I had a landlord call to pick my brains a couple of years back. He was becoming a little despondent with his property portfolio as it seemed to be struggling with a higher than usual turnover of tenants. The affect of this was that it was reducing his much needed cash flow.
"Why?", you might ask. Well, there are a couple of reasons.
Firstly, because a regular turnover of tenant means that as a private landlord you need to regularly spend time and money getting your vacant property out there to potential tenants, as well as having to carry out multiple viewings on a frequent basis. Once you have found a potential tenant you then have to carry out the necessary credit checks and Right to Rent checks. And, pending these potential tenants come out of these checks smelling of roses, and you don't have to go through the whole process again, there is the Check-In and conditional report to contend with.
Secondly, because whilst you are spending your valuable time and money finding new tenants, it is very possible the property will be sitting empty, gathering dust, costing you council tax, and bringing in no rent at all.
My advice to him was very simple, and borne from many years of experience working at Redbrick Properties.
As it happens, the landlord in question asked us to find a tenant for his vacant property, and as a result of practicing what we preach, we still have that same tenant in the property to this very day. Plus, we are now fully managing his property portfolio whilst keeping his cash flow healthy.
Redbrick Properties are always on hand to offer landlords advice as well as an award winning service. We'd love to here from you so please feel free to get in contact.
Redbrick Properties was established back in 2002 and since then has gone from strength to strength building up a fine portfolio of residential properties along the way.
We could never be accused of being a faceless agency as both Mark and I still work front-line in the office along side our experienced and capable staff.