Landlords are often put into the spotlight, so here at Arthur we thought we would help by creating a list of top ten tips to help improve your business:
1) Maintain communication – create a bond with your tenant by ensuring that communication is seamless. Such communication will prove to your tenant that you care about their needs, as they like to feel that their landlord is easily accessible, caring and willing to help.
2) Investigate the locality before you buy-to-let – if you’re looking for another organisation to manage your properties, search the local area for a specialist local lettings agency or property management company. Find out about the area you are choosing to invest in by getting out on the streets and talking to people – a quick Google search is not enough.
3) Buy in university cities – university cities are fantastic places for investment as the demand and potential yield are high. If you are a landlord who lives in London, but went to University in Hull, invest in student property in Hull if you cannot afford London prices.
4) A-voids – remember to always avoid voids. They can quickly turn your investment into a loss-making one, so do everything you can to steer clear of them.
5) Keep your finances in check – levels of deposit, gearing and rent are always changing, so work out what you can afford before you start looking for properties or locations for properties. Ask yourself, “how much profit do I want to generate per month?”
6) Resist greed – if your tenants are reliable, avoid increasing their rent. Be aware that it could cost you a large amount in the long run if you scare tenants away.
7) Check your insurance – make sure that your policy is fit for purpose: check that it covers buy-to-let and make sure you read the policy documents and restrictions carefully.
8) Keep up annual property checks – it is important to protect your investment, so make sure that you visit your property annually to review its condition.
9) Remember that being a landlord is a business – be professional, practical and objective at all times.
10) Embrace new technology – using web based property management software such as Arthur can revolutionise your business. The software facilitates all of the above tips through its simple-to-use system that improves coordination, communication and professionalism.
If you are a property manager, property owner, landlord or letting agent, your business will save time and money by using Arthur. Try out the free Arthur Demo today to see how!