In our last blog, we shared five of our best tips for renovating property for profit. If you haven’t read this already, you can find it here. This week, we will be adding five more tips to this list that we hope you’ll find beneficial.

One in five homes in the UK are now owned by landlords, that means there’s greater competition than even when it comes to renting out your property. Don’t let this put you off property investment though as, when you get it right, the financial gains you can achieve are huge – especially with the help of Nick Fox Property Mentoring. Nick recently helped one mentee make over £1,400 monthly net profit from a single property (£800 per month more than he thought was possible!).

Working out the right rental price for your property is one of the hardest decisions you’ll have to make as a landlord in property development. You want to make your investment worthwhile, but charge a price that is still attractive to potential tenants.

Purchasing property can be a nail biting time as you wait to see whether your offer on that perfect property will be accepted. In a competitive market you will likely have competition for the purchase of every decent property but you can’t win at all costs you have to keep a level head to ensure the investment remains viable. We have some great tips to help you make offers that get the deal done, driving away competition and ensuring you make a great deal on that perfect property.

Houses of Multiple Occupancy are a unique opportunity to make more money from your property investment by renting space to several individuals at one time. A few fairly simple renovations can alter a property to make it suitable as a HMO meaning monthly revenue can double or even triple. However, renting a house as a HMO means dealing with more tenants, and the more tenants you have the more work there is. It is often not a case of letting the property then returning in 6 months to check out progress, but rather a much more active, hands on job for the landlord. If you aren’t sufficiently prepared for the HMO letting world, the tenants will eat you alive but if you are on top form, as involved as you need to be there is certainly a great deal of money to be made and enjoyable work to be done.

As a landlord your priority is to keep your property occupied, empty house equals empty pockets!  No one can afford to have untenanted properties, the biggest fear of most landlords is having their property vacant for months on end, paying the mortgage but never bringing in any rent. This scenario can be avoided or at least kept to a minimum by following the ideas below to reduce the gap between tenancies and secure new tenants quickly.

Shockingly enough some criminals have now made it their profession to be bad tenants. These ‘professional bad tenants’ move from property to property leaving a trail of destruction and unpaid rent behind them. It seems incredulous that this practice can continue and that people can make a living from it but unfortunately these ‘professionals’ seem to be getting away with it. They are very knowledgeable in property law and are able to get away with not paying rent using acceptable legal reasons such as claiming that the property is in a bad condition when landlords attempt to evict them.

Even though these claims are found to be fictional the lengthy court process required to dismiss the claims leaves landlords out of pocket whilst the tenants remain in the property without paying rent. Asides from flaws in the legal system which landlords cannot rectify, what can you do to safeguard yourself from such criminal tenants?

These days the rental market is highly competitive and attracting tenants isn’t always immediate. Every day that goes by with your property unoccupied is a day in which you lose money on your investment, ideally you want to move from tenant to tenant with as short a time gap as possible. If your property hasn’t been snapped up by a suitable tenant, then these simple tips and tricks are for you! A few pounds on accessories or a bit of paint can make all the difference between finding a great tenant and having another month with an unoccupied property on your hands.

Being a great landlord is something you really have to work for, anyone who thinks property management is easy money needs to think again. However, if you are prepared to put in quality time, effort and money you will soon start to reap the rewards of your commitment. A great landlord attracts and keeps great tenants, meaning your investment goes from strength to strength and becomes easier to manage as time goes on.

There have been numerous crack downs over the past few months on rogue landlords, meaning standards have to improve. Fortunately, the demand for rental property is ever increasing so follow our simple tips to make your business one that stands out; behind every property investment that actually makes money is a great landlord!

Being a landlord isn’t just sitting back and watching the rent come in, in order to be successful you need to keep on top of your relationship with your tenants. The best way to begin this process is to choose your tenants wisely, once you have selected them try to maintain a good working relationship with them. Good landlord/tenant relationship makes renting much easier, means you are more likely to get paid on time, your property is likely kept in better repair and the likelihood that your tenants will extend their contract greatly increases. The longer you can keep good tenants in your property the better; a low turnover of tenant saves lots of time and money.

Here are 6 ways to build great relationships with your tenants.