If you own an investment property, you probably know that being a landlord can be hard work. But at Bayleys Marlborough Property Management we think you should be able to enjoy the benefits of your property investment without associated worries. And without it taking all your time!
So, in this week’s blog, we thought we’d share five tips to ensure owning your Marlborough investment property isn’t stressful and time-consuming!
1: Select the right tenant for your investment property
To ensure maximum returns on your rental in Marlborough, high occupancy is fundamental. That’s where finding the best tenants comes in. Screening can be time-consuming and challenging. Be sure to develop a robust reference check process to make sure you get to know your tenants before they become your tenants.
2: Enjoy your rent, don’t chase it
Owning an investment property should be lucrative for landlords. You should hope to see an increase in your property’s capital value, combined with a good monthly income. However, if you end up chasing rent, the whole thing becomes onerous. Once again, this comes down to having a process in place to make it easy for your tenants to pay their rent. But also knowing what your policies are to deal with rent arrears.
3: Don’t be the handyman
All rental properties will need maintenance, repairs and fixes. Unfortunately, if you choose to do these yourself, you could find you spend more time at your investment property than you planned to. Having a good team of professional contractors in your little black book of contacts will make your life easier!
4: Keep an eye on your investment property
Regular inspections are an essential part of property management. The inspection process helps to ensure your property stays in tip-top condition. Be sure to have a clear inspection timetable set out with your tenants.
5: Get in touch with Bayleys Property Management Marlborough
Because we’ll take care of numbers one to four and so much more besides! We aim to make owning an investment property a highly rewarding and profitable experience for you, without stress and unnecessary expenses. Expert advice, tenant sourcing, Realty Management and maintenance make for the all-inclusive Bayleys’ package. Take back control of your time by letting us manage your property for you.
Find out more about all the services we offer our landlords HERE.