Maximise Your Income With Seven Landlord Rental Tips

Managed correctly, a rental property is an investment that offers a twofold benefit. It will not only reward you with a monthly yield, but it’s also an asset that will accumulate value over time.

The most successful landlords know that if you want to get the most from your rental property, increasing the rent is not always the answer. Following their example, we can show you how to maximise the return on your investment by observing a few simple principles.

Our letting agents in Nine Elms have collaborated with our Clapham letting agents to create a definitive list of landlord rental tips. 

These practical suggestions will keep your tenants happy, maintain your property in great condition and reduce costly void periods.

1. Keep your property in top shape

Tenants will always be attracted to a well-maintained property and may be prepared to pay more for a place that looks and feels well cared for.

The key is to take a proactive approach to maintenance, with regular inspection visits to check that everything is in good order. Willingness to stay on top of regular tasks can reap rewards in the long term. That’s because an early intervention will prevent small repair issues from turning into major problems.

2. Check out the competition

In a competitive marketplace, it’s advisable to keep your eye on what other landlords are charging. Regularly check local listings to see whether rents in your area are going up or down.

Last year London experienced the highest yearly rent inflation in England, at 6.9 per cent. When rent levels are high, renters will be looking out for the best deals. Overcharging could make it harder to attract and keep a tenant, while undercharging could mean you miss out on valuable income.

3. Provide a little extra

By providing better services or facilities, you can increase rental income and improve tenant satisfaction. Consider installing air conditioning, a smart heating system, or other amenities that make life easier and more enjoyable.

A home office, cinema room, outdoor kitchen or handy kitchen pantry area can also add value to a rental property.

4. Offer a long-term tenancy agreement

A long-term tenancy of six months or a year can provide reassurance to the tenant and an assured income for the landlord. The downside of this arrangement is that it locks the landlord into a fixed rent, making it difficult to take advantage of local rental price increases.

You could perhaps overcome this challenge by adding a get-out clause to the agreement or setting a slightly higher rent at the start.

5. Attract more tenants by embracing flexibility

If you are currently renting out your property unfurnished, you could consider offering a furnished option. Furnished properties can command more income, but remember that you will be responsible for the maintenance of the furnishings you provide.

Alternatively, you could be more flexible with your lease terms, boosting your income by offering shorter tenancies. A short-term tenancy is defined as being less than six months in duration, so you could consider tenancies that last for weeks or perhaps a couple of months. However, be aware that a rapid turnover of tenants means more management work.

6. Use careful tenant screening procedures

All landlords are looking for reliable, financially stable tenants, so thorough screening methods are essential when you take on a new tenant.

You’ll need to carry out a series of checks, including a ‘Right to rent’ immigration check (to determine whether the applicant is eligible to rent in the UK). You should then carry out income and credit checks and reference checks. It’s always advisable to ask for a reference from a previous landlord, as this will give you an idea of how the applicant treated their last rental property.

7. Avoid those costly void periods

Whenever your property stands empty, it’s a drain on your time and income. Fifty per cent of landlords who took part in the English Private Landlord Survey of 2021 said they often cut rent prices in order to avoid long void periods.

This is where good marketing can make all the difference. When a vacant property is extensively advertised in online listings, social media and relevant networks, it stands a much higher chance of attracting a tenant.

I want to let my property. Where can I get more advice?

As an award-winning lettings agent with vast experience letting properties in Battersea and Clapham, we would be happy to advise. We cover every aspect of the lettings process, including tenant finding and property management.

We can help whether you are taking the first steps to buy an investment property or you’re a seasoned landlord with a large portfolio of properties. Simply contact our friendly lettings team, and let them know what you are looking for.