants are essential; it’s a long-term relationship. That’s why I got accredited by the NRLA and take this responsibility seriously. With the new responsibilities being introduced by the Renters’ Rights Bill, it will be even more important for landlords to take a professional approach.
Over time, I’ve even learned practical skills like tiling, decorating, and plumbing, which helps me save money on maintenance and offer a better service to my tenants. I believe that if you treat people well, you’ll face fewer issues as a landlord.
In any business, it’s crucial to put your customers’ needs at the heart of what you do, and for landlords, it’s no different.
Suzanne has a great guide to how to be a good landlord on her blog - https://theindependentlandlord.com/good-landlord/
Do you have any tips for other landlords on finding and keeping good tenants?
The rental market has shifted and is a bit calmer now, with fewer prospective tenants than there were a couple of years ago. If a property hasn’t been rented within a few weeks, I would suggest you consider reducing the rent accordingly.
I don’t believe in increasing rent arbitrarily; instead, I recommend you adjust it in line with the lower of CPIH and wage inflation. I keep rents at a little below the market for existing tenants..
When I visit the property, I call it a “maintenance visit” rather than an “inspection” as that’s more collaborative. Since my properties are Victorian houses, maintenance issues are bound to come up, and I want tenants to know I want to keep the property in good condition, so the emphasis is on maintenance rather than checking up on them . Many insurance policies require regular visits as well.
I also make a point to refer to the property as “your home” and let tenants have a say in certain decisions, like choosing fixtures like taps etc when they need replacing.
This guide about how to keep your tenants happy has more great tips - https://theindependentlandlord.com/happy-tenants/
What sort of things do you look for in prospective tenants?
I look for tenants who can afford the rent, will look after the property and will be good neighbours. It’s a long term relationship, and I take a lot of care to find the right tenants.Choosing the wrong tenant can lead to serious issues—they might damage the property or fail to pay rent, though fortunately, I’ve never experienced that.
From the very first viewing, I aim to build a positive relationship with potential tenants. It’s also crucial to make sure they can comfortably afford the rent, not just for my peace of mind but also to prevent them from facing financial difficulties down the line.
Suzanne’s guide to choosing good tenants has some more great advice - https://theindependentlandlord.com/choose-good-tenants/
What’s the most difficult aspect of being a landlord aside from dealing with tenant issues?
The most difficult part of being a landlord is arranging for trades people to do small jobs. That’s why I’ve been on a tiling and a plumbing course so I can do a lot of the maintenance myself. I’ve recently just redecorated a house after tenants moved out as it was easier to do it myself.
There’s a lot of negative press about landlords, but I just ignore it, and concentrate on being a good landlord.
Being a landlord is far from passive income—we don’t just sit back and collect rent; there are many responsibilities involved. In fact, many landlords would earn more simply by putting their money in a bank. We don’t make huge profits, as there are lots of costs involved in managing rental properties. And while some hope to see their property values rise over time, there’s no guarantee this will happen.
As a self managing landlord, do you recommend it over using a letting agent?
Research from OSB Group shows that tenants are happier when landlords manage their properties themselves. This is because they are dealing with the decision-maker, and the person who has made the investment in the property.
As a self-managed landlord, it’s easier to build a good relationship with tenants. And while self-managing is a lot of work, I enjoy it. I like being a landlord and I value the relationship with my tenants.
When a landlord is directly involved, they often care more about the property and have fewer administrative hurdles to navigate. Most property issues are small and easy to fix, and I appreciate handling them directly and looking after my properties myself. I’ve always self-managed because I prefer to address issues personally rather than involving a third party.
It also makes sense from a business point of view as it’s expensive to use letting agents to manage a rental property. I appreciate that not everyone has the time or inclination to do it, but I have always self-managed and wouldn’t consider using agents.
If you want to read more about becoming a self managed landlord, check out Suzanne’s guide - https://theindependentlandlord.com/self-managing-rental-properties/
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