Landlord
Being a landlord is not an easy task, the stress level can get exceptionally high from dealing with repairs to chasing tenants arrears. It is not glamourous but it can be lucrative.
So what are the ways you can reduce stress related with being a landlord?
1. Screen your tenants meticulously
When it comes to letting a property, it is important to have the right tenants in your properties. This makes a lot of difference. Screening your potential tenants carefully is of the best ways to get the right tenant for your property.
Although this process is time-consuming and challenging, it will help you reduce stress in the long run. What do you need to do is to have a standardized screening process to identify red flags and set the number of referrals and references?
2. Deal with repairs as soon as possible
When it comes to repairs, it can have a snowball effect. If you let issues unattended it will become a bigger problem. So when there are needed repairs on your property, get them to be fixed right away. This will keep your tenant happy, and it will also help you eliminate your worries about repair issues.
3. Always have a contingency fund for your property
It is vital to have a contingency fund for your buy-to-let property. This is a separate account that you should have in which you save a portion of the rental income for future repairs on your buy-to-let property.
In this way, you won’t have to use your personal savings to deal with your buy-to-let repairs.
It is a good idea to allot 4% to 10% of the total monthly rent to your contingency fund.
4. Hire a property manager
In order to relieve you from the numerous problems of being a landlord, you should consider hiring a property manager. Property managers are trained to tackle all the things that come along with renting a property.
In this way, you can free up yourself with the worries and you can focus on other matters.
Let Bluestone Properties Help
At Bluestone Properties, we have over a decade of property management experience. We specialise in serving landlords in south London and surrounding areas.
We offer different types of landlord packages to suit your needs. For more information, please contact us today by calling 0208 355 3405 or email us at info@bluestoneproperties.co.uk
