So, you have purchased your first investment property and you are eager to get it kitted out and ready for your tenants to move into and start seeing a return on your investment?
Now, depending on your approach and how much you want to see coming back to you in the form of rent will be based on whether you go for a let and managed service or you choose to take the plunge and self-manage.
Here are the main areas you should look out for before you make your decision.
Do the numbers
Make sure you have the full costs of your property listed so you can see how much everything will cost you and how much it will take off your gross rent. With LOFTI you can keep track of your rents, tenants and all the expenditure that comes with owning an investment property
Keep it Professional
Being a landlord is one thing, but being a professional landlord can really make or break your experience. Use professional contracts – ASTs – Assured Shorthold Tenancy Agreements, and make use of the guidance available on site like the NRLA.
Check your property, Check it and Check it again
Making sure you have professional checks in place for things like referencing will mean you will get the most appropriate tenants for your investment properties.
Spend the time and if needed, resources in advertising your properties in the right areas so you can get the attention your property deserves. Make sure that you use well-lit professional photos and videos posted on a range of websites and different social media platforms to maximise the level of exposure and potential interest.
Have and make good use of accounting software! Xero is helping many users on the Lofti property management platform with all things payment related so you can keep track of what goes in and out helping you track and manage finances with ease.
Put out the Welcome mat
Moving property can be stressful and challenging for tenants, but it doesn’t have to be that way… By having a welcome pack on hand with helpful hints and tips and FAQs already answered you can help save yourself a tonne of time in answering emails, WhatsApp and late-night phone calls!
Check out in peace
Having an inventory complete on move-in with photos and video evidence will help you with tenants leaving properties, to reduce any disputes or issues that may arise around wear and tear and items that require replacing.
You will be responsible for the safety & well-being of tenants in your property now more than ever! Gas safety certificates & EICR – Electric Installation Condition Reports are examples of some of the things you will have to monitor and ensure meet the required standards.
Now you make look at this list and think this is all part of the job and you can hire trades professionals to deal with the issues that come up, but like your tenants, they will also require management to ensure they are meeting the right standards in their work and not under-delivering on any agreed contracts.
Agents offer a hands-off solution where you can let someone else worry about the management and leave you to focus your time on other things, whether they are business or social.
It all depends on how involved you want to be and the type of lifestyle outside of the property you’re planning to have.
Choose wisely 😎