Every landlord needs to start somewhere and no first time project is expected to run smoothly and without some kind of glitch. But what methods can we use to minimise the risks, errors and oversights of being a first-time landlord?
The real estate management platform is a tricky field to master; and with that in mind, an innovative management platform is imperative to get it just right and avoid making those errors that so often beset first time landlords.
Marketing And Professional Property Management Is Crucial
Furnishings and decoration are vital to show off your property to a potential tenant. Even if you no longer inhabit the property, the finer details of adding a fresh pot plant in the porch, a well-stocked bathroom and a new logs ready to burn at the fireplace (assuming you have one) are critical finishing touches to welcome a potential renter.
It allows the person to envisage their new home and surroundings. Deep cleaning of appliances should also be a must. It may be worth hiring a professional oven cleaner as this will be one door a new tenant will most certainly open. A greasy or dirty oven can actually be a deal breaker for some.
If your property has a garden, make sure it is well maintained. This means cutting the grass regularly and weeding any beds. A new tenant will not want to spend hours labouring in the back yard just to be able to sit outside in the summer months.
Thoroughly Screening Your Tenants
One cannot begin to stress how important it is to screen your tenants. Credit checks and employment history should always be monitored and any reluctance to submit this information must be seen as a red warning flag to landlords.
Furthermore, landlords do need PropTech solutions and professional service to assist thoroughly in processing potential new tenants. However if you’re doing this by yourself, make sure that the applicant has a good credit score and there is no signs of a sketchy employment.
Surprisingly, RENEZA service is cheap aligned with property management at its best. Full property management starts from as little as £39 per month. That is an amazing saving because on a property with a rental income of say, £2000 per month, most agent fees would roll in at 12 per cent (that is a huge £2880 a year, not mentioning all other what-ever-they-want fees).
Paying just £59 per month would mean an annual cost of amounting to a little over £700 – a mere fraction of the £2,880 that would set you back if you went through standard agent fees.