Ask us how to ensure your rentals are at maximum profitability
Whether you’re an experienced landlord or are buying to let for the first time, maximising your profits is sure to be your top priority. Fortunately, there are plenty of actions you can take to make sure your portfolio is as profitable as it can be. Read on for our tips on how to get the most out of your buy-to-let portfolio…
1. Review your rent(s) yearly. It’s a good idea to regularly check that the rent you’re charging is competitive. It’s also fairer to long-term tenants if rent goes up by a small amount each year, rather than staying the same for several years then increasing suddenly by a large amount.
2. Keep costs and regular outgoings under control. As well as reviewing the rent, you should keep an eye on your outgoings and see if there are areas where you can cut back. If you pay the utility bills, for example, shop around providers to get the best deal.
3. Stay on top of maintenance. Keeping your properties well-maintained will make them easier to market when you need to find new tenants, and will also encourage existing tenants to stay in your property, reducing void periods (the time between tenancies when the property is empty) for you
4. Kitchens and bathrooms are key. Make sure these rooms look their best – freshly decorated modern kitchens and bathrooms will enable you to set higher rents.
5. Invest in good quality appliances. It’s worth investing in high-quality appliances and white goods (if you’re supplying them), as you won’t have to spend money on frequent repairs or replacements.
6. Consider allowing pets. The law now prevents landlords from automatically banning pets, although ultimately it’s still up to you whether you permit tenants to have them or not. But it is worth bearing in mind that tenants with pets are usually prepared to pay higher rents and are also likely to be financially stable and looking to commit to longer-term leases.
7. Maintain a good relationship with tenants. If you have reliable tenants who look after your property, try and maintain a positive relationship with them. Void periods mean a loss of income for you, so it pays to do what you can to keep good tenants.
8. Consider setting up a limited company. There are tax benefits to operating through a limited company as well as specific legal protections. There are also a couple of disadvantages so it’s best to speak to a financial advisor before you make any decisions.
The first step towards making sure your rental properties are at maximum profitability is knowing exactly what they’re currently worth. Contact us today for an up-to-date valuation, and from there, we can offer expert guidance and help you start 2023 in the best possible position.
Request a free property valuation today!
We know many of you have property questions you’d like answered – and we’re encouraging you to “Ask away…”
Whether you’re looking to release capital, reinvest, refinance your portfolio or simply want to discuss your options for the best yields and locations, we want you to “ask away”. Whatever you’d like to know – perhaps it’s one quick query, perhaps you have a list of questions – get in touch with us. Call, email or message us on our social media channels and we’ll provide advice, reassurance and expert knowledge.
P.S. We can answer questions such as:
Ask us what a good yield for a landlord is
Ask us if you should reinvest your property returns
Ask us about remodelling an existing property
Ask us how to offset the increase in the cost of living and mortgages
Ask us what locations can obtain the best yield
Tailored services for landlords
We offer a flexible approach to letting and property management, allowing you to choose exactly how hands-on you want to be as a landlord. We can simply find high-quality committed tenants or provide a full management service, giving you peace of mind that your investment is in the safest hands. Our experienced lettings team are always up-to-date with the latest regulations and legislation concerning the rental sector, so you can be sure you’re receiving expert guidance.
How we market your rental property
Our comprehensive marketing services are designed to showcase your property and attract high-quality tenants:
360° Virtual Tour that lets potential tenants do an online ‘walk-through’ of your property
Advertising your property on Rightmove and social media
How to get started
Any property questions you have, no matter how big or small – simply ask away!
Let’s discuss your options to get you moving in the right direction for 2023. Speak to our team at your local branch or request a free rental property valuation today.