There are many different ways for landlords to make money today. The rent to rent strategy is something that is definitely worth thinking about if you have not already. So, let’s take a look at some advice and information regarding the rental market and how you can make this work for you.
Rent Guarantees Can Provide Struggling Landlords With a Fixed Monthly Income
Did you know that unoccupied properties could cost landlords thousands of pounds? Rent guaranteed schemes provide you with an alternative. Imagine a guaranteed income every month – regardless of whether your property is occupied by tenants or not. The result? You receive a significant income without having to worry about finding the right tenant.
So, how does it all work? Well, guaranteed rent takes the pressure of landlords having to manage their rental properties, and will ensure that the right tenant is chosen. Companies that specialise in rent guarantee services will use their knowledge of the local market and advertising to ensure that the property reaches the widest audience possible.
After all, in a competitive market, you will need to find a tenant quickly and make sure you receive the best rental price available. As so many landlords find themselves struggling to cover the cost of a property when a house or flat is vacant, this service has become increasingly popular.
Rent guarantee services will provide you with a competitive fixed monthly sum, which will be paid on the same day every month. It doesn’t matter whether the property is occupied by a tenant or not – you will still receive the amount. This means you can cover your property management service and have a guaranteed profit per month.
What’s more, you will be protected in the event that a tenant becomes ill or loses their job, and because there will be no void periods, you will have financial stability every single month.
What To Consider When Looking For A Rent To Rent Property
Do you need a property to rent for the purpose of subletting? This is an approach a lot of people are taking to make more money. They rent a property from a landlord, and then they rent out the rooms individually, pocketing the difference. Nevertheless, you’ll need to find a good property for this scheme to be a success, so keep on reading to discover more.
Choosing a property for the purpose of then renting it out again is very different, as you need to consider what is going to appeal to others rather than what you personally want from a property.
You also need to think about what is going to make you the most money. For the rent to rent scheme to be a success, you need to select a property that has the potential to be turned into about five bedrooms, if not more. After all, you are going to be renting out each bedroom separately, and thus if you only go for a small one bedroom apartment, you will not be able to make a profit. In addition to this, location is important.
You want to look for rental properties that are in areas whereby people want to rent single rooms. Student locations are ideal and areas where there are a lot of young professionals are also recommended.
Take London as a prime example; people would rather sacrifice having a flat or property to themselves so they can be situated in the prime location of England’s capital city. The same can be said for other city centre locations too. You also need to calculate your finances and do a bit of digging to discover the average rental prices so you can see how much money you can expect to make.
Training For Renting A Property For The Purpose Of Subletting
Are you interested in the rent to rent strategy? If so, you will be looking for assistance to ensure that everything goes successfully, whether you want professionals to help find me a property to rent, or you want guidance on how the process works. Read on to discover more about what you should consider.
The rent to rent scheme is a very attractive proposition. You will rent a property from a landlord, and then you will sublet the rooms to individual tenants. You will collect the payments from all of your tenants, after which you will subtract costs – such as maintenance bills, insurance and the rent to the landlord – and you will then keep the difference for yourself.
However, you need to have a solid strategy in place if this is to be a success, which is why expert outside assistance is a must. You should look for a company that can help you through the entire process, from initial training to on-going support. They should teach you everything you need to know so that multi-letting rental properties is a success, including negotiation skills, dealing with agents and setting up properties.
You should make sure those that run the training course have a considerable amount of experience in the industry, and they should, of course, use their strategy and be making a profit from it. You should also read reviews from people that have already been on the training courses and used the services of the company, so you can be sure they have a good reputation in the industry.