If there’s any doubt on why you want to become a buy-to-let landlord, this is it – profit. You might be looking for a regular income in retirement, or be a younger investor searching for some capital growth over the longer term. But be clear from the onset about why you are doing it because if you’re searching for an outlet to display your interior design skills every day, this is unlikely to be the right route for you. Buy-to-let is less about choosing curtain fabric and more about creating a business through some hard graft to ensure you maximize your profits.
There will be plenty of bumps along the road – from dealing with difficult tenants to quickly responding to a leak in the bathroom – when you’ll need to remind yourself why you are spending your spare time and effort reading through contracts or sorting out repairs to a broken kitchen tap. So if you’re going to make a tidy profit, don’t underestimate the work that you will need to undertake.
Thankfully, Rentify is here to help make your journey to becoming a successful landlord as smooth as possible. Whether it is advertising your property on a leading property portal for a fraction of the price of a traditional branch-based lettings agent or helping with a contract that you need to give to your tenants, Rentify is here to guide you through the process.
While letting your property through Rentify can cost from 5.5 per cent including VAT, other services include managing your property from just 4 per cent including VAT. Rentify will even guide you through the process for free if you’re an experienced landlord willing to do more of the work yourself. So far, Rentify has helped 175,000 happy landlords and collectively saved them more than £40m.
And if you’re already a landlord, there is still plenty to learn from Rentify. For example – like me – you may have previously rented out a property through a traditional lettings agent for the equivalent cost of a month’s rent. Take a month’s rent of £675 and compare it to the much more attractive cost of around £40 that you pay by renting the same property through Rentify. This could mean hundreds of extra pounds in your landlord pockets.
There are also plenty of tools on Rentify.com that can help you as a landlord and I’ll be highlighting some of these every month in this regular column in which I shall reveal my own landlord disasters and triumphs. After more than a decade as a landlord of a growing buy-to-let portfolio, I have plenty of tales to tell that fortunately I can laugh about now. But at the time, they made me want to cry – or rather run to take shelter when I was once faced with a blonde female tenant in fully army clothing as she demanded the return of her deposit on eviction day before I had even so much as picked up the inventory check out list.
I first stepped onto the property ladder 15 years ago and five years later bought my first buy-to-let property. Fast forward another six years and I bought my second buy-to-let property. I have also rented out a third property, but currently live in that one. It has been a huge learning curve for me along the way and I would definitely rent out a property now differently to how I did a decade ago.
By knowing how to deal with these aspects of buy-to-let, you can reduce the amount of time you spend on your investments and maximize the financial returns you make – something that is at the heart of property investing. With so much of making a decent return being in the preparation, let’s begin via Rentify.com.