Wimbledon draws to an end this weekend, and what an exciting year it’s been so far, no one could have predicted both Murray and Djokovic not making it through to the finals, which highlights the importance of keeping on top of their game. This also applies to a professional BTL (Buy to Let) landlord, who to make a success of their business needs to get into the same mindset as a professional tennis player.
A professional BTL landlord must also follow the same rules when:
Buying a house – they need to get into training, knowledge is key, looking at aspects such as potential rental yields, capital investment, which section of the rental market are they looking at attracting and so fourth. Finding out about the local area, in terms of previous price fluctuations, any major predicted changes, such as a new rail line and so fourth.
Keeping up to date with any changes: with any type of sport or practise it’s important to keep up to date with the latest changes. In the BTL industry it’s crucial to keep on top of new letting regulation, such as gas, electric and fire safety, right to rent checks - there are over 400 different rules and regulations in the lettings industry now and not complying could result in fine of up to £30,000. It’s also important to have good understanding of your tax liabilities, this has changed dramatically in the past couple of years.
Looking after your asset – a tennis pro has to keep themselves in tip top condition to achieve their maximum capacity, this is much the same at the BTL landlord, if you keep your property updated and in good condition you will in most cases be able to charge more for your rental property and be able to rent it out more easily – reducing any empty weeks.
Keeping focused – without keeping an eye firmly on the game you could loose out on valuable yields. Daily management is essential to ensuring your business reaches it’s full potential. A good estate agent such as Goodfellows will be able to help you with this, taking care of everyday issues and making sure your property is properly maintained and complies.
If you would like to find out more about Goodfellows property management service then please follow this link or call our property managers on 020 8687 8345.