As a landlord it’s important to treat your rental property like a business, which of course it is. That means making sure you’re maximizing your opportunities for a positive rental.
1. Finding the Right Tenant
Finding the right tenant to begin with will mean avoiding later problems such as late rent or evictions. Run thorough checks on all tenants, including landlord references. Remember that just one month empty can make a huge difference to your overall income, and you’ll still have mortgage bills to pay.
Inspections are a proactive rather than reactive measure that only the smartest landlords do. Make sure your tenants understand that inspections are a two-way thing. The first signs of damp, peeling paint or potentially hazardous situations can be solved sooner. These inspections can therefore save you a lot of money in the future.
3. Property Software
Today there is plenty of software that can make your job as a landlord easier, such as property inventory software, which not only tracks the inventories for properties but all sorts of other information pertaining to the tenancy agreement and the tenants. When you start to research how much can property inventory software cost, you’ll no doubt be pleasantly surprised. The software can help alert you to upcoming tenancy expiration dates, helping you prevent possible gaps in tenancies by making sure you find new tenants ahead of time.
4. Research the Market
The rental market changes all the time, as will the demographic attracted to the area where your property is based. For example, has the area your property is in become a hotspot with a trendy young crowd? This means you may need to update the interior and raise the rent. Researching the market in terms of buy-to-let mortgages, tax and rental prices is also very important.
Regular maintenance will keep the property looking good and keep paying tenants in place. Make sure you aim to redecorate and re-carpet every few years and also check appliances and have regular boiler checks.
6.Consider Multiple Occupancy
Although multiple occupancy means multiple tenancy agreements, it does mean that the house is, say, three-quarters full rather than empty when a person leaves. Multiple occupancy means that existing tenants tend to find replacements for you too.