Looking to make the most of being a landlord? Hoping to be more efficient while reducing costs?
There are many ways this can be done! We’ve outlined them for you to help you maximise your opportunities.
Here’s how to get the most from your portfolio in 2019.
If your properties are your source of income, who you let to can make or break your success.
There are a number of consequences that can arise from letting to an untrustworthy tenant! This could be anything from damage to your investment to a costly legal battle.
The result? You may be unable to let out that particular property for some time, causing potentially severe financial consequences.
The solution? Always run a tenant reference check with a professional company!
From insurance to health and safety, landlords have number of requirements to meet. Failure to do so will make your property less desirable to live in.
So, if you’re looking to get the most from your portfolio – never cut corners when it comes to being a good landlord.
Landlords inspections are key for ensuring that your property is being maintained as agreed. As well as this, you’ll appear hands-on and attentive to detail.
When visiting the property, ensure you’re thorough. Keep a record – this will make it easier to determine fair wear and tear from recent damage.
For many, bricks and mortar aren’t seen as a source of income. However, if you’re a landlord, the opposite is true.
This means you should treat it as such! While being approachable will help you form a strong relationship with your tenants, you should have a business mind.
Here – a structured and organised approach is key:
Research shouldn’t stop once your properties are let out! The local area, and what people want from it, is constantly changing.
Always have a target tenant in mind – for example a one-bed flat is unlikely to appeal to a market where many families rent.
All landlords want to prevent void periods! However, this can be easier said than done.
If you keep coming up against this issue, it’s time to start taking it more seriously. Here are some solutions you may not have considered:
In 2019, resolve to see property maintenance not as an extra expense – but an investment. Often, what you put in is what you’ll get out.
This doesn’t just apply when trying to attract new tenants. For existing tenants, regular maintenance is key also. It can help you form a good relationship with them, as well as help justify reasonable rent increases.
Remember – it pays to look after your tenants!
What procedure do you follow if something goes wrong?
For example, if a tenant falls behind on their rent, what do you do? You should already know the answer to this before it happens. Part of getting the most of your portfolio is understanding that problems can arise – and knowing how to deal with them.
Ideally, if you’re organised enough, you’ll take a proactive, rather than reactive approach.
If you’re meeting all the safety requirements, ensure you have proof of this. From legionella risk assessments to smoke detector installation, it’s handy to have a paper trail.
Have a Detailed, Thorough Inventory
One way of ensuring your investment is secure? Have a comprehensive inventory.
This shouldn’t be just a collection of pictures, but a full and thorough report. The key here is clarity – so no issues can arise. Remember, simple facts aren’t enough; details are necessary for determining a weak inventory from a strong one.
This has multiple benefits to all parties, such as reducing the risk of deposit disputes.
But, many landlords struggle to put these together themselves. There’s lack of time and know-how for example! What’s more, even when landlords do put together DIY inventories, they’re often insufficient.
Luckily, we have a solution. Our professional, comprehensive property inventory services will take the hassle out of the process for you. From check-in to check-out, your investment will be protected!
What if your tenant moves out without paying their utility bills or council tax? Does it fall on you as the landlord to pick up the pieces? This is a common question among both landlords and tenants, and it needs clearing up. So, who is responsible for unpaid utility bills? Let’s find out. Are [...]READ MORE
As a landlord, you’ll understand the importance of finding reliable tenants that pay the rent on time. One way to secure this is through comprehensive tenant reference checks. But what happens if a potential tenant fails their credit check? Renting to tenants with bad credit doesn’t necessarily spell disaster. If the tenant ticks all the [...]READ MORE
Budgets can be tough to manage for landlord and letting agents alike. Sometimes, property maintenance costs can eat into your finances dramatically. From what’s involved to how to save, we offer insights and guidance on how to best manage budgets when undergoing maintenance on your property portfolio. What Is Included In Maintenance Costs? Before [...]READ MORE
It can be tricky to make your property stand out from the crowd in the saturated property sector. So, how can you take advantage of the latest in digital photography software to ensure your property is snapped up by the best tenants? That’s where 360° property photography comes in. Our virtual photography service could be [...]READ MORE