Establishing a good buy-to-let portfolio can be arduous and time-consuming. Even when you think you’ve got things right, it can still feel like there isn’t enough time in the day. Unreliable tenants, empty homes, and all sorts of other problems can lead to a real headache. Here are a couple of things you can do to make life easier.
Don’t Be Afraid to Ask Questions
One of the biggest worries for any landlord is attracting reliable, long-term tenants who will pay their rent on time. While some people may feel uneasy, you should never be afraid of asking too many questions. After all, it’s in your interests to be aware of the potential tenant’s history before handing over the keys. Start by running a credit check to see if they have a history of paying their bills on time and check with their current employer to see if the information theyve given you is correct. If you can find out their length of employment and attendance record, you’ll have a better idea about how reliable they’ll be as a long-term tenant.
If they’ve just moved to the area to start a new job, try getting in touch with a previous landlord. Information such as how long they lived in the property, whether or not they paid the rent on time, and if they left the property in an appropriate manner is crucial to understanding whether you should offer them the lease.
Make the Most of Technology
Whether it’s advertising your listings on social media or taking advantage of some of the new software, any business owner should be making the most of technology that’s now available to them and landlords are no different. Social media platforms like Facebook have become the one-stop location on the web for many people, and increasing your presence there could have significant effects on your consumer awareness levels. In order to save money, lots of landlords have begun to cut out the middleman entirely and sell their houses themselves. Social media and independent listing sites are a big part of this.
Finally, new mobile apps like Rentr are making it easier than ever to manage your housing portfolio on the move. After all, the days of only being able to get work done in the office are long gone. The endless march of technology means that our portable laptops, smartphones, and tablets are now more powerful than some of the desktop machines we were dependent on in the past. You’re now able to communicate with your tenants, track rent payments, and even sign tenancy agreements all in real-time with a few button presses.
While it might not always be easy, the buy-to-let market is a good place to be all things considered. Just make sure you’re doing everything you can to make the most of it.