Becoming a landlord can be a fulfilling and profitable venture to undertake. At the same time, however, it’s easy to make mistakes, especially when you are just starting out. Whether you’re interested in purchasing a buy to let property as a side project from your day job, or you’re keen to become a landlord on a full-time basis, here are some helpful tips for first-time landlords.
Be selective with your property investments
The type of buy to let property you choose to invest in has a big impact on the success of your venture. You want a property that will attract a high stream of demand from desirable tenants, whilst also bringing the best return on your investment. While it can be tempting to buy a property at a low price and renovate it to add value, you should always consider the area the property is in and whether or not yields are high enough for a profitable investment. Seek out a trusted property investment company like RW Invest, who offer Liverpool investment properties at low prices with rental yields of 7 to 8%.
Market your properties well
In order to bring in interest from prospective tenants, you should focus on marketing your property in the best way. Rather than relying on dated methods such as posting newspaper advertisements, it is now essential to register your property on major listing sites. Be sure to use high-quality photographs to promote your property, making sure everything looks tidy and the images are bright. Using the right language is also key, as is highlighting the main qualities of the listing.
Do thorough tenant screening
You’ll want to make sure you have a good screening process in place to find the best tenants. Desirable tenants can be asked to provide career, income details and rental history to raise the likelihood that they’ll be able to afford their rent and pay it on time. Other steps might include doing a background check on your tenant or requesting a past landlord or character reference. When it comes to rental properties, professional couples and students often make good tenants, being more likely to take on a long-term residency compared to other tenants like young families who are more interested in purchasing a property of their own.
Be attentive to your tenant’s needs
The best type of tenants are often those who are happy to stay in your property on a long-term basis and renew their contract. Once you’ve found a tenant for your property, the ball is in your court to maintain a friendly relationship and try and keep the tenant for as long as possible. Introduce yourself to your new tenant through phone, text, or in person to establish a good first impression, letting them know that you’re happy to help with any issues that might arise. If worst comes to worst and there are issues like broken facilities, emerging damp on walls, or any other problems that would affect your tenants experience in the property, it’s your responsibility to fix these as quickly as possible.
Thanks for stopping by today, I hope this post has helped you.
You can check out my other home related posts here.
*This is a collaborative post