1. Review Rents Regularly
Here’s a simple way of helping to increase the rental yield. At the appropriate time, look at the rental income on a property – can it be raised to be more in line with the going rate? Make sure you keep within your contractual agreements, though and remember that while a rental increase may be right for you, if a tenant has been with you for many years and has caused you no issues, do you want to upset the applecart?
2. Review Your Outgoings
Let’s look at what you are spending on your property. Do you automatically renew your insurance, or is there a more competitive alternative on the market? If you use a plumber, are their costs expensive, or can someone do the same job for a lower price?
Keep on top of your outgoings, and set reminders to look at alternatives when the time comes. Being a landlord is a business, so treat it as such.
3. Check Your Mortgage Renewal
You may have a buy-to-let mortgage for your property, but is it still the right one? Many different products are being brought to market, so when you’ve come to an appropriate point in your mortgage agreement, have a look around.
Always be mindful about switching. Keep an eye on the media for different products and even though it might not be the right time immediately, make a note so that you can go back to it when you are ready.
4. Invest Wisely
When you are thinking about becoming a landlord, do your homework. Look at where to spend your money, but also at the type of property. Do you want a newer property with less maintenance, or do you want an older place with the risk more could go wrong?
If you have a plan and it works, don’t deviate. If you have a good yield because you’ve got a newer home, stick with the idea when looking at another buy to let.
5. Be a Better Landlord
You’re more likely to get a better yield if you have a great property and great tenants (and yes, both can be achievable). But, can you be a better landlord?
- Do you add quality fittings?
- Do you respond quickly to issues?
- Do you get things fixed promptly?
By being a great landlord, you’re more likely to attract great tenants and be able to justify higher rents.
You assess a house and a tenant – why not assess yourself and see how you could be a better landlord. It makes business sense.
Having the right tenant in your property is more likely to help with yields. If they look after the house, your costs are likely to be lower.
Of course, for total efficiency, we suggest you consider using a lettings agent to help manage your property portfolio. A full expert property management service will help you make the most of being a landlord.