Tips for landlords

Landlord Tips to Maximise Rental Returns Entering the buy to let market means that, as a landlord, you are hoping to make a good regular rental return to fund any necessary financing. In many cases, landlords could make a lot more money without a great deal of initial cost. Don't miss out on that extra rental yield! There are some properties that will always be coveted by potential tenants, including well presented flats in city centres, at an affordable price. Bear in mind, however, that a landlord can do many small things which will have a substantial impact on the rent that they can command and on how quickly their property becomes tenanted.

Décor A fundamental rule for landlords is to decorate the property, not as you would like it but as your potential tenant would like it. Think carefully about the type of people whom you are targeting; are you looking for single professionals, groups of students or families? When decorating a rental property, one of the most important factors is to appeal to the widest range of people possible. Or, at the very least, not to offend anyone! As such, neutral airy decorations, often in good old magnolia, will do the trick! Furnishing The decision to furnish or not to furnish is always a tricky one. As a very general rule, if you have a city centre flat that you are targeting towards professionals, furnished will be a greater asset. If you have a larger home that you are targeting towards families, then unfurnished will often be the better course of action. Students will invariably expect furnished accommodation, but will often not mind about quality! Top Tips for Landlords There are some key tips that landlords can stick to if they want to keep tenants happy. Here are some points to consider when trying to please potential tenants, and to ensure maximum possible rental yield. Of course, if you have chosen to use a management agent, most of the day to day issues will be taken care of. This is not to say that you should simply wash your hands of the whole process; losing touch is one of the easiest ways to lose out on that extra rental yield. Carry out regular market analysis research. Check out what similar properties are being rented out at, in your area. Don't simply take the line of least resistance and renew your tenancy every six months or so; take the time to review the situation and ask your agent to re-value the property and, if necessary, to renegotiate with your tenant. Even if someone else is responsible for the practicalities such as legal and financial issues, it is still worth making sure that you are aware of the current requirements and can make regular enquiries of your agent to ensure that all is well with your property. Regardless of whether you have a manager or not, you should always make sure that you keep detailed records of your tenants, including taking your own references if you feel it is necessary. If you manage your own property, it is a much more hands-on experience. To keep your tenants happy, you will have to be prepared to deal with both routine and emergency situations. David Salisbury, from the National Landlord Association states, If something goes wrong in the property, tenants expect to be able to contact the owner or his agent to get it fixed. A broken-down boiler when the temperature is sub-zero, a blocked drain, or water running through the ceiling may lead to a panic phone call at an anti-social hour. Landlords need to be willing and able to respond to problems of that nature, and keep that pair of rubber gloves handy to deal with those not-so-pleasant jobs!' Being a landlord is much more than simply choosing a nice property in a good location. To make the most of your investment and to achieve the best possible rental return, you have to stay ahead of the game and be prepared to go that extra mile. For more information on achieving the best out of you rental property, take a look these websites: www.landlords-uk.net www.rla.org.uk www.jml-property-insurance.co.uk

Posted in Articles from 2007

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