Protect your investment and your health by following these stress-busting property management tips.
Being a landlord is a great way to earn income and build equity – but it’s a job that can be challenging sometimes.
While most tenancies run without a hitch, issues such as emergency repairs or tenant disputes can occasionally crop up.
And when problems occur, resolving them can be stressful and costly.
This prompts the question: is it possible to future-proof your buy-to-let portfolio?
Is there a way to enjoy the rewards of being a landlord while minimising the risks of a major headache developing at your rental?
As April is Stress Awareness Month, we’ve compiled a list of ways to avoid stress and burnout.
Be realistic
The idea that rental income is passive income is an urban myth. If a tenancy is running smoothly, it’s because someone (either the landlord or letting agent) has ensured that all the fundamentals are in place.
This means meeting all legal obligations (of which there are many), keeping the property well-maintained and having a clear line of communication with tenants.
Find good tenants
Nothing will cause you more stress and expense than a nuisance tenant who doesn’t pay their rent on time or treat your property respectfully.
Keep your property in good condition (it will help you attract top tenants) and follow a rigorous tenant selection process.
And once you’ve found great tenants, ensure the dynamic remains friendly but business-like. The tenant/landlord relationship works best when it stays professional.
Get organised
From scheduling inspections and maintenance to keeping track of your incomings and outgoings, good organisation is vital.
Staying on top of your admin will also mean you don’t overlook critical jobs like renewing your landlord insurance or meeting gas and electrical safety regulations.
Develop a strategy
Whether you own one buy-to-let or several, it’s useful to have a clear investment goal. Are you building up a portfolio with the aim of living off the rental income? Or do you hope to leave a tidy nest egg for your family?
Working towards a goal will also help you establish your business in the most tax-efficient way.
Use a letting agent
Your rental is one of your most valuable assets, so why not draw on the expertise of a property professional to help you manage it?
A good agent understands the finer points of rental regulations (a must in the current climate) and can help you maximise your returns.
Over the years, we’ve helped hundreds of Leicester landlords manage their rentals and achieve their investment goals. Contact us today if you’d like to know how we can help you.
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