Letting a new property can be a tricky balance of keeping your costs low and making your investment a viable profit making operation. Spend too much and your profitability suffers, spend too little and your short term gain turns in to long term losses. With 75 years of combined property experience we know exactly how to build a great portfolio for each of our investors and advise you on budgets. This blog deals with exactly that, getting the balance right between frugality and profitability, saving money and making money. Enjoy.
A good vet is a good bet:
It all starts with vetting. Once you get the right tenants you’re on a to winner. Solid references, a reliable income and a renting history that isn’t plagued with court summons and new locks. At Arch we have a very effective screening process and are proud to say we know how to spot good reliable tenants who will do your investment proud. That isn’t to say that we’ve not had our fair share of trouble makers. We haven’t got it right every time, sadly that’s just the nature of the business. What we will say is that with our recent adventures in virtual 3D tours (that right now we conduct via Zoom) it’s surprising how quickly individuals open up and reveal something closer to their true selves than in person. Maybe it’s the convenience of viewing the property from the comfort of their living room. Maybe it’s the communication through a device (especially with a younger audience) who knows, but for some reason it just works.
Not only that but as we’ve been established in the local community for so long now, it’s easy to spot the warning signs early on…the vague description of current employment, the glazed look whenever you bring up contractual obligations or contracts and that look of fear whenever the word ‘references’ is mentioned. Yep, we’ve seen and heard it all and with meeting so many thousands of tenants over the years you get to develop a keen eye for the person.
Reliable inventories:
Whether you’re investing in a furnished or unfurnished property it makes sense to know exactly what awaits you. This is where an inventory comes in, and we’re proud to say that with our Landlord Management Package all of our inventories are thorough and keep you, the investor in the know. With a signed inventory everyone knows where they stand and it can form a reliable basis on which to conduct intermediate inspections throughout the tenancy.
Keep things simple:
If you want to avoid heavy garden maintenance costs at the end of the year maybe don’t use your new investment as an entry for the Que Garden awards! We advise to keep plants to a simple minimum, maybe opt for easy to maintain shrubs or evergreens and minimise the amount of grass you have to cut. Consider taking out ornaments or fixtures that could be easily broken and if you’ve spotted weak points in the fence or cracks in the patio, get on them whilst they’re cheap to fix and avoid racking up a large bill.
Jump to it!
When maintenance issues arise it’s always important to jump on them as quick as you can. A small crack in the plaster is an easy and cheap job when it’s sorted straight away. Leaving it over the winter to get worst will only incur a larger cost. A faulty electrical system may only cost you the price of some new wiring or worst the cost of a new unit. Leave it till it causes a fire and it may cost you ten years of your life in jail or even worst the life of a tenant. If you’re choosing to take on the world of property investment and if you’re going to call yourself a Landlord there can be no place for procrastination.
The full service:
Make no mistake, if you’re going to become a Landlord our full landlord service will handle all of the small details for you. From financial issues like deposits, collecting rent, chasing up missed payments, issuing notices, the eviction process, addressing maintenance issues, emergency problems, or even lost keys. Having a combined 70 years of experience with all these makes a big difference especially when you're starting out.
If you'd like to take advantage of our full service packages why not call us today on 0116 270 6699 and get started!
