Are you looking to get the most out of your rental property in 2023? With many people opting for long-term rentals over traditional purchasing options, it’s now more important than ever to make sure you know what steps to take to maximize your returns. In this blog post, we’ll explore some of the best practices that can ensure you’re getting maximum value from each and every investment while also ensuring a smooth operation process. We’ll look at how effective marketing efforts and tenant relationship management are integral parts of achieving success with your rental properties, as well as other tips on how to stay ahead of industry trends! So, let’s get started by diving into a few key concepts that will help you start carving out an additional income stream from your investments sooner rather than later!
Finding a Letting Agent
One of the very first things that you are going to want to do to get more from your rental property in 2023 would be to find a letting agent. If you are new to being a landlord, you have most likely already noticed how difficult it can be and how much there is to learn.
Finding a professional letting agency will provide you with a range of benefits. For example, Milnrow Letting Agents will always ensure that there are tenants on your property, and they will do the screening for tenants on your behalf.
They will also handle any problems your tenants might have, and most importantly, they will enforce the lease agreement, which is something that many new landlords have trouble with.
Deciding on Property to Rent
One of the most important factors in getting more from your rental property begins with deciding on a property to rent. There are many factors that you will need to consider before choosing a property to buy and let.
One of the most important factors would be the location. If the property that you have chosen to buy to let is in an up-and-coming neighborhood with a lot of job opportunities, you will always have tenants moving in to get closer to work.
You will also need to decide whether you will be buying a house to rent out or apartment buildings. This will determine the amount of maintenance as well as the amount of rent you can charge. The features the home or apartment provides will also determine the rental amount, so you need to decide if you will be renovating or not.
Modernize Important Rooms
The next thing that you can do on this list to get more from your rental property in 2023 would be to modernize the important rooms. Much like when buying a home, some rooms are more important than others in terms of rentals, and modernizing the important ones will go a long way in improving the price.
The two most important rooms that potential tenants will always look at are the kitchen and the bathroom. However, when modernizing these rooms, you don’t need to spend as much as you would if you were renovating your home to sell.
A few things that you could do to cheaply modernize the kitchen and bathroom would be to replace the doors, door handles, light fixtures, and faucets and give them a new coat of paint or new tiles.
Increase Energy Efficiency
If there’s one thing that potential tenants are keeping an eye out for in 2023, it’s energy efficiency. This makes sense, since the more efficient a rental is, the less money the tenants would be spending on utility bills every month.
Aside from being an obvious benefit for tenants, it is also a benefit for you as a landlord, since you can charge slightly more for rent. This is because the tenants wouldn’t be paying nearly as much, if at all, for utilities, and as such, they could afford to spend a little extra on rent.
Adding more sources of natural light is a great way to make the home more energy efficient. Other changes to make include efficient shower fixtures, energy-efficient light bulbs, better insulation so that heaters aren’t necessary, and good ventilation so that air conditioners aren’t necessary.