We still firmly believe that private rental is a worthwhile investment in 2023. Property remains a highly effective way to bring in extra income, but it is still a big investment. As a private landlord, you’ll want to make sure that you are maximising this income. There are a number of strategies that you can pursue to ensure that you get the greatest return on your investment while still providing a high-quality service to your tenants.
Maintain your properties
Having an attractive and well-maintained property will bring you higher rent, and save you repair costs in the long run. Keeping your properties in good condition will make a world of different to your tenant’s quality of life, ensuring that they stay longer and are more amenable to potential rent increases. Practical measures like ensuring the plumbing functions properly, appliances are safe, and the gutters are clear will keep you from paying for more expensive repairs in the future. Additionally, keeping the property attractive will allow you to charge higher rent and attract a wider pool of tenants. Try replacing worn furniture and giving it a fresh coat of paint between tenancies. They are infrequent expenses that will have a lasting impact and deliver an improved return on your investment. This is a relatively straightforward solution that can yield incredible results.
Carefully select your tenants
Taking a little extra time to find the right tenants for your property can save you time, hassle, and money further down the line. By properly following up on tenant references, you can identify if they are right for your property and if they are reputable. References are the best way to find out if there might be any issues during the tenancy, and if your prospective tenant can be counted on to pay their rent in a timely manner. You could consider having a property manager or letting agent take care of this on your behalf, as their expertise will help them identify the ideal tenant more effectively, and they will save you a considerable amount of time. Being discerning in your selection will also help you to get to know a tenant so you can begin a positive relationship as early as possible. This will help them settle in faster and enjoy their tenancy, making them more likely to stay longer or renew, netting you reliable income for longer.
Conduct a property inventory
Taking an inventory of your property at the beginning of a tenancy is a reliable way to save yourself from unpleasant and unexpected expenses. Noting the appliances and their quality, any existing marks or blemishes in the decoration, the condition of the furniture, and the cleanliness of the property will help you accurately assess if any of the deposit needs to be withheld at the end of the tenancy. Remember, the burden of proof is always on the landlord when claiming money from a deposit, so the more thorough you are, the more likely your claim will be successful. If you need to claim money and want to ensure you can navigate the Deposit Protection Service properly, then an accurate and thorough inventory is essential.
Have a professional rent valuation
Do you know if you’re charging the right market value for your property? Having your property valued by a professional will help you set the rent at the right amount for the area. If you’ve set it too low, you’re not going to get the most out of your property for the quality, amenities, and location that you’re offering. Set it too high, and tenants who would otherwise be ideal could be put off. A professional will be able to complete this on your behalf using knowledge of your property and the market to deliver an accurate assessment. Charging the fair market value will maximise your income from a given property while still giving you a wide range of prospective tenants to choose from.
The most consistently effective way to maximise your income in the private rental sector is to engage the help of a dedicated lettings agent. Our experienced team at Pure Lettings take care of maintenance, find ideal tenants, organise inventories, complete accurate rent valuations, and even help you find the right landlord insurance. We enable you to draw passive income from your property without the hassle of managing day-to-day problems or legal intricacies. For tailored property management, get in touch with our expert team by calling 01689 400100 or emailing firstname.lastname@example.org.