THIS WEEK: BEING A LANDLORD

Being a landlord is like being a director, housing officer and
the estate agent in one. Here are some tips to make it easier.

You may decide not to hire a company to manage your rental
property. You may want to manage your property and ensure
that all the rental income go straight into your pocket.

MARKETING




Use the internet - it's your best friend when you need to
advertise and reach your potential tenants. Try Gumtree
and Room for travellers (roomsft), to help showcase your
property. Consider using clear pictures, detailed adjective
so instead of saying 'nice' say 'clean' and state key terms
and conditions such as cancellations policy and deal breaker
terms.

SET STANDARDS

Know the rental value and how much you want.
Know who you want to rent your property to, couples,
over 18 year olds, men only or families only.
Standards should really be stated upfront in a
lease agreement usually a shorthold agreement or
guardian agreement.

HAVE A BUDGET
It would be silly to do business without a budget.
You need to widen your profit margin by having a
great team to help with the repairs and electric and
gas problems. Also, buy inexpensive things if you
provide more than just a property;

Second hand shops - excellent for white goods,
tables and chairs.

Supermarket special deals - great for bed linen, pots
and cutlery.

Pound store - fantastic for those glasses, bowls, plates,
lamps, towels and even for your complimentary tea and
coffee.

VIEWINGS
Try to arrange a group viewing, this is helps to increase an
interest amongst perspective tenants. Also, try to accept
bookings when convenient for you - don't forget there may
be time wasters who don't stick to their viewing appointments.


Hope this helps! And remember you're the boss...