Welcome to my world!
I’ve been a Landlady for just over three and a half years now and have loved every minute of it. On occasions, it has been challenging, but the rewards far outweigh the downsides and it certainly beats the 9 – 5 rat-race. After 15 years of impersonating a sardine on the London underground daily commute, its sheer joy to wake up at 9.30 a.m. and listen to the distant symphony of the rush hour traffic hurtling up the A3 to London. I then turn over for another 30 minutes lie-in safe in the knowledge that I dance to my own tune now.
My portfolio consists of a large number of apartments in North and East London, and an equally large number of houses dotted around the country. I treat my properties as a business, and therefore I regard my properties as my “employees”. And believe you me, they are the best employees you could ever wish to have!. They work 365 days a year, come rain or shine, making me money through cash flow from the rent and capital appreciation. They never ring in on a Monday morning after a boozy weekend and try to pull a sickie, they never go on holiday, and they never go on strike. They make money for me while I am asleep, while I am reclining on a beach in Cyprus, while I am having my hair and nails done and my legs waxed .... . Unlike me, my properties never stop working.
And if my properties are like my employees, then my tenants are my “clients”. Therefore, I treat my clients with the utmost respect, so that they stay in my properties as long as possible, servicing my mortgage debt through the rent. I love all my tenants dearly and look after them! Why only this week, my tenant in one of my one bed flats in Highbury, North London asked me if it might be possible to put a sofa bed in the lounge so that her Mum might come and stay occasionally. “No problem”, I said “consider it done”. A quick phone call to my letting agent, Adam, and it was. (Don’t you just love IKEA? I’m starting to know the product codes now – seriously worrying my husband with that!).
Meanwhile, another of my tenants had put up with a lot of snagging issues in one of my new apartments, so to thank them for their patience while it was sorted out (which was a fair bit of hassle), I sent them some M & S vouchers for their trouble. Happy clients/tenants put down roots and by keeping an open and honest communication with them, I minimise my turnover and also any problems, such as non-payment of rent. Tenants are wonderful people – respect them and they will respect you and your property. That’s my philosophy anyway! That’s the great thing about property investing and being a Landlady – do it with your own style – it’s all about you! You are in control!
And remember, you can make money and smile - so enjoy yourself and be sure to reward yourself occasionally for all your hard work.
hair nets; flying ducks; overcoats; extreme downhill knitting; IKEA, Phil Spencer fan club.