Connells offers top tips for landlords
14 September 2010
With mortgage lending to landlords up 13%*, letting agent Connells is offering potential landlords its top tips for successfully renting out residential property.
Connells Chief Executive Stuart Flavell offers the following recommendations and top tips for landlords:
1 Research the market before buying – ask local lettings agents about the types of tenant they come across and their needs and the most popular rental properties they have – then invest in one of these property types.
2 Do your sums – can you make a profit once you’ve paid the mortgage, lettings fees, insurance and tax?
3 Decorate the property in neutral tones – instead of decorating to suit personal taste, keep things neutral to appeal to as many potential tenants as possible.
4 Vet prospective tenants carefully – take references, or better still, use a referencing company, to check tenants can afford the rent and don’t have a history of rent arrears.
5 Use a professional lettings agent – as well as vetting tenants, the agent can manage the property and advise on a landlord’s legal obligations.
6 Find the right mortgage – speak to a mortgage adviser, to discover the best deals. Finding the right deal could make the difference between making a profit or a loss on your investment.
7 Get insured – ordinary home insurance policies often don’t cover landlords, or might not cover you if a tenant sues. You may also want specialist insurance that pays your rent if your tenant does not! Talk to an adviser about the cover you need.
“To get the most out of an investment property, landlords need to think differently from when they buy a property to live in themselves and follow these tips, Stuart continues. “Once they have found a property, we can help them with finance, then find tenants and manage the property too.”
For advice on the local lettings market and maximising yields on your rental property, contact your local Connells branch.
For further information and photography, please contact the press office on 01525 215419 or email Julia Brook, Group PR Manager: Julia.firstname.lastname@example.org or Christine Webb, Group PR Executive: Christine.email@example.com
Notes to editors:
*The Council of Mortgage Lenders found that Buy to Let mortgage lending had increased by 13% in Quarter 2 2010
About the Connells Group:
Founded in 1936 and comprising of 464 branches nationwide, the industry-leading Connells Group is the second largest and most profitable UK estate agency network. Last year, the Group generated £54.2 million in pre-tax profits making it the most successful estate agency group in the UK. In addition to operating under the Connells brand, the Group trades under other well-known local names including Allen & Harris, Bagshaws Residential, Barnard Marcus, Brown & Merry, Fox & Sons, Jones & Chapman, Manners & Harrison, Roger Platt, Shipways, Swetenhams, William H Brown, Sharman Quinney and Pattison Lane.
As well as residential property sales and lettings, the Group has a comprehensive range of B2C and B2B services including new homes, mortgage services, conveyancing, EPCs, surveying, corporate lettings, asset management, land & planning, LPA receivers, auctions and relocations.
The Connells Group is consistently named Best Large Estate Agency at the Estate Agency of the Year awards, winning the top prize for four of the past six years. It is also highly acclaimed in the New Homes category, winning Gold five times in the last six years, and in the Financial Services category for which it currently holds the Gold prize. For more information, please visit www.connells.co.uk