Acquiring rental property can be an attractive business investment in 2013, especially now the government has introduced new measures in the property market which they hope will bring an overall confidence boost to the UK property market. If you are planning to start or increase your property books this year, here is a look at how you can successfully build and market your assets.
Save up – In order to achieve maximum profitability, it is important to plan your investments wisely after saving up enough cash to buy several properties for a credible property portfolio. Several properties will eventually yield a higher return on investment which you can then invest into more property.
Time management: Whilst looking for new property investment, a lot of landlords make the mistake of viewing their return on investment in a purely financial sense. Yes, this is the main concern; however, you will also need to think about how much time you are willing to invest into these new properties. You will need to factor into your plans a family and social life, perhaps a full time or part time job and other commitments. If you feel that you are overwhelmed with your workload, you may want to think about investing in a professional portfolio builder.
History: As well as researching the local area for amenities and other points of interest, it would also be wise to investigate the history of a buy to let property before investing. Find out about previous demand for the property by looking at gaps in which it was left unoccupied.
Deals: By working with a broker, not only can you have access to the best buy to let properties but they may be able to negotiate a discount price from the original property price of up to 30%.
Once you have invested in a new property, you will then need to implement marketing skills in order to gain tenants.
More buyers are now looking online for buy to let properties. These internet searches are visually based; therefore properties without photos or those with low-quality pictures are usually ignored and may be regarded as dubious and dodgy. Make sure you have high resolution, well lit pictures of the interior and exterior of the property. The property should always be well presented in the photos. Any rubbish should be cleared and side streets or cars should be cropped out of the frame.
A good, old-fashioned sign outside of the property acts as an inexpensive flag for passersby. Ensure that phone numbers and details are included and that the sign is properly secured into the ground or onto a wall.
Invest in online and print advertising to gain exposure. Many sites including Rentify property management allow you to create free adverts and join free online listings. Advertising in your local paper will also increase your local exposure rather than a national newspaper.