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PREMIUM LETTINGS: HOW TO ATTRACT HIGH-EARNING PROFESSIONAL TENANTS
Landlords are always asking us how they can make their property more attractive to professional tenants, and no wonder. It's a lucrative market of high-earning people who'll pay a premium rent for the right home. But what exactly do they want?
Professional tenants often work extra-long hours, so their free time is particularly precious: whether they're staying home alone or entertaining friends, they want to truly savour where they live.
They also expect a professionally managed home where they can be sure of being well looked after, with a 24-hour number to call in case of emergencies. And with time a precious commodity, finding a home fast is also a priority, which means your buy-to-let should be listed on a major property portal and not buried in classified ads.
If you already own a buy-to-let, our blog this week will help you identify improvements you can make to reach a new audience. And if you're starting or expanding a lettings portfolio, you'll find tips on what professional tenants look for in potential homes and locations to pay a premium rent.
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BUY. REVAMP. RENT. REPEAT: FOR SUSTAINABLE LETTINGS SUCCESS
There are many different models of buy-to-let, but a proven winning formula is buying a property in need of renovation, upgrading the specification, then releasing the increased equity to fund another buy-to-let project.
Homes in need of work cost less to buy, which immediately reduces the cost of stamp duty. And when you're not paying for somebody else's taste, you can add value by updating the interior and identifying untapped potential.
With tenancies getting longer and renting becoming a lifestyle choice, tenants are looking for high-quality homes to live in for longer. By meeting this continually growing demand, you'll achieve higher rents and grow a profitable long-term business.
Finding suitable homes to renovate, getting the specification right, and having the finance in place for the purchase and works are essential elements of any successful project. So here's our comprehensive guide to the "buy, revamp, rent, repeat" system used by many successful landlords.
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HIRING CONTRACTORS: A LANDLORD’S GUIDE TO FINDING TRADESPEOPLE YOU CAN TRUST
Whenever you ask someone if they know a good contractor, you’ll never be far from a tale of woe: the plumber who never turned up; the electrician who bodged the job; the builder who overcharged and left a huge mess.
It’s taken us many years to build a circle of reliable contractors, and we’ve had plenty of upsets along the way. Unfortunately, even the good ones go bad, get too busy, or simply disappear, so we keep our eggs in more than one basket to ensure we have a backup plan.
One thing that makes the life of a managing agent easier is that we look after multiple homes. Our calls take priority because of the amount of work we provide through regular maintenance, compliance checks, general repairs and, of course, the odd emergency.
It can be more challenging to build close relationships with contractors when you’re a landlord with a single rental property or a small portfolio, but with our checklist of tips, you’ll find it easier to spot the ones you can trust.
And if you’d rather someone else did all the legwork, why not ask us to take care of everything for you? Call us on YOUR PHONE or drop us a line at YOUR EMAIL to see if we’re a match.
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LETTING GO: ALL YOU NEED TO KNOW TO SWITCH MANAGING AGENTS
How do you feel about your current managing agent? If you're reading this, perhaps you have some doubts.
Whether your buy-to-let is for additional income or your long-term financial freedom, it's vital to have complete confidence and comfort in your choice of letting agent. From the moment you first ask them to find you a tenant, and throughout their time looking after your investment, you should feel protected and prioritised by their abilities and actions.
Feeling disheartened about the management of your property can come from any number of reasons, and it usually boils down to one or more of:
- poor value for money
- excessive void periods and loss of rent
- continually finding troublesome tenants
- overcharging for repairs
- unnecessary expenses incurred
- inadequate upkeep & maintenance
- unhelpful or rude attitude
- failing to carry out inspections
- lack of communication
- chaotic compliance and paperwork.
These are all valid concerns, so if you think it's time to change your letting agent, follow our tips for your next best steps.
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PRETTY VACANT: HOW TO STYLE YOUR BUY-TO-LET WITHOUT USING FURNITURE
Empty rooms can look a bit sad, and there are plenty of uninviting photographs out there of vacant buy-to-lets. It's a constant challenge for landlords and letting agents when the demand from tenants is for unfurnished property, but when homes never look their best when they're empty.
With no comfy couches or well-dressed beds to draw someone's attention, your property needs to work harder to secure the best tenant and the highest rent. The good news is that with surprisingly little time and expense, you can turn empty rooms into welcoming spaces without buying any furniture.
By giving your buy-to-let a few clever styling touches, you can improve its visibility, increase its popularity and maximise its income and performance. More than that, by reducing the potential for wear and tear and keeping your tenants for longer, you'll minimise changeovers, void periods and tedious admin.
Whether you're in the middle of a purchase, halfway through renovating or simply between tenancies, follow our tips to give your empty buy-to-let all it needs to stand head and shoulders above the competition.