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The Reality Behind Rental Property False Economies

The Reality Behind Rental Property False Economies

In this
two-minute read, we look at the false economies many landlords in Kent
are making regarding their rental properties.

Many of us realise
doing a bit of DIY can save you money. But it comes with a caveat that you must
know what you’re doing first.

For every successful
bit of hallway decorating, there are dozens of tales of lopsided shelves,
incorrectly fitted taps, and a whole host of other DIY disasters and fails.

And this risky
approach doesn’t just apply to home DIY – we often see it when a landlord tries
to do everything themselves.

Here are five of the
most common mistakes landlords make when they think about the pennies but take
their eyes off the pounds.

Marketing matters – There’s much more to
marketing a rental than simply slapping it on Facebook or Gumtree and hoping
for the best. It’s nigh on impossible to achieve a property’s optimum rent by
using this approach.

Poorly referenced tenants – An excellent
letting agent will carry out all the proper referencing needed to ensure you
get a good, reliable tenant. Skipping this process and ‘going with your gut
instinct’ can be hugely expensive further down the line if the tenancy turns

Maintenance mistakes – The most significant
error landlords make when it comes to maintenance is not having money set aside
in their budget to keep their property in good condition. A general rule of
thumb is to put away £100-150 per month towards maintenance and general upkeep.

Cheap is not cheerful – Many landlords make
false economies by scrimping on things like flooring, windows, and taps and
fittings, only to have to replace them more quickly than they would have if
they invested a little more in the first place.

Temperamental tradespeople – The nightmare
scenario for many landlords. A call comes in on a Sunday evening (usually when
you’re on holiday) from a tenant telling you the boiler has packed up. DIY
landlords often rely on their own trade contacts in this situation, which can
be great but is often not. However, a good letting agency has access to a pool
of tried and trusted tradespeople who fix things fast and professionally.

Of course, we understand that you want to get
the best possible returns from your rental investment. But experience has
taught us that using a letting agent to find tenants and manage your property
is money well spent.

We’d be delighted to offer a free review of
your rental property/properties and highlight where you can save money but also
protect your assets.

Call us on 01634304326 or email