The number of households renting has more than doubled over the last two decades. The UK property market needs rental homes more than ever, and landlords require financial peace of mind. Here are our tips on maximising property investments.
Get the rental rate right
Price and location are key factors.
Rents must be competitive for the area, although every property really is different, so gauging this can be tricky. At Gateway, our team of nationwide Property Managers are experts in market conditions and rent levels across the UK for a range of residences, from apartment blocks to individual homes. If you need any advice, just ask.
Look after your tenants
Good tenants are worth keeping, which means resolving any issues swiftly and professionally. A proactive approach to maintenance is essential.
That’s the reason we have our own Gateway Facilities Management team. Tenants can simply pick up the phone to us, knowing that we’ll take the appropriate action. Besides happy tenants, fixing a small problem quickly stops it becoming a more costly issue later. Best maintenance practices also help enormously in catching potential issues which can’t be seen.
Keep your investment in prime condition
To realise the best premiums, rental properties need to be in good condition. Kitchens and bathrooms are especially important. The décor and furnishings should be carried out to the right level, based on the property’s rental value; meet current health and safety legislation; and be hard-wearing. We’d also advise installing practical light fittings and appliances.
Besides timely maintenance, Gateway also offers a dedicated residential Property Upgrade Service. If your rental property is underperforming and needs refurbishment, we can assist with everything. That includes managing the project to arranging competitive renovation quotes through our network of tradespeople. We can even help furnish your property.
Know what’s happening with your property
A good property management company will take the complexity out of renting property, while keep you informed at key times. We believe that scheduled property visits, planned for the year ahead, and regular property inspections are fundamental to keeping property in the best condition.
You should expect regular balance sheets and timely service charge budgets and year-end accounts for review. You should also receive updates on all the independent health and safety checks required by law. Make sure you know every detail is in safe hands and your investment remains sound.
Make sure you’re properly insured
Rental property insurance policies are designed to cover the risk landlords face, safeguarding investment and income. If you need any support with this, just contact Associated Insurance Services, part of the Gateway Group, for friendly, professional advice and a free quotation.
Think long term
Be wary of below-market rates charged by property management companies and make sure you use an ARLA licenced agent (the Association of Residential Letting Agents is the professional and regulatory body for letting agents in the UK).
If a property is void for a period of time, the year’s figures will go out of the window and minimal management fees are no consolation. For ease of budgeting, Gateway Property Management charges a highly competitive, fixed annual fee for our day-to-day property management service. This covers all the fundamental areas.