As a landlord, your income’s tied up in your properties. You’re self-employed, so you need to come up with ways to make the most amount of money you can. If you’re making a loss or struggling to profit, you could end up having to stop your business. There are a lot of ways you can get the best out of your properties as a landlord. You just need to be sensible, clear-minded and take a bit of time to think about it.
If you need a little advice then here’s a list of some of the best ways you can do this. These are all ways you can improve and get the best out of your properties. Either by saving yourself money or looking after them, etc.
Think About Using An Agency
One of the best things you can do as a landlord is to think about getting an agency involved to help you. They can take care of all the legal and financial side of things for you. This leaves you free to focus on running your properties in a more effective way. An agency can also focus on marketing your property. They can display listing on sites like london2let.com to attract interest from potential tenants. This, again, frees you up to focus on the most important aspects of your business.
Renovate if Needed
In order to get the best out of your properties, you need them to look as good as they can. And you also need them to be reliable. This may involve renovating and remodelling where possible. Of course, if you have tenants in the property this isn’t feasible. But, if you’ve got a couple of empty properties lying around have a look and see if they could do with a renovation. If you can transform your property you’re likely to attract more tenants, and you can up your rent. Something like modernising the kitchen or adding in a walk-in shower can have a profound effect.
Repair Things Quickly
A great way of looking after and getting the best out of your properties is to address any issues as soon as they arise. Once a tenant reports an issue to you make sure you send out a handyman to make the repairs for you. It’s going to happen at some point. Perhaps the shower stops working properly, or the cooker packs up. You need to nip any problems in the bud as soon as possible. If you leave things, they will only get worse. You might be faced with an even larger bill at the end. And you’ll have to deal with disgruntled tenants as well.
Get Landlord Insurance
Landlord insurance is one of the most important and effective tools you can get. This will protect you and your properties from damages, loss and theft. You’ll be protected in the event of unpaid rent or any legal issues. You need to make sure you have this insurance as soon as possible because it’s protecting your livelihood. By getting the insurance, you protect yourself, and the properties that make up your business.