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Top Tips for Effectively Managing Your Rented Property

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Managing a property is something that can take time but must be done well and efficiently if you are to receive a return on your property investment and attract the right tenants.  The Autumn 2014 Lettingstats report indicates that 75% of tenants surveyed think that their property is managed either very well or quite well.  So to ensure that you fall within this category, Glenham Property Management has put together some top tips to help you on your way.

Big Spenders

Almost 25% of tenants spend 30% – 40% of their income on rental with 31% of respondents living in rented property for a continued period of 3 – 5 years*.  This suggests that tenants are willing to spend money on a property they will find comfortable; a reliable longer-term tenant can be less stress than lots of short-term lettings!

Top Tip: Research your market and competition to establish the standards expected and you are competing against. Then decorate and furnish your property to a better standard than the competition as this will drive a higher yield.

Rental Increase

86% of tenants have never experienced a rental increase during their tenancy*. This can often be the case when both landlord and tenants are in a comfort zone.

Top Tip: Stay alert to rental rates and property prices in your area to ensure that you are competitive. If you do feel that a rental increase is justified then explain to your tenant why this is the case; often presenting some sort of value-added benefit to the tenant can ease the blow.

Vacate the Property

Your circumstances have changed and you need your property back. Did you know that 95% of tenants felt any request to vacate property was reasonable*.

Top Tip: Ensure that the contract clearly establishes tenancy termination so you are legally within your rights to request that the tenant leaves but try to be a human too – many tenants become attached to the rental property and view it as their home so provide as much notice as possible and try to be flexible with exit dates.

Relocation

The most popular reason (25% of respondents) noted for moving to a rented property was due to work or study relocation*.

Top Tip: Develop relationships with local businesses so that if they are recruiting employees from around the UK you are top of their recommended relocation list.

*Data taken from Autumn 2014 Lettingstats Report

For further information or advice on property management please contact Glenham Property Management on 0131 557 5101 or email us.

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5 Responses to “Top Tips for Effectively Managing Your Rented Property”

  1. Keith Fry says:

    As the interest rates offered by savings accounts has shrunk, so the buy-to-let market has offered a way of generating a return from your capital. But unlike putting your money in a bank, the property market requires landlords to continue working to generate healthy returns. If you do not have the time to look after a portfolio of properties, it is much better to take a slightly lower return and hand responsibility for your investment over to a property management company.

  2. David says:

    Good article. Being a landlord myself. I also at times take a relaxed approach and do not increase the rent on my properties if all is going well. If the tenants are good than I am happy. The risk of them leaving sometimes and losing few months rent, is sometimes not worth risking the rise in rent. Ofcourse if a new tenant comes it will be marketed at the proper value.

  3. Steve says:

    Very good article, however it’s hard to enforce rent increases as you worry the tenant may leave and it will cost more to readvertise for new tenants. Steve SPR Properties

  4. helpful tips. More tips and property can be found on onlylondon properties
    Thanks

  5. Ryan says:

    Nice article. Tip #1 is crucial! Recently we got one part (20 rooms) of big building with 76 rooms where conditions weren’t ideal. Due to the lack of time we brought tenants into it quickly without decorating and furnishing it properly. As many of these tenants were young people who just arrived in the UK, it was ok for them. But, as they found jobs in 2-3 month they just left our rooms. Lessons for life.

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