In this two-minute read, we look at seven fundamental steps that we advise landlords in Colchester to take in order to enjoy the best possible success with their rental properties.
Being a landlord can be challenging, complicated and confusing. But it doesn’t have to be that way. By following these quick tips, you’ll make your life easier and your properties more profitable.
1) Get Three (Free) Valuations. So, you have a property to rent? We suggest calling in three different letting agents to compare prices, people, and their approach. Be careful not to be sucked in by cheap fees as it’s often reflected in the service you will receive. Ask to see evidence of how they have valued your property.
2) Picking a Letting Agent. Look for professionalism, integrity, value for money and a proven track record of serving local landlords in Colchester. Check out their reviews.
3) Marketing Magic. How, where, and when your property is marketed adds significantly to its chances of success. At Home Sales & Lettings, we use several different platforms, tactics, and techniques to attract the largest possible audience for your property. Social media like LinkedIn and Facebook are increasingly important in the marketing mix.
4) The 3 Ps. If you want to attract quality tenants at the best possible price, your property must be clean, well maintained and nicely presented. Remember the 3Ps as they are worth repeating – presentation, presentation and presentation. Make it welcoming when you walk through the door?
5) Dealing with offers. Once the right quality tenants have been identified, and the rental price agreed, we will carry out all of the pre-tenancy work. This includes taking up references, checking passports & visas, issuing tenancy agreements, collecting the initial deposit and rent, and arranging for a comprehensive inventory, with photos.
6) Moving in and on. Once all the above has been carried out and is in order, you/we can release the keys to your new tenant. By establishing excellent communication before and during the moving in process, we lay the foundations for a smooth-running tenancy. It’s vital to establish a good but professional relationship with tenants from the outset.
7) Hassle-Free Property Management. When you decide to have your property fully managed, we start by ensuring that your property is legally compliant. (The fines for non-compliance can be significant).
A full management service includes collecting rents, arranging safety checks, property inspections and arranging for any maintenance to be carried out by our team of specialist contractors. We’ll also keep an eye on the local rental market, so that if your tenants ask to renew their tenancy, we will review the rent for you before negotiating the revised rent.
Thanks for reading, and if you are a landlord looking to have their life made easier and rental property more profitable, please get in touch. T: 01206 862288