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How to Build a Property Portfolio?

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The world of real estate is vast and filled with opportunities. Whether you’re a seasoned investor or a newbie, building a property portfolio can be a game-changer. But where do you start? Navigating the complexities can seem daunting, but with the right guidance, it becomes a rewarding journey. Let’s set you on the path to success!

1. Understand the Basics

Before you jump into property investment, it’s crucial to grasp the basics. A property portfolio is essentially a collection of property investments owned by an individual or company. The goal? To generate a steady cash flow and, over time, appreciate in value.

2. Start with Clear Objectives

Every successful journey begins with a clear destination in mind. Before you invest a penny, determine what you want to achieve with your property portfolio. Are you looking for long-term wealth, a steady monthly income, or perhaps both? Setting clear objectives will guide your investment decisions and keep you on track.

Read Next: 5 Simple Tips to Jumpstart Your Property Business

3. Do Your Homework

Research is paramount in property investment. Delve into market trends, familiarize yourself with property values across various regions, and monitor rental demands. Grasping rental demand, tenant preferences, and the nuances of diversification is essential. These elements significantly influence your investment choices.

4. Seek Expert Advice

While it’s essential to do your research, consulting with experts can provide invaluable insights. Property consultants, financial advisors, and even seasoned investors can offer advice, share their experiences, and help you avoid common pitfalls.

5. Start Small

Rome wasn’t built in a day, and neither is a robust property portfolio. It might be tempting to dive in headfirst, but starting small allows you to learn the ropes without taking on too much risk. As you gain experience and confidence, you can gradually expand your portfolio.

6. Diversify Your Investments

Don’t put all your eggs in one basket. Diversifying your investments across different property types and locations can help mitigate risks. For instance, if one property type or area experiences a downturn, your other investments can help balance things out.

7. Understand Financing Options

Having a clear financing strategy is essential. Whether you’re utilizing your savings, opting for a mortgage, or collaborating with fellow investors, comprehending your financing options is pivotal. This understanding will shape how you procure properties and navigate your property investment journey.

8. Consider the Long-Term

Property investment isn’t a get-rich-quick scheme. It requires patience, dedication, and a long-term vision. Think about where you want to be in 5, 10, or even 20 years. This long-term perspective will guide your decisions and help you build a sustainable and profitable portfolio.

Read Next: Why Sustainable Real Estate is the Future

9. Stay Updated

The real estate market is dynamic and ever-changing. Stay updated with the latest trends, market shifts, and economic factors. Regularly review your portfolio’s performance and be ready to adapt to changing conditions.

10. Have an Exit Strategy

While it’s essential to think long-term, having an exit strategy is equally crucial. Whether it’s selling a property after a certain period or when it reaches a specific value, an exit strategy ensures you have a clear plan in place and can maximize your returns.

Conclusion

Building a property portfolio is an exciting journey filled with opportunities and challenges. By following the tips and strategies mentioned above, you can navigate the world of property investment with confidence. Remember, every investor’s journey is unique. So, take the time to understand your goals, do your research, and most importantly, enjoy the process!

The Power of Expert Property Management

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communicating with both clients and guests the power of expert property management

As a leading Airbnb management company, we understand the importance of providing exceptional stays for guests while maximizing returns for property owners. In this blog post, we’ll give you an inside look at the power of expert property management and how we can transform your property into a thriving and successful Airbnb venture.

1. The Importance of First Impressions

First impressions matter, and that’s especially true for Airbnb guests. A professionally managed property ensures that your listing not only stands out among the competition but also creates a lasting impression on your guests. High-quality photographs, engaging descriptions, and accurate information are essential components of a winning listing. Our team of experts works diligently to capture the essence of your property and showcase its best features, attracting more bookings and positive reviews.

2. Seamless Guest Communication

The keey to a memorable Airbnb stay lies in smooth and prompt communication. Our dedicated guest relations team is available 24/7 to handle all inquiries, from booking to check-out. We understand that travel plans can change unexpectedly, so we’re always on standby to provide assistance and support to ensure a hassle-free experience for both guests and property owners. This level of attentiveness not only helps to secure repeat bookings but also bolsters your property’s reputation in the Airbnb community.

the picture is to show tour communication readiness with both the client and the guests

3. Meticulous Housekeeping and Maintenance

A spotless and well-maintained property is crucial for guest satisfaction. Our professional housekeeping team adheres to the highest standards of cleanliness and hygiene, ensuring that your property is in top condition for every guest. We also take care of routine maintenance, attending to any repairs or issues promptly to avoid inconveniences. This commitment to excellence not only earns rave reviews from guests but also helps to protect and maintain the value of your property.

4. Dynamic Pricing Strategies

Maximizing your property’s revenue potential requires a data-driven approach to pricing. Our experienced team utilizes advanced analytics and market research to determine the optimal pricing strategy for your property. We continually monitor demand, seasonality, and local events, adjusting your rates accordingly to attract bookings and increase revenue. This dynamic pricing model ensures that you always remain competitive and capitalize on opportunities to maximize your returns.

5. Legal and Regulatory Compliance

Navigating the complex world of short-term rental regulations can be daunting. Our team stays up to date on laws and requirements, ensuring that your property is fully compliant with all applicable regulations. From acquiring necessary permits to managing taxes, we take care of the details so you can enjoy peace of mind and focus on the financial rewards of your Airbnb investment.

Conclusion

A professionally managed Airbnb property not only elevates the guest experience but also the power of expert property management is unlocks the full potential of your investment. By entrusting your property to an experienced management company, you can rest assured that every aspect is handled with care and expertise, from marketing and guest communication to housekeeping and maintenance. Join the growing number of property owners who are reaping the benefits of expert Airbnb management and watch your investment thrive.

How to Choose Between Long-Term and Short-Term Lets

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Letting your property can be a lot of work. It is best to decide whether a long-term or short-term letting period is right for you.  

When done right, letting out your property can be very profitable, but it’s also very time-consuming. There are a lot of differences between each letting model and this can affect your legal responsibilities and your potential income. 

Keep in mind that one letting model is not necessarily better than the other, they just require some different steps. Different types of letting are appropriate depending on what you hope to achieve with your property. So, doing your research ahead of time is a good start! 

The team at Keey has broken down this task into three options to help you determine which is best for your situation.

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Different rental types work better for different people.

Short-Term Rentals  

There are many upsides to managing a short-term rental property. 

Short-term rentals are characterised as a rental period shorter than six months. However, most tenants will prefer a period of one night to a few weeks when choosing this option.  

In conjunction with the popularity of Airbnb, this option has opened up more possibilities than ever before for a low-cost and low-commitment business model. It provides a lucrative opportunity if you can guarantee high occupancy and high rates.  

However, there are also downsides to this option. Statistically, short-term lets can achieve 30% higher rates and yields than long term lets. With a short-term let, however, your property might be vacant more often as you will experience a turnover of tenants. Due to a high turnover rate, it’s pretty unlikely that you’d consistently run at full capacity. 

Managing a short-term property is also more demanding of your time and effort. So, you may need to hire a host management service or sacrifice more of your time to constantly seek out new tenants to ensure the successful running of the homestay property.  

Read Now: What to Know Before Investing in a Property for Airbnb

Long-Term Rentals  

 As a more traditional landlord, you can decide to let your property on a more long-term basis. This would usually be between six or twelve months.  

When you have tenants in the property on a longer-term basis, you tend to have a more stable experience. You have a consistent income every month, so you have less to worry about when it comes to earning a living. Renting out your home in this way is also beneficial as the tenants will cover the energy bills, and demand for long-term rental properties is at an all-time high.  

However, entrusting your property for an extended period means you need to trust your tenants. It is vital to screen people before they rent the property to make sure the risk of damage is low. This includes regularly inspecting the property to assess any issues and making sure the tenants are satisfied and continue to be a good fit for the property. 

Read Now: How to Manage Multiple Rentals – Long-Term Lettings

Flexible Letting Models  

There is a lesser-known third option when letting out your property. A flexible letting model is a combination of short-term, medium-term and long-term rentals to maximise your revenue and letting potential.  

By taking a wide range of bookings, you can maximise occupancy rates and create the most profitable solution.  

With current restrictions on short-term stays due to the ongoing pandemic, you can fill up any available gaps in your annual calendar with medium and long-term rentals to ensure a steady, hassle-free source of income throughout the year.  

Read Now: 5 Things You Shouldn’t Do As a Landlord

To Sum Up

Now that we’ve looked at short and long-term letting options and how to use these methods to your advantage, it’s time to move forward and apply them to your business plan. Keep in mind the distinct pros and cons of each, so you can potentially combine them to get the best of both worlds when renting out your property.  

If these options appeal to you and you want assistance planning the best method for your letting business, Keey can help you. Contact us to find out more about our flexible letting models and hospitality management services.  

Top 8 Reasons Your Tenant Can Legitimately Sue You

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It’s easy to forget that lease agreements not only protect landlords and their properties but the tenants living in the rental too. It’s essential to know that those written lease agreements are legally binding. They protect not only the rights of landlords but also those of tenants. 

Landlords and tenants do not typically enter into their relationship looking for conflict. Sometimes, however, problems develop that cannot be easily fixed by a phone call or email. In these situations, a tenant may consider suing their landlord to resolve the issues in court. 

To help you prevent this from occurring, we have compiled a list of reasons that your tenant can legitimately sue you so that you can avoid them.  

Read Now: 8 Tips on How to Have a Healthy Tenant-Landlord Relationship 

Reasons Your Tenant Can Legitimately Sue You 

  1. Illegally Keeping Your Security Deposit 

As a landlord, you cannot… 

  • Take deductions for normal wear and tear on the property 
  • Hold onto your security deposit after your rental agreement is over 
  • Fail to return security deposits and claim falsely that the tenant violated the terms of your lease.  

If you do these things, your tenant may have grounds to sue you.  

Read Now: 5 Things You Shouldn’t Do As A Landlord 

  1. The Property is Uninhabitable 

If your tenants can’t live in your rental because it’s dangerous or poses a health risk, it may be considered uninhabitable. 

For example, suppose your rental has mould due to water damage, a rat infestation, or even storm damage that has wrecked the property. In that case, you will need to resolve the issue immediately. 

If your property is declared uninhabitable and you refuse to make repairs, your tenants might sue you.  

  1. Wrongful Eviction Proceedings 

Your tenant has the right to challenge the eviction notice. Landlords must also remember that tenants are protected by the Eviction Act 1977  which ensures the correct processes and notice periods are adhered to.  

If you’re looking to notify your tenant that you’d like them to leave your property, you must serve Section 21 or Section 8 notice under the Housing Act 1988. 

Section 21 notice of possession  

This gives ‘notice of possession’ to the tenant. You can take back control of your property at the end of a fixed-term tenancy agreement or trigger an agreed break clause.  

Importantly, you don’t have to provide any reason to claim possession when you serve a valid Section 21 notice. 

Section 8 eviction notice  

This is served when you have grounds for eviction.  For example, the tenant has not paid the rent, damaged the property or is causing a nuisance.  

You can terminate the tenancy during its fixed term if the tenant has breached the tenancy agreement. But your tenant may dispute it, and it could go to court, where you’ll need to evidence the reason for the eviction. 

  1. Housing Discrimination 

It is illegal for landlords to discriminate against tenants based on race, gender, disability, sexuality or religion. 

This means that the following acts are prohibited: 

  • Renting a property to certain tenants on worse terms than other tenants. 
  • Treating certain tenants differently when setting policies regarding facilities. 
  • Evicting or harassing certain tenants because of their race, gender, disability, sexuality or religion. 
  • Refusing to incorporate reasonable demands in a tenancy agreement which are necessary for a disabled person to live at the property. For example, problems could occur if a landlord held a ‘no pets’ policy and did not offer to alter it for a blind tenant with a guide dog. 
  1. Not Disclosing Lead Paint or Mould Issues 

Landlords are required by law to disclose any known mould or previous or existing lead hazards at their properties. Because these issues can cause long-term health problems, it is illegal for landlords to hide them from tenants.  

If your tenants find out you failed to disclose this type of information, they can rightfully sue you. 

Read Now: How to Better Your Communication with Airbnb Guests 

  1. Failing to Reimburse a Tenant for a Repair 

Sometimes tenants will perform repairs in a rental property because a landlord refuses to do so in a reasonable amount of time. When this happens, you must reimburse your tenants for the money spent on the repair.  

This is especially true if the repair was affecting the health and safety of your tenants and needed immediate attention. 

If you don’t pay your tenants for necessary repairs they perform on your behalf, they can sue you to recover the money spent plus damages. 

  1. Entering a Tenant’s Property Illegally 

Landlords usually have to provide reasonable notice to enter a tenant’s rental property, and they can only do so for legally allowed reasons. 

If a landlord violates these laws, the tenant can go to court to stop the landlord from entering and could be awarded damages.  

Read Now: Important Renting Rules for Landlords and Tenants to Follow 

  1. Injury  at Rental Property 

As a tenant, you could have a case for a lawsuit against your landlord if you are injured at the rental property due to a landlord’s neglect. For example, you slip and fall because there is no lawfully required bannister in the stairwell. 

You cannot sue the landlord if your injury is due to your own neglect. For example, your apartment is so dirty that you slip and fall in your apartment on a pile of your own dirty clothing. 

In Conclusion 

Don’t worry about facing your tenants in court – avoid the above situations and save yourself time and stress. There are laws set up to protect both landlords and tenants. While you might not be able to control whether your tenants follow the rules, you can make sure that you do.  

At Keey we have a range of management options as well as advice that will help your rental properties flourish. Get in touch with one of our experts today!    

How to Have a Healthy Tenant-Landlord Relationship

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Understanding how to deal with people is an important skill. As a landlord, you have a duty to support your tenant and cater to their needs. You should be mindful and attentive to their wellbeing and make sure that you are doing what you can to nurture the relationship correctly from the start. 

The relationship between landlord and tenant can vary from person to person. In some cases, the relationships may form effortlessly, while in others, the two sides just can’t seem to find common ground and might eventually have to move on. It takes considerable effort from both parties to create and maintain a good relationship. 

For the landlord, there are some things that you can do to help build and maintain a healthy and respectful relationship with your tenant.  

Below are some tips that you can take as a landlord to forge such relationships, and reasons why those steps are so necessary.   

How to Have a Healthy Tenant-Landlord Relationship 

  1. Be Accessible 

Ensure that you provide your tenant with a clear and direct line of communication with you in case they have any concerns about the property, or need to get in touch with you for any other reason.  

If your property is managed by an agent, you may still want to consider giving the tenants your contact details in case of an emergency. 

Doing this will demonstrate to your tenant that you genuinely care and will give them a sense of trust and confidence in you as their landlord. 

Read Now: Managing Your Airbnb: How to Create a Welcoming Space 

  1. Communicate  

It’s beneficial to take steps to maintain a communicative relationship with your tenant. Be approachable and available. This will help them feel comfortable discussing their concerns with you.  

Communicating these concerns will help build trust and loyalty between you and your tenant. Having a communicative relationship can help to resolve disputes easier, and can often help to avoid them altogether. 

Show your tenants that you are taking any issues they raise seriously by being open, displaying active listening skills, and asking questions. 

Read Now: How to Better Your Communication with Airbnb Guests 

  1. Be Understanding 

As a landlord, it is important for you to be understanding of your tenants’ needs. Although there may be times where you’re faced with difficult situations with your tenant and property, it is important for you to keep a level head and consider what is also best for the tenant. 

While you need to carry out your duties as a landlord, and you rely on that income from your property, some situations require a more delicate approach… 

For example, notifying your tenant about sensitive issues such as rent increases, rent arrears, or property inspections. 

Avoid being too confrontational or demanding. Situations like these may require a level of empathy, particularly with good tenants who are usually dependable. 

  1. Be Reliable 

As a landlord, one of your main responsibilities is to be reliable. Your property is not just an asset, but also someone’s home. Therefore, the job of landlord involves carrying out your responsibilities as best you can. 

As a landlord you should: 

  • Be attentive 
  • Take your tenants’ concerns seriously 
  • Make an effort to resolve issues as soon as possible. 

Always try to deal with problems within a reasonable time frame. For more lengthy, complex issues, such as severe repairs, you may need to explain to your tenant that the issue is being resolved and that it may take a while. You should also offer to keep them updated on any developments.  

  1. Use Multiple Channels of Communication 

Use multiple channels for communicating important information. Too often, landlords rely solely on one channel of communication such as an email or written notices to inform their tenants of important events, conditions or deadlines. These can be easily missed, leading to unpleasant surprises for both parties. 

Taking the time to call or visit in person, in addition to providing written notice helps build a better relationship with your tenant.  

  1. Respect Their Relationship with the Property 

Remember, it may be your property, but it is also your tenant’s home. That is an emotional relationship and as a landlord you should not forget that. 

You have to be mindful and respectful that this is the tenant’s place of belonging. Always ask permission and give notice when you need to enter the property.  

Read Now: Important Renting Rules for Landlords and Tenants to Follow 

  1. Update and Maintain the Property 

As a landlord you’re generally responsible for the upkeep of: 

  • The structure and exterior of your home – the walls, roof, foundations, drains, guttering and external pipes, windows and external doors 
  • Basins, sinks, baths, toilets and their pipework 
  • Water and gas pipes, electrical wiring, water tanks, boilers, radiators, gas fires, fitted electric fires or fitted heaters. 

As well as this, you have to ensure that your property is fit for human habitation.  

Your home might be unfit for human habitation if for example: 

  • There’s a serious problem with damp or mould 
  • It gets too hot or cold and can’t be regulated 
  • There are too many people living in it 
  • It’s infested with pests like rats or cockroaches 
  • It doesn’t have a safe water supply. 

Read Now: 5 Things You Shouldn’t Do As A Landlord 

  1. And… Remember that Your Tenants Are People Too 

At the end of the day your tenants are people just like you. Treating them with a bit of kindness and understanding goes a long way.  

If you view your tenants through that human lens, you’ll form strong, reliable relationships that benefit both your tenants and your bottom line.  

At Keey we have a range of management options as well as advice that will help your rental properties flourish. Get in touch with one of our experts today!    

How to Manage Multiple Rentals – Long-Term Lettings

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Investing in real estate is a great way to grow your wealth and create financial security for your future. But when you begin to grow your investments, it can easily become stressful. Managing multiple properties is a difficult task, as each comes with its own challenges and issues.  

Don’t let this discourage you though – there are lots of ways to ease the pressure of owning multiple rentals. You can reduce the day-to-day stress and the amount of time you spend focusing on your rentals, whilst still benefiting from the multiple streams of income they provide. So, what’s the best way to achieve this? 

Get Organised  

When it comes to managing multiple rentals, organisation is key. Each property comes with lots of individual paperwork and legal forms. If you don’t organise them, it’s easy to get information about different properties mixed up, which can cause issues in the future.  

Use a filing system that works for you and be consistent with it, whether it’s online or physical. This will make it easier to find any information you need quickly, and can stop you from feeling overwhelmed.  

Don’t be afraid to organise regular visits to your properties. This can help you ensure they are still at a high standard, and any issues they have can be dealt with immediately. If your tenants expect you at regular intervals, you can build a better relationship with them. They will feel more comfortable asking for help regarding the property, which will help you keep track of maintenance.  

Read Now: How to Carry Out a Thorough Rental Property Inspection 

Use a Rental Management Company  

It’s easy to feel overwhelmed by the workload of managing a rental, which only increases when you have more than one. It can be beneficial to contact a professional rental management company, who can ease the pressure and cover the complicated parts of owning rentals.  

Whilst it can sometimes be pricey, they understand the intricacies of legal issues and complicated systems which you may struggle with. It can be easy to make mistakes with tenancy laws, which can eventually lead to fines. 

 

Rental management companies can provide aid in many different aspects of property owning, including: 

  • Screening tenants 
  • Property inspections 
  • Maintenance requests 
  • Filling vacancies 
  • Legal issues 
  • Security deposits.

Choosing to self-manage all of your properties can be very time-consuming – tenants often want immediate service for problems that you may not be able to provide.  

If it’s short-term rentals you’re trying to juggle, using a rental management company like Keey can remove all of the heavy lifting for you! 

Read Now: Important Renting Rules for Landlords and Tenants to Follow  

Screen Your Tenants  

If you want to minimise hassle down the road, it is important that you have tenants that are trustworthy and responsible. By screening your tenants meticulously, you remove significant risks. You are less likely to have issues with rent not being paid, or with the property being mistreated, if you have paid attention to the type of people renting your property. 

Having multiple rentals becomes a lot easier to manage when you don’t have to constantly fix problems that your tenants are causing. This removes anxiety and creates a level of trust between you and your renters. If you trust them, they will find it easier to trust you.  

Property managers can help you find tenants that are best suited to you and your rentals, so you don’t have to worry about the screening process. If you like your renters, it becomes easier to form good relationships with them too. This makes fixing any issues a lot easier, as they won’t feel worried whenever they reach out to you.  

Utilise Technology  

Technology is a great way to manage details, and simplify the process of maintaining multiple rental properties. You can use it to make lots of aspects of property rental easier, including: 

  • Checking applicant history 
  • Handling rent 
  • Receiving requests from tenants  
  • Signing documents. 

Lots of rental management companies provide specialised software, data and systems that can help to simplify the processes even more. This can remove a lot of pressure, as you are less reliant on having to understand the intricacies of property management.  

The presence of Covid makes people feel tenser about in-person interactions. By utilising technology wherever possible, you remove the stress of face-to-face interaction and create a more comfortable situation for your renters.  

Read Now: 5 Things You Should Know About Long-Term Letting  

In Summary 

Investing in multiple rental properties can be a good way of making extra income, and it doesn’t have to be difficult. Property management companies can help to ease the pressures of owning properties, and create a sense of balance. 

Having strong relationships with your tenants makes the process much easier, and soon you will be seeing all of the benefits of managing multiple rental properties! 

If you want to learn more about how to manage your rental properties, contact the team at Keey today. We can help to find the methods that work best for you and your goals.  

Finding the Best Rental Listing Site for Your Property

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Finding the best rental listing website is key to get the best tenant for your property, quickly. Choosing well can make a big difference in: 

  • The amount of time you have to spend showing your rental properties  
  • The quality of tenant you’re able to attract 
  • The number of interests in your property. 

But the number of platforms designed to connect landlords and tenants has increased dramatically in recent years. It can feel overwhelming to try to determine which site is best for your rental listings.  

To help make things easier, we have reviewed and come up with a number of the best websites for advertising your rental properties, along with the basics of what they offer so you can find the perfect site for your marketing strategy.  

Read Now: Top 12 Reasons Why Your Property Isn’t Selling 

  1. OpenRent 

OpenRent is currently the UK’s largest online letting agent and for good reason. They have made online listing accessible to essentially everyone.  

When you create your first lettings advert on OpenRent, they will review and publish it to the property listings on Rightmove, Zoopla, Primelocation and all major property portals. 

OpenRent offer a 5-day free trial. After those 5 days, prices start from £29 for 3 months (which is still reasonable). 

Many people who have used OpenRent have found a tenant within that first 5 days – and more than a handful who claimed it was within 24hours. 

Might as well give it a go! 

  1. Airbnb 

Airbnb is a great option if short-term lets are your business model. The site is easy to function and once you have created your account, Airbnb gives you a walkthrough of how to build your listing.   

Essentially, all you need to do is… add great photos and decide how much you want to charge your guests.  

Airbnb is very flexible. You have full control of your property listing. You can personalise a listing to suit your needs and set promotions for your rentals. The site will even set rental prices for you, based on market averages. Sounds pretty easy right? 

It’s free to create a listing on Airbnb, however, they will charge a service fee of 3% when someone books your property.  

Read Now: 10 Tips to Get More Airbnb Bookings 

  1. Rightmove 

Rightmove attracts more than 120 million people each month. It’s huge! A lot of people check out Rightmove when they want to rent or buy a property. 

However, Rightmove doesn’t allow you advertise properties directly. You’ll need to use a letting agent or third-party, which depending who you go with, can be costly.  

However, there are some online companies that offer fixed price advertising deals – see our section on OpenRent.  

  1. Zoopla 

After Rightmove, Zoopla is the second-largest property site in the UK. However, compared to Rightmove’s 120 million visits, Zoopla only sees 40 thousand a month.  

Like Rightmove, Zoopla doesn’t deal with landlords directly, so you will need a letting agent or third-party. 

The good news is most online letting agents include Zoopla in the lists of websites they use. If you opt for OpenRent you can have access to both Rightmove and Zoopla.  

  1. Primelocation 

Primelocation has become the leading online destination for property consumers in the UK. It is owned by Zoopla. Like Zoopla and Rightmove, landlords can’t list properties directly on Primelocation, you will need a letting agent or third-party.

However, as part of the Zoopla brand, Primelocation does generate a fair amount of traffic so it’s a great option. 

  1.  SpareRoom 

Don’t be fooled by the name – you can advertise entire properties on the SpareRoom website, although it is mainly aimed towards people looking for someone to rent a spare room. 

It’s a great option as the site gets around 2 million visits a month and it’s also free to use. From a marketing standpoint, because the site is free to use, it makes sense to list your property on there. Especially if you have a low budget. After all, what have you got to lose? 

  1. Accommodation for Students 

Accommodation for Students is the UK’s number 1 Student Accommodation Property Portal. If you have student rental properties then this is the site for you.  

As a landlord you can advertise directly to students and cover all the UK university towns and cities. Creating an account takes minutes. 

The good news is you won’t need a third-party to advertise your listing. You can advertise a full property from just £20 +VAT. 

Read Now: Should I Rent My Property to Students? 

  1. On The Market 

According to On The Market themselves, it is “the most uncluttered and easy to use property portal”. Their site is growing. On The Market published figures showing that online traffic is increasing and listing generate more leads than Rightmove and Zoopla.  

On The Market uses letting agents and third-parties to advertise on their website. If you want to cover your bases, consider looking for a letting-agent or third-party to advertise on this portal.  

  1. Facebook Marketplace 

Social media can be an excellent marketing channel for landlords. Most tenants use social media, so you can’t afford to ignore the likes of Facebook Marketplace when it comes to letting your properties.  

The downside is that listings can soon drop down the page after posting on busy pages, so after the first day don’t expect a lot of attention.  

The secret of success on Facebook Marketplace is to get as many people to share your post as possible so it reaches the maximum number of people. Encourage friends and families to share your listing.  

A Final Word 

With so many sites to choose from, landlords have endless opportunities to find new tenants. You will need a letting agent to post on many of the larger sites, but if you would rather go it alone or your budget is low, try one of the free sites. In fact, why not try ALL the free sites? You really have nothing to lose and everything to gain. 

We here at Keey have a range of management options that will help your rental properties flourish and grow your company. Get in touch with one of our experts today!  

How To Boost the Value of Your Property in 2022

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When listing your property for rental, you should always consider increasing its value before putting it on the market. 

Financial value might be the first thing we think of when we talk about value, but when it comes to renting, aesthetic value can have a huge impact on returns.  

A property can justify high rent prices with its function and size, but if it looks dull, or even oppressive, it’ll be hard to attract enough interested renters to provide you with regular income. 

Read on for some key checks to make on functionality and top tips to get your property looking stylish and welcoming in 2022. 

Read Now: Renting Out Your Home on Airbnb: The Pros and Cons 

Make Utility Repairs 

Before thinking about updating the look of your property, the first thing to address is your plumbing and electric. 

Plumbing 

Ensuring that your water pipes are in the best condition they can be ensures that there won’t be any problems with water flow, such as blockages, or noises from the pipes. 

Neglecting your plumbing is one of the worst things you can do for your property’s value.  

Avoiding burst pipes and damp appearing on ceilings is key. Make sure to reseal the areas around the showers and baths in your property regularly.  

Electricity 

Your property’s electricity may be functional, but you’ll want to ensure that your wiring is efficient, practical and safe as possible.  

For example, if you’ve got one light switch that controls two sets of lights in a room, you could adjust this for a higher-quality renting experience. 

Checkatrade, a contractor listings company, estimates that repairs can add 3-5% to your property’s value, and note that working to rectify imperfections will make your property more appealing to renters. 

Taking these pre-emptive measures early can save you money on short-term property improvements while increasing the value and appeal of your property. 

Read Now: How to Carry Out a Thorough Rental Property Inspection 

Give Your Interior an Appealing Redesign 

If you get creative, redecorating indoors can be one of the cheapest ways to increase a property’s value. Aim for design choices that are eye-catching, yet have broad appeal. 

If your property is coated in off-white or beige paint, or simply hasn’t been decorated in many years, you may want to consider repainting it using brighter, more aesthetically pleasing colours. 

The best redecoration has mass aesthetic appeal, as you’ll likely draw in more potential renters in addition to being able to charge more on your property’s listing. 

Read Now: 3 Reasons Every Landlord Should Use an Interior Designer  

Painting your property’s interior can freshen it up, erasing years of wear and tear and adding value. 

Re-carpeting or installing wooden flooring can have a similar effect. In fact, Evolution Money, a loan company, suggest that by investing around £365 on your flooring, your property’s value can rise by 2%. 

Consider Remodelling a Room or Two 

Interior rooms that undergo lots of use like bathrooms and kitchens are those which show the worst signs of aging and wear.  

Remodelling these rooms will be expensive and time-consuming, especially if you’ve taken the time to pore over every element and hired a contractor. 

However, if you have the time and budget, remodelling your kitchen alone can raise the value of your property by 4.6%. Remodelling the bathroom can raise it by 2.9%. 

In the kitchen, consider replacing cupboards, shelves and doors. Countertops are an option, but you might need to pay a contractor to perform this work. 

In the bathroom, you can replace taps and sinks. 

Read Now: The Best and Worst Property Maintenance Projects for Your Rental Value 

Consider Remodelling Your Exterior 

Applying some TLC to the exterior of your property can give it new aesthetic ‘curb’ appeal, great for a first impression. This is hugely important when the first photos renters see of your property will likely be of the outside. 

The most extreme measures you can take here are: 

  • Repainting the exterior altogether 
  • Retiling the roof 
  • Installing solar panels 
  • Double-glazing windows. 

If you have a garden, adding a tile patio, gazebo, or garden office can modernise or add interest to an otherwise bog-standard lawn. 

If you’d prefer not to increase the scope of your property improvement project to this level, there are smaller changes that you can make that can still increase the value of your property. 

Outside, you can repaint your front door, add or replace a knocker, or replace the handle. You might also consider an entirely new door to make the best possible first impression. 

Whatever you decide to do, Checkatrade have a useful breakdown of the prices you can expect to pay when contracting the work out in 2022. 

Read Now: 5 Low Maintenance Landscaping Ideas to Complete Your Property 

Extend 

If your budget is large enough, one of the most drastic steps you can take to increase the value of your property is to install an extension. 

Extensions typically involve having a whole other room, and sometimes even more, affixed to the property.  

Flying Homes, a real-estate hub, found that 4-bedroom properties listed on Zoopla, a real-estate listing site, cost on average £85,000 more than 3-bedroom properties. 

Extensions are a costly undertaking, and it’s worth conducting your own research to compare the amount of money you’ll need to put into the project versus the valuation of your property afterward.  

As a landlord, you’ll also need to factor in how long it will take to recoup your costs from renters. The upshot is, of course, that you should be able to charge more for rent, and recoup costs quicker. 

If you already have an extension on your property, consider if there’s anything about it that feels ‘off’ when compared to the rest of it, and be ready to invest in solutions to make the whole house feel like one building. 

In Summary 

Maintaining your utilities, remodelling your most used rooms, and updating key features are the best ways to increase the financial and aesthetic values of your property. 

The good news is that you can tailor the extent to which you improve your property based on your resources. If on a budget, prioritise: consider replacing that scratched floor or stained carpet.  

Putting time and energy into updating your rental property ensures that your renters come away with the best impression and reviews to give of their stay. 

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Keey can provide the best advice for improvements on single rental properties or an entire portfolio. Contact us today.  

How to Carry Out a Thorough Rental Property Inspection

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It’s natural that all landlords should want to make sure their properties are being looked after and kept in good condition.  

Therefore, it’s important to conduct inspections that are both thorough and in keeping with the law, to help achieve a harmonious relationship between landlord and tenants. 

The main (and most obvious) reason for a property inspection is to check for any new signs of damage or deterioration, so that you can arrange to get things fixed where necessary.  

However, your duties and limitations as a landlord may not be as immediately obvious as just checking for any signs of damage to your property.  

Therefore, we have created an essential guide to help you swiftly conduct your property inspections.  

What Should a Landlord Check When Inspecting a Property? 

As a landlord, you have a duty to make sure your property is legally compliant and a safe place for your tenants to live. You will be looking to see if anything needs repairing or replacing and whether there is anything that might represent a danger to the tenant.  

It’s also a great opportunity to check that the tenant isn’t doing anything that is in breach of the tenancy agreement. As well as this, inspections give you the perfect opportunity to check in with your tenants to make sure they are happy. You can use this opportunity to discuss and resolve any potential issues they might have. 

We’ve separated our inspection check list into three distinct sections to help you: 

  • Statutory inspection checks 
  • Tenancy breaches 
  • Recording the Property’s Condition.

Statutory Inspection Checks 

The checks in this section are required for health and safety: 

  1. Fire Safety 
  • Test all smoke and CO alarms and replace batteries if necessary 
  • Make sure that escape routes are freely accessible and that the tenant knows where they are 
  • Make sure that all fire doors have clear access and can be opened 
  • Check that all supplied furniture is fire safe. 
  1. Gas Safety 
  • Give the tenant a copy of the gas safety certificate before they move in 
  • Have every gas appliance, boiler and flue checked by a registered engineer annually 
  • Verify the property has hot water and the heating works. 
  1. Electrical Safety 
  • Have a registered electrician carry out a professional check every five years. 

Tenancy Breaches 

  1. Illegal Activity 

Sometimes the signs can be obvious… Drug use can be easy to spot through smell and the paraphernalia used. 

  1. Tenants subletting 

Your tenant might be looking to sublet your property without your knowledge or permission. Subletting can lead to overcrowding which has legal implications. Signs that your property might be being sublet include: 

  • A tenant claiming the people staying there are just guests 
  • Too many beds for the number of tenants. 
  1. Smoking 

Most tenancy agreements ban smoking as it can result in costly repairs which are timing consuming. The smell of cigarettes is easy to detect as it lingers and is hard to cover up. Even harder to hide are nicotine stains or worse burns.  

Remind the tenant that they are ultimately responsible for returning the property in the same condition as at the start of the tenancy. If they don’t, they will have to pay for the damages. 

  1. Undisclosed Pets 

The government have changed their model tenancy agreement, making it easier for landlords and tenants to include well-behaved pets in their tenancy. However, many landlords still object to having a pet. If there is evidence of a pet at the property you should discuss this with your tenant. 

Read Now: Landlord Best Practices: Is it Worth Allowing Pets? 

Recording the Property’s Condition 

  1. Damp and Mould 

Condensation is the most common form of damp in rented properties. It occurs when excess moisture in the air comes into contact with a cold surface, such as a window. This can lead to mould growth and tends to be worse in winter because of the cooler temperatures.  

Mould can represent a serious health hazard. It can be caused by the tenant not using ventilation or heating properly. If that’s the case you should discuss this with the tenant to find solutions. Check for:

  • Flaking paint 
  • Mould spores 
  • Dark patches 
  • Unpleasant musty smells. 
  1. Leaks 

You should conduct a thorough check of all taps and plumbing for leaks and drips. Fix these before they develop into serious issues. 

Burst pipes for instance can cause a great amount of water to flood into the property very quickly. Prevent these by keeping all plumbing in good condition.  

  1. Pest Infestations 

Depending on the rest, both property and health can be at risk with a pest infestation. For this reason, ensure your tenant alerts you regarding any possible infestation as soon as they notice it. 

  1. Cleanliness 

If a lack of cleanliness caused by the tenant is causing damage to the property, you should address it promptly. If you believe the standard of cleanliness is unreasonable you can suggest how it could be improved. 

  1. Blocked Drains 

Blocked drains are usually caused by fat, grease, hair and objects such as wet wipes or sanitary products. Where the tenant is responsible for these, talk to the tenant about their habits and discuss preventative measures. Although drains are the landlord’s statutory responsibility, tenants will be responsible for blockages they have caused.  

How Often Should a Landlord Inspect a Property? 

You don’t want to be constantly popping in on your tenants. Usually, the first couple of visits give you a feel for the tenants and this can determine how often you’ll need to visit. 

However, it may be a good idea when you start the tenancy to agree on an inspection schedule. Quarterly (every three months) is a good amount of time between checks. 

Giving Notice of an Inspection  

Landlord have some rights of access, as per the Housing Act 1988. In accordance with tenant and landlord law, you’re required to give a minimum 24 hours’ notice before you visit, otherwise your tenants are within their legal rights to refuse you entry. 

Can Tenants Refuse Access to the Property? 

Be aware that you must have a genuine reason to ask for access. If you show up unexpectedly, tenants have the right to turn you away. 

Read Now: 5 Things You Shouldn’t Do As A Landlord 

Entering the Property in an Emergency 

Landlords can access a rental property in an emergency, without first seeking consent from the tenant. Examples of emergency scenarios include: 

  • Fire or gas leaks 
  • You strongly suspect the tenant is doing something illegal 
  • A neighbour reports a nasty smell of decay and you can’t get hold of the tenant 
  • A neighbour reports water pouring from the ceiling from your flat upstairs 
  • You need to carry out urgent structural repairs to the property. 

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If you want to learn more about how to manage your properties and feel you can benefit from Keey’s services, take a look at what we can do for you.  

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