We’re all in this game to make money RIGHT? I know making money is a dirty word, especially when you’re a landlord but that...
We’re all in this game to make money RIGHT?
I know making money is a dirty word, especially when you’re a landlord but that has to be your aim, surely…
It’s an even dirtier word for letting agents, when was the last time you heard an agent talking about making landlords money?
It’s our primary focus but what’s the best way to do it?
Having been a landlord and agent for over 10 years, I always get asked what’s the best way to make money from property. I always say buy a 3 bed-semi or detached near a nice school – your aim should be to get hit with the usual maintenance when the tenant moves in but then to not hear from them for 15 years until they and their kids move out.
It isn’t as easy as that, within that time you need to understand that your tenant is also your customer and your aim is to provide a nice home for them.
By doing that you’ll receive a steady income stream, watch your property value rise and also hopefully have a nest egg for your retirement.
Part of this process could include updating your property while the tenant is in situ – Oh my god, you are joking – you might say!
I know, I know, as a landlord spending money when you don’t have to is crazy right? Well if your nice tenant moves out, who’s been there for 10 years because they want their kitchen updating (which you’d have to do if the property became vacant) – surely that’s crazier?
It’s always a fine line to tread, spending money, but I’d certainly think about spending money on good tenants, to keep them!
We recently did a kitchen refurb and I thought I’d show you it – to bombproof you from future problems but also more importantly to provide something nice to keep your tenants happy!
What do you think?
Remember it’s our job to keep your tenants happy to maximise your income – IT’S OUR #1 job!
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.