Landlords - Top 5 Tips on How to Maintain Cashflow
1 - TENANT CHANGE-OVER - cash flow is compromised every day your property stays empty so try to prepare for when tenants leave by, for instance, carrying out pre-letting checks and improvements as soon as you can.
2 - LATE PAYMENTS - any delays must be addressed asap otherwise bigger issues could result - payment by direct debit on mutually agreed dates is normally best to reduce the risk of future interruption by landlord or tenant.
3 - MAINTENANCE - regular inspections by your agent or you, if self-managing, and addressing problems quickly will reduce future costs, protect your financial position as well as prevent more potentially expensive issues arising.
4 - MORE EFFICIENT FITTINGS – low-flow shower heads and toilets as well as low energy fittings and insulation can lower utility bills and improve relations irrespective of whether a landlord or tenant is responsible for the cost.
5 - INVENTORY - a diligent, timed, well-documented record of your property's interior and exterior condition will always help ensure any disputes are minimised and limit the impact on finances too.
For help with any aspect of letting and management, ask Jeremy Leaf & Co who have been successfully renting all types of flats and houses in North London for over 35 years!