Money Saving Advice For LandlordsWritten By PropertyLoop March 03, 2021
As most landlords already know, this job isn’t a walk in the park! Turning a profit can be tough going and the responsibilities placed upon your shoulders aren’t easy to pick a path through either. If you’re a private landlord who is looking to list a property via an online property agent or lettings agency, then you’ll be pleased to learn that there are several very easy ways to help you save cash….without cuttings corners.
Will You Need a Buy to Let Mortgage
If you’ve got a buy to let mortgage, given how tough they are to arrange, most simply stick with them. But if your mortgage is one of the primary expenses for your property, then by reviewing it every year you may be able to save a little cash. This could be done by contacting your lender and asking for a better rate, or investigating any new products they have. You could also investigate switching mortgages – just make sure you consult with a mortgage broker as well as look at some comparison sites to find the best deals around!
Online Lettings Agencies
When searching for tenants you can either do everything yourself, cutting out the fees for estate agents, or hand it over to the professionals to do. By undertaking the marketing work yourself you’ll save hefty agency fees. But this could also impact the time it takes to find a tenant, losing you cash in the slightly longer term. By going with an online property agent you’ll save a lot of the fees charged by brick and mortar companies whilst still achieving the results you need. Their fees are usually fixed, too – meaning there’s less to come out of your pocket. Plus, with the majority of renters now using the internet to search for properties, you’re guaranteed to have a huge audience.
Is It Worth Getting Landlord Insurance?
It may well be simple and stress free to renew your insurance policies every single year, but shopping around for the best rates and coverage can really yield some serious money saving results. Comparison sites offer quick and easy quotes within minutes. Plus, by taking out specific landlord insurance, you’ll guard yourself against a world of possible mishaps in one fell swoop.
Although this won’t save you money right off the bat, ensuring all of your compliance paperwork like Energy Performance Certificates, Gas Safety Certificates and licensing is in order will stop you incurring any fines or undue expenses. They are all necessary for renting out a property and ignoring legal obligations could land you in some serious hot water. Also, failing to place a tenant’s deposit into a protection scheme can see you paying out hefty compensation.
The best way to save money is by being a good landlord and not trying to cut any corners. Keeping appliances serviced regularly and paperwork up to date will nip any issues in the bud, long before they become costly expenses. This in turn, leaves your tenants happy and much likelier to want to stay on with a longer tenancy.
PropertyLoop is the world’s first commission free lettings platform. Our platform allows landlords to advertise their rental, reference tenants, curate an agreement, register the deposit and collect rent completely for free! There are no hidden charges, upfront fees or any catches.
Built by experienced property investors and landlords, PropertyLoop connects renters with the owners directly. Your property is featured on all major search and comparison portals as well as advertised by PropertyLoop everywhere else on the Internet. You don’t have to worry about finding the good renters, that’s the job for the platform. Receive offers straight to your mailbox and select the renters that are right for your property. Need access to busy London property market? No problem at all! PropertyLoop is the London market specialist with years of experience and unique knowledge. Whatever your needs are, you can always speak to friendly support staff. Renting property is made as simple as one, two, three.