Landlords- 6 tips to revamp your rental portfolio

You may hate Spring Cleaning but it’s a great time to get your rental property in order . Taking the time to review what is and isn’t working with your investment will save you money and energy in the long run. Take a look at the following issues which may cause aggravation and loss of income and read my advice:-

Look back over your accounts.

Are you on top of your incomings and outgoings?  Do you have unexpected costs and can they  be avoided. Problems can be down to poor tenant selection, bad communication or a maintenance failure? Find a system that will prevent these issues from reoccurring.

Audit your time management.

The accounts may look good but remember that time is money. If you’re spending several hours each week sorting out problems with your property something may not add up.

Review your insurance. 

All landlords should have buildings and liability insurance .  Many also opt for rent and legal protection. Make sure you have the right cover to suit your situation and shop around for a better deal. It often pays to switch.

Research mortgages.

 Check the terms of your mortgage. If it’s due to end soon, start researching the market.

Revise your contacts. 

It’s always helpful to have good tradespeople in your contacts list in case of an emergency. If you haven’t spoken to your maintenance people in a while check in with them to make sure that they’re still working in the area.

Consider the services of a letting agent.

If you use an agent, analyse the level of service you’ve received over the past year. If you’re not entirely happy, test the water to see if a more suitable option is available. If you don’t use a letting agent, do reach out to discuss fees and services. It could be that having an expert manage your property frees you up to focus on other priorities.

 

With any queries on your rental property please do not hesitate to give me a call on 087 2500716. I’m here to help.

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