How To Increase My Buy-To-Let Property Portfolio
There’s no denying that the job of a landlord can be rewarding. Aside from providing beautiful homes for tenants, renting property also provides a regular source of income and allows for the flexible management of your investments.
However, managing multiple properties can be a challenge. There are a lot of responsibilities to juggle, from screening potential tenants to keeping on top of property maintenance and repairs.
In this article, we share our top tips on how you can significantly reduce stress as a landlord. Let’s get started!
Carefully screen your tenants
A bad tenancy can ruin your landlord experience, leading to property damage, late payments or legal disputes, not to mention taking your attention away from your other properties and pursuits.
That’s why it’s never a waste of time to carry out all the necessary checks on any potential tenants. You’ll want to know some key things, such as whether they are in steady employment, or if they have the right to rent property in the UK.
It is also wise to pay close attention to their behaviour during a property viewing. Are they communicative? Do they take care of their appearance? Are they asking responsible questions, such as what day rubbish and recycling are collected, and what day you would like rent payments to be made?
Essentially, a prospective tenant should show that they are willing to take good care of the property, communicate well, report any issues in due time and make rent payments regularly and on time. Screening your potential tenants will save you a lot of hassle in the long run and prevent any nasty surprises.
Keep on top of property maintenance
It’s only natural that, over time, your tenants may experience an issue in your property: boilers stop working, pipes leak and electrical wiring can be faulty. It is the landlord’s responsibility to respond to reported issues as quickly as possible to get any damages repaired.
Not only can delayed repairs can lead to further damage and expense, but if the living conditions in your property continue to be poor, your tenants have the right to report you to the local council. The council can carry out a Housing Health and Safety Rating System assessment, which may affect your ability to rent the property again in the future.
We recommend that you respond to any reported issues immediately, as well as carry out regular inspections of your properties to ensure that everything is in good, working condition (don’t simply rely on your tenants to report it!).
Maintain a good relationship with tenants
You might think that beyond the viewing and screening stages, maintaining a good relationship with your tenants is unnecessary and that all you need is for them to keep making regular payments. However, it is beneficial to keep a good line of communication open with your tenants for a few reasons.
The first is that if you get on well with your tenants, they are more likely to renew their tenancy. This saves you the hassle of going through the expensive process of finding someone else to rent your property.
Even if they choose not to stay, they will be more likely to give you plenty of notice before the end of their contract, allowing you adequate time to advertise and find a replacement tenant.
It also means that they will feel more comfortable reporting any issues with your property, instead of leaving them to cause further damage.
Ensure that your properties meet all the necessary safety standards
Every rental property is required to pass a certain standard to ensure the safety of tenants living there. For each property a landlord must make sure they have:
- A gas safety certificate
- An Energy Performance Certificate
- Smoke alarms and carbon monoxide detectors
- A copy of the electrical safety report for electrical installations
Maintaining compliance with legal safety regulations will give you peace of mind that your tenants are safe to reside on your property, as well as protect you legally if an issue occurs.
When managing multiple properties, it can help to have a checklist to ensure each of these safety standards have been met.
Streamline your responsibilities
While there are a lot of responsibilities for a landlord to keep track of, managing multiple properties doesn’t have to be stressful and time-consuming.
With a landlord app such as Rentr, you can now manage every aspect of your rental property in one convenient place.
The current key features of the Rentr app allow you to:\
🏡 Advertise a property on Rightmove in minutes
👨 Manage viewings and lettings
📝 Get and keep all of your certifications in one place
Soon, you will be able to:
- Draft and digitally sign contracts
- Arrange for repairs and keep records of the results
and much more….
We aim to provide you with the ability to manage everything in one place, there’s no need to go through the tedious process of organising each task yourself, ensuring that nothing gets forgotten or neglected.
Manage your rental property, stress-free with the Rentr app
At Rentr, we understand that managing multiple properties can be a bit of a juggling act. That’s why we created a comprehensive, all-in-one solution for managing your rental property, right in your pocket. Rent smarter with Rentr.
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.
Alternatively, download the app directly from your relevant app store.
Download on the App store
Get it on Google Play