With demand for rental properties on the rise in Gloucestershire, Kate Mason spoke to SoGlos to share her advice on everything from choosing an investment property to taking care of tenants.
(Read the fill article here: https://www.soglos.com/homes-gardens/51517/Top-tips-for-landlords-in-Gloucestershire-Naylor-Powell-expert-insight)
What can landlords do to get the maximum return from their rental properties? For example, which refurbishment jobs are likely to add the most value?
We believe in ‘speculate to accumulate’ and the reason for this is we find that more up-to-date properties achieve a much higher rental income and attract a more professional tenant, who treat the property as their own.
The modern tenant is willing to pay a premium for a better-quality property. Simple things like updating the decoration every three to five years; completing routine maintenance during the tenancy; and replacing floor coverings when they look tired. We all know that kitchens and bathrooms have an expiration date so we would advise replacing when needed to keep these vital parts of the house in good order.
How can landlords make sure their rental properties stand out in a crowded market?
To make sure your property stands out from the crowd, it is important to ensure your agent is offering a bespoke marketing plan and is up to date with all the technology available.
At Naylor Powell, we pride ourselves on offering a premium marketing package to our landlords. This includes professional quality photographs, detailed floorplans, and 3D virtual tours.
The presentation of the property for advertising must also be kept to a high standard, which includes maintaining outside spaces and that all-important ‘kerb appeal’.
How can landlords select the best tenants for their property? How can Naylor Powell help with this?
We treat your rental property as if it was our own, ensuring your prospective tenants are best suited. We use an external referencing company who complete comprehensive checks to include a credit check, income and a Right to Rent check. After these initial checks have been made, we will then look to take up references to check suitability.
Conversations between the agent and landlord are also vital in order to gage what type of tenancy they are looking for – short-term, long-term and so on.
Is now a good time to invest in a rental property?
Yes! With the uncertainty of stocks and shares, property is an investment you can see. The property market can, of course, also be volatile, but over an average term of ownership of say 20 years, the cycle has always proven to be positive.
What advice would you give to first-time landlords?
Don’t try and cut costs. Use an experienced agent who can guide you through the myriad of rules and regulations. Buy-to-let is not as simple as it may first seem and mistakes can be expensive or worse, fatal.
Ensure that you have a healthy balance to be able to cover the unexpected eventualities and look after your property and tenant. The happier your tenant, the longer they will stay.
When looking to buy, buy the best property in your budget. The better the property, the better the rent and the better and happier the tenant.
Naylor Powell also offers a property management service. What does this entail?
At Naylor Powell, we want to make the journey of owning an investment property as stress free as possible. We ensure all properties are compliant to the necessary regulations, as well as updating landlords with the frequent amendments to these regulations.
We complete pre-tenancy checks and complete a detailed, photographic inventory documenting all the fixtures and fittings as well as the condition of the property. During the tenancy, we would account for the rent, complete routine inspections which are covered under the management fee, and arrange any maintenance or compliance works during the tenancy.
At the end of the tenancy, we arrange the final inspection and notify you with a detailed, photographic check-out report. In this report, we also advise of any maintenance needed following the tenants vacating.
For further advice on the Gloucestershire lettings market then please contact Kate Mason on 01452 398010 or email firstname.lastname@example.org
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