Is your buy to let maximising its income?
A rental portfolio is – often without question – one of the most valuable assets to a landlord operating with buy to let properties. Whether you have one property or one hundred, ensuring your investments are making the most money as possible is typically the biggest goal for any landlord. It can, however, be easier said than done.
Staying on top of your portfolio in order to make sure every property is maximising its income can be challenging – especially when many properties are involved in a competitive market. To help you avoid having your properties fall behind and adversely become a burden, we’ve put together five of our top tips to help your buy to let maximise its income.
Avoid the void
Void periods are perhaps one of the biggest struggles as a landlord. Having a property lay dormant can very quickly feel although your investment isn’t paying off – so avoiding any dreaded void periods is essential in maximising income.
Long-term contracts with tenants can prove beneficial in ensuring your property is occupied, and the possibility of finding a new one (and chancing a void period) is reduced. If a tenant is to leave, be sure to have all necessary documents and contacts ready for a new one to replace them swiftly, so the property doesn’t remain empty for an extended period.
Step up your marketing game
If you’re not doing so already, take advantage of the abundance of marketing channels available online that can be used to advertise your buy to let properties. For example, if you haven’t considered using sites such as Facebook to specifically target your ideal tenants, then it’s worth looking into if you’re struggling to find them.
Similarly, don’t be afraid of using more traditional channels to market your property, such as posting on community boards, via estate agents or getting the word out through friends and family.
Take some updated marketing photos
If you’re still using old, low-quality photos to market your property online or offline, consider updating them with some high quality, professional and eye-catching photos to show off what it has to offer.
Marketing photos will be the first impression that a prospective tenant will have of the home, and if they aren’t drawn to it from the initial photos, they’re unlikely to be enticed into booking a viewing. Professional photos are more than likely to pay off, so having them ready for when you need to find a new tenant is sure to help it accumulate an income quickly.
Price it right
Coming up with a rental figure for your property is something that’s not usually devised on a whim. Market research is likely to be undertaken and considered, alongside what the specific features of the property are and what it has to offer.
However, making sure your rental price stays competitive and in-line with current market trends is essential in making sure your investment stays profitable, and that you attract quality tenants. It can be tricky, and of course, is dependent on the market you operate in. Nonetheless, consider frequently reviewing how you’re pricing, and be flexible with long-term tenants to incentivise them – ensuing a more stable income over a longer period.
Make frequent visits
If you aren’t checking up on your buy to let(s) regularly, consider visiting them to ensure they’re being maintained. It’s also an opportunity to build up a more personal relationship with the current tenant’s face to face – an excellent way to show that you care about them and their wellbeing. When this works both ways, it’s likely your property will be maintained by them to a higher standard.
Give tenants plenty of notice before you visit – especially if it is for an inspection. Listening to them and acting on any issues they have swiftly as you would expect if you were renting. All these factors can lead to tenants remaining in the property for longer, producing a reliable income and avoiding the costs of finding new tenants.
Park and Bailey Lettings have a team of experienced staff who both let, and look after, rented property. If you need advice, do please get in touch here.