Thought Leaders

Maximise Gains From Sub-Letting With These Crucial Tips

housing

When someone is looking for property to rent in order to sublet to as many people as possible, there are a number of things to take into consideration. We’re going to look at the most important ones, and by following them you can be sure everything runs along smoothly.

Rental properties with lots of potential bedrooms equals more money, so it’s always better to seek out bigger homes to increase the amount of cash that can be pocketed each month. It’s also worth looking for properties with a large kitchen and multiple bathrooms because these areas will often be communal and thus more space is required.

Plus, if someone has more space they’ll be willing to pay more rent, and even a small increase in rent will add up when you have lots of properties. 

Renting in large metropolitan areas with universities and office buildings is vital, as there will be a lot younger, single people willing to rent a room in a larger house. Depending on the terms of the lease and the insurance product you take out, tenants might be required to spend their own money on certain repairs.

Therefore, if a property is in good condition, it becomes a lot more attractive, as it will save rent to rent tenants time and money. Aside from this, make sure the landlord is on board and handle everything correctly, as this will ensure everything runs smoothly in the long run. Property management software can help you to run everything efficiently. 

Total Peace of Mind for Any Landlord 

When talking about rent to rent, the main focus is usually on the tenant and the tidy profits they stand to make using this strategy. But is there anything in store for the landlords? Of course, there is. When it comes to a safety net when letting out your property, this is one of the best bets.

Managing multiple rental properties can be quite a hassle as a business, especially if you’re new to the whole landlord scene. Juggling between vetting new tenants, handling their many queries, servicing the property, and following up on payments at the end of the month, can be a lot to handle for most.

This is where rent to rent conveniently comes in. Once you’ve signed a contract, all you have to do is comfortably wait until a particular date each month, and your money will be in your account; without fail.

Even if some of the tenants fail or delay in payment, you’ll still get the guaranteed rent, with the letting agents and / or your tenant being left with the task of following up on the late rent. This is a huge burden off any owner’s shoulders. 

And the benefits don’t stop there. During the duration of the contract, you don’t have to worry about empty periods or in some cases even maintenance of the house.

Some insurance products cover call-outs and repairs up to a certain amount; it all depends on the insurance product your tenant has chosen, and, of course, you’ll discuss this with them before agreeing to proceed.

Vetting of potential tenants is also off your hands, so you can forget about sifting through financial statements and criminal records.

PM Today Contributor
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