7 Tips for Stress-Free Property Management for New Landlords
If you’re a new landlord, you may find that managing your property can seem overwhelming.
Firstly, you need to know how to take care of your property, so you maximise your rental return and profit, which includes the following activities:
- Ensuring the rent is at market price
- Screening tenants to ensure they’re suitable
- Collecting rent from tenants
- Keeping tenant vacancy rates low
- Consistent communication with tenants
- Providing maintenance and repairs
- Managing the budget
Secondly, you may still be dealing with the pandemic impacts…
- extra commercial cleaning needed
- socially distanced property viewings
- dealing with changes to eviction notice periods
- difficulty in securing good quality tenants
… that’s why we’ve put together a list of 7 tips for stress-free property management to help you navigate the operation, control, and maintenance of your new investment properties.
Tip 1: Create a Strong Online Presence
If you want to secure good quality tenants, you need to ensure you have a robust online presence with high-quality images and strong online reviews.
Ideally, your property will provide stylish living spaces that are highly desirable for all tenant types, including Millennials, Professionals, young families, and retirees.
Savvy landlords create living spaces that reflect the lifestyle of various types of tenants, which is beneficial with many people choosing to work from home.
Tip 2: Ensure Your Property is in a Good Location
A good location has never been more important than now, with people living and working within a confined location.
If you haven’t already bought your investment property, ensure that it is within walking distance to pubs, restaurants, shops, parks, and public transport.
Remember to advertise the key features of everything close to the property to encourage potential tenants.
Tip 3: Get Your Property “Rent-Ready”
Before you list your property, make sure it is ready for potential renters. This means making sure it is safe, well-maintained, and clean.
Now is the time to tidy up, declutter and fix the handyman items.
Also, consider if you want to rent your property furnished, unfurnished, or partially furnished.
Tip 4: Host Virtual Walk-Throughs
Virtual walk-throughs are popular for showing many people the features of properties at the same time.
There are two categories of virtual reality that are useful for property management:
- Semi-immersive virtual reality. This type of virtual reality allows prospective tenants to be partially in a virtual environment through high-resolution 2D photos, 3D photos and videos. The prospective tenant views the details via a computer or phone.
- Fully immersive virtual reality. This is the most realistic simulation experience, complete with sight and sound. The virtual environment is created from high-resolution models, images and videos combined to create a new reality. It is like physically being on the property.
Tip 5: Include Extra Incentives
Landlords that include extras will attract good quality tenants that want to stay longer.
These extras can include the following:
- extra storage space
- fast, reliable internet service
- Netflix subscription
- cleaning
- gardening
- accepting pets
- allow renters to pay one lump sum every month to cover all utility bills, council tax, internet, and rent – this is especially important for HMOs
Tip 6: Consider Local Housing Lettings
If you have had challenges renting your property, consider Local Housing lettings. Of course, you will want to ensure that your property is looked after with quality tenants, which is what we do as part of the REKA Home Finder Scheme.
Our REKA Home Finder Scheme allows landlords to rent their properties immediately through local authorities in London and receive London housing rates. In some cases, landlords will receive a top-up on the housing rate.
In addition, we provide a cash incentive of up to £1,000, with a two-year tenancy agreement with fully vetted quality tenants.
What’s more, the rent can be guaranteed in some cases, so there is no cash flow loss if there is a vacancy.
To find out more, visit our website page, www.rekaproperty.co.uk/home-finder-scheme.
Tip 7: Choose the Right Letting Agent
The final tip is deciding if you are going to be the landlord and be on hand to deal with maintenance and repairs (as well as finding tenants). Or if you will appoint an agent to do this on your behalf.
If you decide to find an agent, make sure you find someone reputable that you talk to. You want to build a strong working relationship with them and make sure they can help look after your tenants and your investment.
Find out what their property management service includes and excludes, so you know what your time commitment will need to be.
At REKA Property Management, we help manage our clients’ property and help landlords keep up to date with COVID health requirements.
If you want peace of mind with your property, call us on +44 (0) 203 286 6468 or email us at Admin@RekaProperty.co.uk
Doug
