How to make money form your rental property, let it quicker and have less hassle from your property when LET....
Your Tenant has vacated, you are looking to get it let quickly and to the right tenant, have you considered the steps and the action needed so you can secure the right tenant for the Long Term, a Tenant that will look after your property, the best market rent and the least hassle possible?
I have let my own properties over 60 times over the last 9 years and at Martin and Co Blackpool, St Annes and Lancaster we do approximately 250 Lets per year. This has given me a great idea into what needs to be done to get your property in the best positions for marketing. Here's my guide to getting your property 'Show Home Ready'. Follow these steps and your Buy to Let Investment will Make you More Money, Let Quicker and Give you Less Hassle.
Clean . yes I am reminding you to clean the rental property, as I have seen soo many examples over the years as a Letting Agent, where the property is just in an acceptable condition. I would especially emphasise hobs, oven, mould in bathroom areas, windows, carpets etc. I would diarise to have the property to this standard each time a Tenant vacates your property, regardless of how 'good' you believe the tenant may have left the property in. Is there any Clutter in the property? If so that needs to be fixed, clutter will affect the pictures of your property and not put the property in the best light when marketing the property?
Repairs -I have developed a model of when I conduct a checkout to determine the work I carry out, I call it the E.S.N. model, details of which I will discuss in a latter post. To summarise make a list of everything that needs doing now and what would be good to do. Getting the essential repairs done prior to marketing and review the items what would be good to do and see if it makes financial sense to do so or plan them in your future plans. Makesure all appliances, boilers etc work. If prepayment metered is their electricity and gas at the property? Lightbulbs all working?
External Areas . yes this part of the property is still part of your property! Curb appal is everything. Modern fascias and well maintained doors are key. I love a nice door to a property. Have you considered a nice house number plaque? A decent door bell? Garden areas need to be cleaned, tidied up and always jet wash any entrances, patio areas. Makesure bins are in a dedicated area and that they aren't full of rubbish (vacating tenants will fill waste bins in the process of them vacating).
Keys . ensure your outgoing Tenant has returned all sets. Ensure you have spare keys, I recommend you to have three sets all times for your properties.
Compliance . before you Let your poperty you will require an Energy Performance Certificate, Electrical Safety Certificate and a Gas Safety Certificate (if you have a gas), these are as a minimum for HMO's, Block of flats etc more compliance documents will be requited. Get all of these in place before marketing your property, as you may need to get works done if they dont meet requirements, which may also cause some mess etc in the Property.
Landlord Insurance . ensure you have relevant Landlord insurance for your property. if it is coming to end soon, shop around to see what you can do to save money on your current policy.
Freshen Up . I know some Landlords would disagree and argue it doesn't make financial sense, but I would always look at decorating after a tenant moves out. I also look at flooring and I emphasise Kitchen and Bathrooms and will always try and makesure these areas look 'fresh'.
After you have carried out these Steps you will be able to enjoy securing higher rents, renting out your property quicker and increasing your chances of securing a long term tenant and a 'better' Tenant. My Clients that follow these steps have managed to secure rent increases and let their properties significantly quicker, my office currently Lets all of our Properties within 8 days on Average, main reason is because of the way we prepare our properties for Marketing.