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Being a landlord is a viable vocation. Despite what the naysayers may say you can earn a living from renting out properties. You can go full time in the venture and quit the day job. But if you do choose to go all in on the venture you should know how to do it right. There is not one set way to do this, but there are small things that you can do to optimise your potential for success in the renting game.
And a good place to start is to know your customers. When you know what type of audience you are trying to attract to your property then that’s half the battle won. When looking for a property to buy-to-rent you need to look at it through the eyes of those who will be renting it. If it is a young couple who are moving in with each other for the first time that you are targeting then you need to look through their eyes. You need to fight your own tastes and consider what they would like. For example, as a young, loved up couple they may want a small living room space. They may prefer a cosy area with the sofa planted right in front of the TV rather than a bigger area. It is thinking in this manner that will make your buy-to-let property irresistible to house-hunting tenants.
Sometimes it is a case of letting the geographical location do the work for you. If you buy-to-let in a college or university town then you have a whole host of clients on tap: students. The student housing sector is a very niche one to business in. This is of course because of the fact that there is only one type of colleague to deal with. And because it is a niche sector you have the opportunity to make the property quite niche too. If you’ve never done business in this sector before you should seek help from designers and manufacturers who have, such as Offsite Solutions. They will know exactly what students want and need, evidenced in the student accommodation bathroom pods that they provide. They know exactly what needs to be provided and what you can get away with not providing. Basically, even though being a landlord may feel like a very solitary profession, it doesn’t mean you can’t get help from time to time.
Before you enter such a niche area like the student housing sector you should be aware of some important aspects of it. One of which is that crime is going to follow students. This isn’t because they are necessarily the criminals. No, you could rent your place out to the most squeaky clean student in the world yet still find that they attract trouble with the law. This is because students are at high risk of coming into contact with criminals.The places they rent, and the expensive equipment they keep in them to be able to do their work, are big targets for thieves. But, if you take the necessary steps to protect them and your property you are winning in a number of ways. You are winning because you are protecting your property and investment from harm, of course. But you are also winning because by showing that you look out for the safety of your student clients you are building a bond with them. The college students that you rent to have a right to feel safe in the place that they live in. If you show that you are taking this into serious consideration you show yourself to be a trusted landlord. And when your students graduate and leave your property behind, they will then be more likely to recommend it to others.
The most important thing to remember when you are a landlord is that it is not personal, it is business. Despite how much you like those that rent off you if they miss a rental payment you have to come down hard on them. Even if you are renting to a friend you have to ensure that you are not taken advantage off. When you get into that mindset being a landlord is a piece of cake.