And Finally !

After over 25 years of Lettings and Management experience, there are a number of salient points which as a Landlord should be considered:

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• Be realistic, not optimistic, by not expecting to ask a ‘full rent’ and then let immediately to that ubiquitous ‘ideal’ Tenant. In short, avoid the over enthusiastic and inexperienced (new) Agent (probably working from home), who over values the property and then appears to cut the cost. Remember the old adage. You get what you pay for and if you pay peanuts, you will get Monkeys.
• Therefore be realistic, not optimistic, by asking a reasonable rental amount and even, on advice, accepting a slightly lower rent if it means letting the property sooner rather than later
• Similarly, be flexible by aiming for longer rentals at sensible rents rather than achieving a higher rent but at the expense of regular turnover. Inevitably you will get caught out with void periods, which then impact on your rental yield.
• ‘KISS’. Keep it Simple – Stupid. In short, keep any renovation or redecoration simple and neutral; in particular avoid the obvious trap of supplanting your ‘design ideas’. Furthermore, avoid the temptation of cutting costs by only doing half the job. If you are decorating, include the gloss work and not just the emulsion and in addition, leave absolutely nothing of any value or that you cannot afford to damage.
• Reap what you sow. If you expect your property to be returned in a clean and tidy condition, make sure you hand it over in a similar manner, including professionally wet cleaning of the carpets. Anything less will result in the property coming back similar or more than likely, worse.
• You are entitled to claim for a certain amount of ‘wear and tear’ (depending on whether the property is furnished or not) in your Tax. Expect it and plan for it accordingly. Rental properties generally need more maintenance than owner occupied properties and furthermore – accidents happen.
• Listen to us, your Agent. At best the Consumer can be a ‘fickle’ animal at times and at worse, sometimes just awkward and from experience, ‘a hammer to crack a nut’ is never the best solution. Likewise, we are up to date with the latest market trends, including rent levels and accordingly, will be in a position to deliver balanced advice in a timely manner.

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