08 Aug Increase your profits as a landlord
There are plenty of things which you can do to ensure that 2018/19 are profitable years. Which is why we have created a list to help you make the most out of your tenancy.
#1 Keep in touch
It is important to keep in touch with your tenants, checking on them and keeping friendly communication between both sides is essential. As happy tenants are less risky, and therefore more profitable.
#2 Inspect and maintain
It is beneficial for you to check on your tenants and property. By reviewing the property keeps you updated with how it is looking and what state the property is in. By maintaining the property and fixing issues when they arise, keeps your tenant happy and therefore will be more likely to look after the house and pay the rent on time.
#3 Check your insurance
Make sure you have dedicated landlord insurance, many don’t and this could be detrimental to you and your property. Having the correct insurance will help you in the long run if any issues arise, along with the peace of mind. Make sure you are getting the best deal too; many will increase year on year, therefore it is best to shop around and get the best deal.
#4 Calculate regular
Make sure your rent is a price which is correct for the type of property and for its location. If you put the price too low, you could be missing out on thousands of pounds, which is why it is best to do your research first.
#5 Be tech savvy
Technology is working with landlords to help them make the best out of their property. There are online programmes and apps to help with the management of the property. One app which could be useful is cozy, it provides a simple but effective end to end rental management. Making payment easy to control and collecting applications etc is all located in one place.
For more information, hints, and tips on the industry, make sure you check out our latest news section here.