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Property Management is Easy (if you do it right)

by | Jun 16, 2022 | Blog

Home $ Blog $ Property Management is Easy (if you do it right)

Property Management is Easy

As we all know, managing rental properties can be time-consuming, particularly when things don’t go to plan. Especially for small landlords, it’s important to manage their properties effectively.

In this sector, there are consequences attached to not meeting your landlord obligations, therefore it is necessary to have a property management system in place. The purpose of this is to make sure you do not miss any important aspects of the rental process such as processing tenant deposits.

Maintain your lettings portfolio

The importance of property management cannot be stressed enough. If you do not have a centralised property management system, it can become difficult to manage your portfolio.

By using a 3-in-1 property management software, you free up time and resources to focus on more important business growth opportunities. You can leave the hard work to the software and redirect your attention to the bigger picture!

If you have a small portfolio, keeping accurate accounts isn’t too difficult, however, most landlords find it easier to use specialist landlord software.

There is property management software available, however, Lofti is the first 3-in-1 property management software.  They are used to:

  • Track and store all documents electronically
  • Effectively manage properties using the software
  • Track all repair management queries live 24/7
  • Cut admin time in half
  • Improve tenant experience and ease the agency/landlord process

Explore buy to let Mortgage

It is vital to look into your options when deciding on what mortgage broker to go for. Buy-to-let mortgages are usually more costly than residential products.

Whilst mainstream banks are offering buy-to-let mortgages, you will find that independent brokers are definitely worth looking into for a better deal. It is likely that you will be offered a wider variety of mortgage products. Our mortgage team at Lofti can help you throughout the application and ensure you have all the support you need.

Explore different Property options

Think carefully about the tenant you want to rent your property to. Different tenants have different requirements, so not all properties will suit them. For example, students tend to want to live near their universities as well as within walking distance.

Think hard about if it is worth buying a cheaper property that needs a lot more work against a more costly property ready for tenants to move into straight away.

Factor in the costs involved, such as conveyancing and surveys. You must ensure that you have accounted for the potential for unexpected repair costs in the budget.

DO NOT rush into buying a property. Spend time understanding the local property market so you can understand a good deal when it comes about.

Target tenants

Who is your target tenant?

Students:

  • Students have a lower income
  • They aim for lower cost, shared housing, i.e. HMOs.

Low income/benefits tenants:

  • They aim for lower cost, shared housing, i.e. HMOs.

Professionals:

  • Professionals look for shared housing or in cities, A higher living standard is preferred and expected

Families:

  • Gardens preferred
  • Larger home,
  • Close to schools

Retired people:

  • single-story such as bungalows.

Use online platforms to rent

If you market correctly, finding a tenant is a very quick and simple process. It is simple to do this through the variety of platforms there are available in today’s society.

Using these platforms is the best way to find new tenants. The majority of tenants will search the web for rental properties and speaking to a lettings agent is not as popular

These platforms include Rightmove, Zoopla, On The Market, Prime Location and Air BNB. Here at Lofti, we would recommend Cozee Properties for letting out your properties due to their incredible level of service and rates.

Charge a competitive rent

Rents will always change based on the current climate. There is a relationship between rent prices and the demand for property. It’s important to stay on top of trends even on a local basis. If you charge too little, you are missing out, but conversely, if you try and charge more than you run the risk of missing out on tenants

Make sure that when a tenancy is coming to end research the rents in your area for similar properties to make sure your rental price reflects the market.

Consider offering a lower rent for the right tenant. A lower monthly rent payment by a long-term and more reliable tenant is better than an unreliable tenant.