5 Ways Landlords Can Reduce Their Costs

News at Waterfords | 07/03/2021




5 Ways Landlords Can Reduce Their Costs

While there are many reasons people become landlords, there are no two ways about it – the most common reason is money. If you are a landlord, you may well have invested savings or taken out a buy-to-let mortgage on a property. You will be thinking about the return on the investment in terms of rental yields and the property’s potential value in the future.

Whether you are a landlord through choice or an accidental landlord, perhaps through inheritance, you must think of it as a business, keeping your costs as low as possible, while at the same time providing a decent and safe place for your tenant to call home. You also have to think about it in terms of protecting your asset.

To help you, the Waterfords Lettings and Property Management Team, based in Fleet, have put together the top five ways landlords can reduce their upkeep costs.

If you’re a landlord with a property in Camberley, Chobham, Fleet or Yateley, then get in touch with us as we also have more detailed help and advice we can offer you.
 

Survey and List Inventory


The best way to manage upkeep costs is to get it right at the start. Have professional surveys done to see if any issues need looking at in the immediate future, as any delays could incur additional costs further down the line.

You should also carry out a full and thorough inventory of the property prior to a new tenant moving in. Not only will this give you indications of any potential issues that need your attention, but you will know every detail of the home before a tenant moves in.

Top Tip: It is possible to do inventories yourself, but we would recommend using professionals to get the job done as it will save you time and money in the long run. Our property management team are on hand to arrange this for you.
 


Get the Right Tenants – and be the Right Landlord


 

Landlords often focus on securing the right tenants, and we understand why – you want your place to be looked after, and you want to make sure the rent comes in on time and in full.

So getting the right tenants helps you keep upkeep costs low as they are likely to take care of the property and notify you if anything needs attending to. But here’s the thing – you need to be a good landlord too!

At Waterfords Lettings, we suggest that you should be an outstanding landlord by making sure you keep your property in very good condition and attend to anything that needs fixing quickly. Not only do you maintain a good relationship with your tenant, but you make sure your investment is looked after and it’s value remains as high as possible.

Top Tip: Be contactable and be responsive to your tenants. Show you care about the property and the people living in it. Your tenants are much more likely to stay in the property for longer if you are a helpful landlord. If you are struggling for time to look after your rental property and tenants, then speak to our lettings team who have a variety of options available to help you as a landlord.
 


Great Expectations


 

Set out your expectations from the start of a tenancy. Obviously, there are contractual matters, but when you are speaking with the tenant, let them know what is expected of them regarding upkeep and when to let you, the landlord, know if something needs doing to the property.

Top Tip: Make sure you and your tenant know what outcomes to expect should they contact you. If they call you about an issue, they need to know you will get the issue under control within a reasonable timeframe.
 


Be Quick, but Don’t Cut Corners


 

When you know you need a job doing, get it done quickly as this will prevent issues (and costs) from escalating. Don’t be tempted to cut costs by getting a cheap solution just because you don’t want to pay. A cheap job may mean it isn’t completed correctly and will only need doing again later. You will probably save money initially by doing the job yourself, but it’s better to call in the professionals.

Top Tip: Keep a list of when you have needed to carry out repairs and the tradespeople who completed the jobs for you. Trusted contacts and suppliers are important.
 


Let Us Do It For You!


 

At Waterfords Lettings we have years of experience helping landlords manage and maintain their properties in Camberley, Chobham, Fleet and Yateley.

While some of our landlords choose to look after the properties themselves, we are regularly trusted to fulfil that role with our full property management service. It means we will keep on top of things for you, and act quickly when a fast response is needed. It also means that you can feel safe in the knowledge that your investment is in tip-top condition, and your asset is looked after by our dedicated property management team. Click here to see our property management packages.

Top Tip: If you choose a lettings agency to manage your property (and we’d love it to be Waterfords), make sure you know exactly what they are doing for their money.

As a landlord, keeping your upkeep costs low will take time and thought, and getting it right from the start is crucial. We would love to help you make the most out of your rental property. Waterfords are your local lettings experts in Surrey, Hampshire and Berkshire and have over 1000 5 star Trustpilot reviews from delighted customers across the region.

Call us on 01252 235348 or email lettings@waterfords.co.uk to chat with a member of our friendly and experienced lettings team.