An article in the UK Landlord Magazine, from the National Landlords Association has some tips for being a savvy landlord and the key ‘is a willingness to learn new ways of saving money or increasing your income, and continuing to develop your knowledge and skills.’
Be professional – find the right investment locations and finance options, that ensures an efficient way of delivering excellent customer service to tenants and makes sure property and profit margins are protected.
Shrewd investment – Avoid pitfalls, such as buying a cheap property without checking tenant demand and rent levels. Talk to people who can share their expertise, like other landlords and letting agents.
Cutting mortgage costs – It pays to check your current deal is the best available.
An effective maintenance programme – having a proactive maintenance programme will benefit landlord-tenant relationships and sort out problems before they become more serious.
Develop a network of good tradesmen and service – savvy landlords make sure they take the time to shop around for services they buy in, whether plumbing, electrical, insurance, accounting or legal.
Read the original article in the UK Landlord Magazine, from the NLA.