But we digress, and this week as promised, we continue with our thoughts, comments, and advice, to existing and would be Landlords of residential property, across this wonderful region.
In our experience, the vast majority of landlords have investment in mind when it comes to property, be it in future income or capital growth, and it can often be a really good option instead of a foray into the Stock Market!
‘Accidental Landlords’ make up large percentage of this group, especially when an inheritance falls their way, sometimes unexpectedly, and when looking at current low interest rates, they choose to retain the property and welcome the regular income at maybe 4/5% rather than interest on cash at circa 1% in the bank or building society!
There are of course all sorts of different types of landlords, from the accidental to the professional, but in our humble opinion, all would be well advised to instruct a knowledgeable and well established local letting agent to full manage their investment/ property, to ensure compliance and a peaceful night’s sleep!
At last count, there were well over a 100 different pieces of legislation to consider and react to, when renting out a property, in order to ensure the safety and wellbeing of their tenants! (June 1st 2020 produced yet another compliance requirement for electrical safety!).
So what benefits ensue from paying a good agent monthly commission to manage your property for you? The list is long, but includes; making sure gas and electricity checks and certificates are up to date (time at her majesty’s pleasure could be an option if they are not), photographic inventories don’t lie, an epc is a must, tenants referencing and financial background checks are an absolute, a rolling strategy for improvements and compliance is best for the long term, regular interim inspections should help prevent any shocks, insurance really must be in place (not only for damage, but also rental income), the list goes on (!), and so does the agent whose prime concerns are quality tenants and minimal rent voids!
We are great believers in the word quality. Quality Landlords, Quality Tenants and Quality Properties! All these combined give the investor peace of mind and continued income, and the tenant a property to call their home!
Properties in tip top condition attract good tenants who stay longer and keep them in the condition you desire! Forward planning with your agent and tenant, like agreeing to replace a carpet when the tenant is on holiday, secures great relationships all round.
There are lots of hurdles, expenses and regulations, but at the end of the day a Landlord should, with an expertly managed property, show a good return in income, and in most market conditions capital growth in their investment.
We are experiencing somewhat of a boom in demand across the region, particularly for good quality family sized homes, and could have agreed tenancies on some of them many times over in recent weeks!
If you have a property which is sitting empty, and you want some help and advice on how to turn things around, contact one of our friendly expert team today who will be delighted to come and share their knowledge with you, and not only guide you through all the potential pit falls of renting out a property, but advise you on what might need doing to it in order to maximise your opportunity to attract good long term tenants!