Do you wonder why some landlords are able to manage successful rental portfolios while others can’t seem to solve the puzzle of renting out properties?
Letting agents have observed what the best people do and how the rest don’t.
The answer is simple: They do the basics brilliantly.
Over the years, many landlords have been able to weather storms, including interest rate increases and market turmoil as well as regulatory and tax changes.
They’ve seen many Prime Ministers, Chancellors, and Housing Secretaries come and go (there has been a revolving-door in this department).
They don’t focus too much on headlines, trends, or predictions, but instead they concentrate on the basics.
They have a long term view and prioritise doing the basics really well.
Tenants will take good care of you if you look after them. Respond promptly when your tenant has a problem. Imagine how you would feel if your home had a leaking roof or a faulty boiler. Establish a line of communication that is open and honest.
Maintain Your Property
Well-maintained properties will retain their value, and you can attract and keep tenants of high quality for longer. Schedule routine maintenance tasks (so you don’t forget important jobs) and be on the lookout for problems during your property inspections or those of your letting agent. For Cheltenham Letting Agents, visit https://www.meandyouestateagents.co.uk/lettings
Follow the Law
Renters’ Rights Bill will bring further regulatory changes to the Landlords’ maze. The new legislation is currently being debated in Parliament and should be implemented by the summer of 2025. Stay on the right side by educating yourself.
It can seem like you are working 24/7 as a landlord, because you never know what will need your attention. Working with an experienced, good letting agent can relieve you of the stress, since they will step in and take action on your behalf. You will be on the right side, and enjoy peace of mind. It can make a huge difference to have an experienced professional manage your portfolio.
Consult a financial advisor
Top landlords receive sound financial advice, and they work in an efficient tax manner. Also, they are not afraid to make changes when necessary. Regularly reviewing your systems, structures, insurance, and mortgage deals will help you run a profitable, responsible portfolio.
