With such a great response from all our listeners about our Rent to Rent episode Sophie & Simon delve into the GiP mailbag and answer all of your questions (with a little help from our friend Henri Ghijben from last week's pod).
1) Market research:
- How do I know if a property is in a 'good' location?
- Researching your target tenant & what they are looking for
- How do I know how much rent to charge?
- Gauging demand
- Should I take on a property that is two hours away?
- How can I ensure I don't lose money?
2) Putting the plan into action:
- Negotiating a rent-free period
- Get viewings in early - get cash-flowing before tenants even move in
- Ensuring occupancy - messaging those looking for rooms on Spareroom, messaging centres of employment (hospitals, nursing homes, large providers).
- Compliance for HMO & SA - where to find standards and compliance in your area
- Get a 3rd party fire risk assessment to mediate responsibility with owners
- Getting council approval for serviced accommodation
- How to work Rent to Rent with Landlords who have mortgages
3) Day to day & lifestyle:
- Handling novel & emergency situations
- Maintenance & compliance
- Attitude is more important than knowledge - you aren't expected to know it all!
- Its all about customer service
- What work is involved day-to-day and what is the work/life balance like?
- When to take on help to work on the business not in the business
- What do you do if a guest won't leave your SA? Phone a Friend with Henri Ghijben
- How to resolve cost disputes with Landlords - have a good proposal & contract to manage expectations and fall back on when there is an issue
- Maintenance - budgets, inspections, reporting & shouting about your good service to Landlords.
4) Building relationships & growing your business
- How to open & build relationships with agents
- Listen & learn about Landlords throughout - ask about their situation, needs and experiences with a view to pitching your services
- Speaking to agents when you are starting out
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Disclaimer: None of the content in our podcast is intended to constitute legal or financial advice. All interviews and statements are the thoughts & opinions of the hosts and guests th...