Your rental property is a long-term investment, so you must take care of it well. It’s a big mistake to leave this job to tenants, as it is not their job. Yes, it’s their job to keep the property clean. And you might have stipulated in the contract that they keep the garden maintained. But aside from that, it’s not their job, and you’ll be lucky to find a tenant that is either a capable or willing handyman.
If you want to build a rental portfolio, this all starts with making good property deals. So do you know how to get the best property deal, or are you winging it and hoping for the best?
Students are not exactly the pinnacle of society. Given at least three years off work after being released from mum and dad’s protective care, they are synonymous with heavy yet-to-be-controlled drinking and still need mum to clean their bedroom and pants.
Renting a home is a business like no other. It requires a massive investment, and who you sell to (i.e. your tenants) can make or break your business. You are essentially entrusting a significant part of your finances to another person, so a problem tenant can destroy your nest egg. Renting to a problem tenant can also cause you stress and even seriously affect your mental and physical health. You need to do everything you can to avoid this. But how, exactly?
Having bought your new rental home, there can be the desire to furnish it to a boutique hotel standard before renting it out. Similarly, suppose you are on a budget and have already invested heavily in fixing other areas of the house. In that case, it may seem just as an attractive option to rent the property looking clean and spacious and completely unfurnished.
When you are renting a property, it’s essentially a sale. Make a good sale, and you have tenants that might even stay a decade. Imagine that! A perfect tenant, that stays and pays on time. You never have any issues, they look after the property and you never have to worry about your property being empty, with mortgage payments to make – costly renovations, and all the hassle of advertising the property for new tenants. So, how do you get tenants to stay? Well, here are a few helpful tips, to get tenants to stay longer.
It’s easy enough to assume that rent minus mortgage fees equals profit for you as a landlord. But there are far more expenses involved in renting property, and if you were to go on this simple equation, you’d soon find yourself out of business. In this short guide, we take a look at the expenses you will encounter being a landlord and how you can keep track.
So you’ve found a tenant to move into your property. Great! But there are still some things you need to do before you can hand over the keys and collect your monthly rent.
If you’re a first-time landlord in the rental business, there are lots of things to learn to maximise the profits of your new business venture. Take a few minutes to check out our 10 tips for first-time landlords.
Using a property manager can seriously eat into your margins. London property managers typically charge 10-30% of the rental value. With these kinds of charges, you’ll be forced to raise the rental value making your property less competitive. It’s easy enough to manage properties yourself. Start by managing one property and then as your portfolio gets larger, you’ll be organised and able to scale the task. Check out our quick guide on how to manage properties.