Whether you are thinking about making your first buy to let investment, or you are an experienced portfolio landlord, there is lot that you need to consider when you let out a property. In fact, it can all seem a little overwhelming. But don’t panic, we are here to help. We can assist you navigate what needs to be done to be successful. At Aspire, we understand that, as a landlord, there are a number of important strategic objectives you want to achieve including;
- Obtaining the maximum return on your investment(s).
- Managing risk.
- Receiving great customer service from your letting agent and reducing the “hassle” factor.
Achieving Maximum Return
To maximise return on your investment you need to achieve a target level of rental income and longer-term capital growth. But you don’t maximise return by chance. You maximise it by a well thought out and executed approach including;
- Picking the right asset to invest in, and in the right location.
- Spending an appropriate amount to maintain the asset.
- Setting the right level of rent.
- Finding and maintaining the right tenant - in this respect see our guidance on finding great tenants https://www.aspireresidential.co.uk/news/landlords/27-finding-great-tenants
- Minimising void/vacant periods.
- Minimising your exposure to risk.
Ask our team for further information and some practical steps to help you secure the best possible rental return and capital growth on your property. You can also read our guide to property yields here https://www.aspireresidential.co.uk/news/buying/39-jargon-buster-yield
Managing Risk
When it comes to letting property, there are a couple of common misconceptions;
Firstly, it’s a common misconception that renting out a property is very straightforward; indeed, many agencies will simply tell you not to worry as they have “got it covered”. Well unfortunately it’s not quite that simple. Did you know that there are about 145 laws and over 400 regulations that you need to meet as a Landlord to legally let a property? But again, don’t panic as we are here to help and we have a huge amount of experience. You can get further information on the legal requirements for letting property here;
https://www.aspireresidential.co.uk/news/landlords/33-landlord-legal-requirements
Secondly, it’s another misconception that, if you appoint a letting agent then you “pass the risk to them”. Unfortunately, this is not how the law of agency works. When you appoint an agent, you authorise them to act on your behalf, but you remain liable for almost everything they do.
Given the above, you can see how important it is to work with an agency that has the right experience, process, systems and “care” to manage your properties well.
Reducing Hassle
High staff turnover rates in some letting agencies can result in poor quality customer service. Also, dealing with junior and inexperienced staff members frequently results in poor selection of tenants, rent arrears, sub-standard property maintenance and non-compliance with critical legislation. The result is more hassle for the landlord. Does any of this sound familiar? At Aspire, we try to take the hassle out of managing property. With our team, you have access to;
- An independently owned agency, ensuring continuity of relationship with our business owners. You will not experience frequent turnover in staff.
- Through consistency of relationship, we build a deep understanding of you, your property and your tenants.
- We have a small, but highly experienced team with an average of over 15 years industry and local market knowledge.
- Unlike other agencies, we do not reward staff based on number of viewings or cold calls. We reward staff on one metric – the feedback we receive from you - our client satisfaction score.
We are confident that every letting and management agency says “we’re different”. But when you scratch beneath the surface – are they really? At Aspire, we don’t just say “we are different”, we demonstrate it – day in and day out!
To learn more about what makes Aspire Residential different, read about our values of Service, Expertise and Accountability https://www.aspireresidential.co.uk/news/our-news/37-sea-change-aspire-values
