What’s the best way to get rich in 5 minutes? For me it isn’t property, making money is made one decision at a time. ...
What’s the best way to get rich in 5 minutes?
For me it isn’t property, making money is made one decision at a time. Hopefully getting more decisions right than you do wrong!
When I first started out and it came to reviewing my rents, I came up with a few ideas which I thought might work:
- I’ll increase them in line with inflation even if rents weren’t going up – this soon meant I had loads of rents out of kilter with the market.
- I’ll increase them to what I think is the right amount – again meaning my rents were all over the place!
- I won’t increase them at all on a property needing work to prevent it from becoming empty – I had to pay for the work eventually and missed out on any rental gain?!?
The best way I’ve found to increase rents and also to make sure I continue to receive rents without getting voids is to be fair to my tenants – I know this isn’t rocket science but ultimately it’s a lesson that I had to learn.
By being fair to my tenants I do also mean being fair to myself, to do this we:
- Produce a comparable report from Rightmove to justify any rental increase
- Assess the condition of the property which includes a property visit
- Discuss with a dedicated property manager any underlying circumstances the tenant may have
- From this, we’ll then suggest a rental increase
By doing all this work upfront we aim to make sure the tenant understands the reasoning for any rental increase and by explaining how the rent compares to the market, ensuring all parties although not happy will understand and accept it.
Chris our senior property manager did a video below on a property we got back to the market and how we assessed the market rent:
The aim of owning property is ultimately to make money and the best way to do this is to maintain a long term relationship with your tenant. Hopefully, they’ll understand that you’re only being fair when increasing the rent.
REMEMBER: It’s our job to make you money from the property!
For any sales, lettings or refurb help:
- Contact us today by phone or email to move your property to us.
- We’ll contact your letting agent to ensure a seamless tenant transfer, including the deposit, keys and all paperwork.
- We’ll contact your tenant to resolve any rent, maintenance or refurbishment issues you have, arranging a property visit if required.
- We’ll begin the process of maximising your income and wealth.
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