If you’re a landlord, you’re probably always looking for ways to improve your property portfolio. Well, look no further. Here are 7 ways to make your property portfolio stand out.
Find the right first property
The first member of your property portfolio is perhaps the most important. It sets the tone for every property you add to it afterwards, giving you certain expectations and helping you get used to the challenges and considerations associated with managing a property.
Give yourself enough time to research your first property thoroughly. Chances are, your first property probably won’t be your best as you’ll be new to the process, so perhaps choose a smaller investment which is less of a risk.
Increase the value on your existing properties
As well as adding more properties to your portfolio, you can also boost it by increasing the value of the properties you already have. Minor or major renovations can significantly increase the value of the properties you own, therefore increasing the value of your portfolio overall.
Once you’ve made these renovations, you have the option of boosting rental costs or selling the property for an instant profit.
Stay up to date with the market
As a landlord it’s extremely important that you know what is happening in your industry. The property market is one of the most unpredictable markets out there, changing week on week, so if you’re thinking about investing in a new property you should be able to tell whether it’s actually a good time for such a purchase.
Get into the habit of scanning the news everyday to see how things are changing. You can also set up Google Alerts so that you never miss a key development.
Keep a close eye on your current properties
Just as it’s important to keep an eye on the market overall, you also need to make regular inspections of the properties you already own. If you let your guard slip then you can be faced with costly repairs and maintenance, so be sure to keep on top of your properties so that you can catch any potential risks before they turn into full blown problems. In order to do this effectively, you need to be sure you aren’t taking on more properties than you can realistically handle.
Cut your losses when you need to
With any loss, you need to cut it loose and move on. Too many of us hold on to dead investments because we don’t want to admit that it has failed, but this is all part of what it means to be a landlord with a successful property portfolio. Not every property is going to be a winner, and sometimes selling up and washing your hands of a property can be the most beneficial thing to do in terms of your wider property portfolio.
Create a firm strategy
It’s difficult sometimes to know whether a property is a good investment or a bad one. To make these decisions easier, you should have a firm strategy in place, clearly stating what your requirements are so you can check whether a potential investment meets them.
Your strategy should include researching properties thoroughly. You should also assess factors like location, both in terms of how much rent you can expect and how easy it is for you to access the property on a regular basis.
Get financial help when you need it in order to open new doors
Sometimes, you might find the perfect property but a lack of immediate funds stops you being able to take advantage of the opportunity. If you are looking for short-term finance such as a bridging loan, consider speaking to a reputable lender such as Glenhawk or contact a broker.