Letting property can be a great way to make a living, providing you get the fundamentals right. More people than ever are now renting rather than buying, whether out of choice or necessity so now is a great time to let property.
If you're currently letting property but feel you could be more successful at it, then below are 4 great ways to increase your income.
1. Diversify your property
Having multiple types of property is a very good way to increase your income as a landlord. Whilst apartment buildings are very practical since you can get income from multiple tenants, you shouldn't limit yourself only to them.
More obscure types of property, such as thatched roof houses can be a great way to attract new types of tenants. If you do invest in any thatched roof properties then you'll need to get a policy from a specialist provider. Sites such as http://www.thatchedinsure.co.uk/ make this process very quick and easy.
2. Offer furnished property
Offering furnished property might come with an initial investment but it means you're able to charge more rent too, which is beneficial in the long run.
You don't necessarily have to furnish your property with designer furniture or state of the art technology. Just basics such a dining table, sofa and beds can make a huge difference and help you to attract tenants more easily.
3. Get the best price for insurance possible
Sometimes the best way to increase your income is by cutting down on expenditure. One of the biggest outgoings for landlords is insurance. Landlord insurance can be costly but it is a must when you let out property.
Landlord is not difficult to find but there's a good chance you're overpaying for your insurance. If you suspect you could be getting a better deal then don't be afraid to contact other insurance providers to see what price they can offer you.
4. Be very selective with tenants
It might not be immediately obvious how being selective with tenants can increase your income as a landlord but if you deal with problem tenants then you'll certainly understand.
Tenants who can't/won't pay rent or refuse to leave your property can cause all sorts of problems for you and will certainly affect your income. To avoid this you should always take steps to ensure that the tenants you let your property are likely to be reliable paying rent and won't cause problems.