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5 Tips for Managing Multiple Buy-To-Let Properties

Being a landlord is rewarding, but being a landlord with multiple buy-to-let properties is even better. Sure, it’s a lot of work, but the payoff, literally and figuratively speaking, is great! 

Now, we’re sure it comes as no surprise that increasing your buy-to-let property portfolio involves so much more than acquiring more properties.

There’s a lot to consider, from which properties to invest in and managing your properties while you rent them, which can be especially difficult without a concrete process in place.  

In this article, we look at the factors you need to consider as you’re building up your buy-to-let property portfolio, from what properties to add to your portfolio and how to add value to them, to how to best manage them when you begin to rent them.

What to consider when buying multiple buy-to-let properties

Here are our 4 top tips for landlords looking to increase their property portfolio:

Research which properties you can buy below market value

To begin with, let’s talk about the type of properties you may want to consider.

We recommend that when researching which properties to buy, look for homes on offer at lower prices. For example, properties that have been on the market for a long time that have had their asking price reduced multiple times.

A lower price doesn’t necessarily mean lower quality, it just means that no one has shown interest in it, and profit can be made. And made by you!

You may even be able to negotiate a lower price with the seller, who will jump at the opportunity for someone who has shown interest.

Buy properties outside your local area

When investing in properties it is always wise to consider how you can diversify your portfolio; you don’t want to put all of your eggs in one basket.

Say you bought multiple properties that were all on the same street and something happened in the area that made them less desirable, for example, a new road being built or the construction of a new block of flats or warehouses. This would devalue your properties and ultimately the entire portfolio that you’ve invested in.

If you make sure your portfolio features properties that are dotted around multiple locations you can feel safe in the knowledge that even if one drops in value, you have others which will not be affected.

However, if you are planning to do this you need to ensure that you’ve done enough analysis and research to avoid investing in properties in bad locations. The last thing you want to do is purchase a property that you can’t find tenants for!

Renovate your properties to increase the value

A simple way to add value to your properties is to renovate them with modern and high-quality facilities.

Experienced landlords even aim for properties that require a little sprucing up, because they sell at a lower price, and you get the opportunity to renovate and modernise the house to a higher standard.

Know when to sell 

It may seem contradictory, but expanding your property portfolio isn’t just about buying properties.

You must recognise when it’s time to sell an underperforming property so that you can reinvest the sale in the purchase of another. It makes no sense to sit on a property in the hope that its value will suddenly increase.

How to manage multiple buy-to-let properties in your portfolio 

Before you invest in a varied portfolio of properties, you need to decide whether you’re going to be a traditional or private landlord, as this will affect the way you manage your multiple properties. There are advantages and disadvantages to both.

A traditional landlord will use the services of a letting agent to assist them in the marketing, management and maintenance of their properties, as well as communicate with their tenants on their behalf.

While this does provide a level of convenience, removing the hassle and stress of organising your tasks and responsibilities, there are drawbacks.

The services of a letting agent cost a lot. While you may be able to pay for it by increasing the cost of the rent on your properties, this could deter potential tenants in the future.

Secondly, when you’re using a letting agent as a middleman, it’s can be time-consuming. When you have to wait to communicate through your letting agent, it extends the entire process, from arranging viewings to acting on issues with the property and organising maintenance.  

A private landlord, on the other hand, manages their properties themselves, avoiding the cost and having to rely on the efficiency of their letting agent.

While managing multiple properties independently can seem daunting, and there are certainly a lot of skills to learn, there is no reason why it cannot be done by yourself. In fact, there is a simple way to streamline your responsibilities so that nothing gets neglected or forgotten.

The development of the world’s first AI powered landlord app, Rentr will transform how landlords operate. With the help of next generation technology, It gives them the ability to manage usually time consuming aspects of their property portfolio in one convenient place, avoiding the enormous task of organising everything themselves.

Unlike a letting agent, Rentr is free to use and helps you coordinate tasks including:

🏡 Advertise a property on Rightmove in minutes

👨 Manage viewings and lettings

📝 Get and keep all of your certifications in one place

Once you’ve experienced the ease and convenience of the app, you’ll wonder why any landlord still uses a letting agent! Plus, we have lots more features coming in the not so distant future.

Increase and manage your property portfolio with the Rentr app

At Rentr, we understand that the responsibilities of managing one rental property, never mind an entire portfolio, can be a challenge that leaves your head in a spin.

That’s why we designed the Rentr app, a constantly evolving, all-in-one solution powered by AI to cope with your landlord responsibilities.

To find out more, why not contact the Rentr team today, we’re on hand to help! Alternatively, you can download the app directly from your relevant app store by clicking the link below.

To find out more about how to rent smarter, visit our website or contact the Rentr team today.

Alternatively, download the app directly from your relevant app store.

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