Our Top Tips For Growing Your Landlord Or Agency Portfolio
In such a fast-moving, competitive property market, you need a solid portfolio to back you up if you want to succeed as a letting agent or landlord. Without a substantial property portfolio, you significantly reduce your chances of acquiring new clients and tenants.
The more desirable your properties are, the more sustainable the investment, as they’ll have no problem attracting tenants long-term. But how can you grow your landlord or agency portfolio with new properties? Keep reading to find out as we explore some of our top tips for growing your property portfolio.
Growing your portfolio: For letting agents
For letting agents, growing your property portfolio is about maximising the number of leads you have coming into your letting agency. Below you’ll find some ways of generating leads to expand your portfolio.
Encourage landlords to refer others to your business by rewarding them for recommending you. You can offer special gifts, vouchers, discounts, and even competition entries to thank them for passing on your letting services.
Knock on doors
Though some might feel this tactic is outdated, meeting with local property owners and landlords can help you build connections better than other marketing methods. Even if those you talk to aren’t looking for a letting agency, they might know someone who is!
Reach out to landlords
Check in with your current and past landlords to see if there are any properties they need help with or if they know any other landlords who might be interested in your letting services. You can also attend auctions to network or write personal letters to landlords in your area.
Promote good reviews
Encourage landlords and property owners you’ve worked with in the past to leave you a review and make sure you promote good reviews on your website, social media channels, and in ads online. Reviews will help build trust and credibility with potential landlords/property owners looking for your letting services.
Growing your portfolio: For landlords
For landlords, growing your portfolio boils down to smart investments. The more strategic your property acquisition processes, the more ROI you’ll yield long-term from your portfolio. Read our top tips below for growing your portfolio.
Begin with smaller investments
When it comes to property investment, try not to put all your eggs in one basket. Begin by investing in a buy-to-let property that doesn’t use up your entire savings but promises a high yield.
Ensure rent covers expenses
When pricing your property for the rental agreement, ensure you can cover all your outgoing expenses with that amount and still have enough profit left over.
Analyse your property yield
In this rental market, you can earn significantly more from renting the property to tenants than the property value itself. Likewise, you might invest in a higher-value property but not make enough profit on it. So focus on yield, not property value.
Know your ideal tenants
If you have an idea of the type of tenants you’d like to deal with, then you’ll have an easier time narrowing down the properties that appeal to that particular target market the most.
Research the market
Find out everything you can about the property, average rent prices, the local area and its amenities, similar properties up for rent, and what the demand is for a specific location.
Consider renovation work
You’d be surprised how much a small change, like new floors or different furnishings, can increase the value of a property. While assessing properties to add to your portfolio, think about acquiring a lower-value property and increasing its value through renovation.
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With a strong property portfolio, you’ll enjoy the increased security and financial benefits that come with it. But only if you’re willing to do the research, invest carefully, and put yourself out there.
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