These are challenging times for landlords, but given the demand for rental property, it is easy to see why many people look to enter the buy-to-let market. At SC Property Management, we are pleased to say we have assisted many first-time landlords, and we are always willing to offer advice and guidance on the subject. If you are looking for first-time landlord tips, we are here to help.
First-time landlords should make rent the priority
While you have so many important things to consider, it is vital you make rent a priority. Rent is your revenue, and landlords who don’t pursue rent aggressively and with purpose put themselves at risk.
We know many landlords are not comfortable in dealing with financial matters, or in requesting payment from others. However, if you are not comfortable making rent a priority, you need to seek assistance from others who will help you collect rent in a timely manner.
Work with the right people
It is easy to see why some landlords look to do everything by themselves. There is a cost associated working with other people and businesses. However, this cost is likely to be more than justified with a far more significant return.
There are some tasks which must be carried out by a professional, such as carrying out gas and electrical checks at a property. However, it is also advisable to call on the support of professionals in the property management sector, as they will ensure your rental property is presented in the right manner.
Property management services find better tenants, vet tenants, help landlords achieve better rental fees, retain tenants for longer, and significantly reduce a landlord’s workload. In terms of return, the money spent on property management services provides a justifiable return.
You must vet tenants
If you have no tenants in place, you don’t generate income. Therefore, it is easy to see why many landlords are keen to find tenants as quickly as possible. However, not all tenants are the same. If you let to poor quality tenants, you run the risk of problems further down the line.
If you are unwilling to vet tenants, looking at their finances and conduct, you must call on an expert for help. At SC Property Management, we are more than happy to vet tenants on your behalf.
Consider ways to generate additional income
All landlords should look ways to generate as much income as possible. Many focus on maximising rental fee income, but by providing additional services, you can bring in extra money without squeezing tenants too tightly.
Some landlords have installed solar panels at home, some let out parking spaces and others offer tenants additional services such as laundry services or parcel collection. If you have the capacity to do more work to generate further income, it makes sense to do so.
If you are a first-time landlord and looking for property management tips and guidance, please contact SC Property Management today. We have a range of services aimed at helping you manage your property and enjoy success as a landlord.