National Landlords Association Richard Blanco NLA London Local Representative My Top Ten Tips For Running A Successful Property Business

1. Know Your Market LHA, young professionals, families, HMOs Mixed commercial, residential Get feedback from your tenants What do you think of the area? How did you feel about the property? Set yourself clear criteria Distance from transport links Configuration

Buy at the right price Property business thrives on Capital Growth Cashflow Both are dependent on the price you pay Buy at £300,000, rent at £1,500 per month £340,000 5yrs later 6% rental yield 13.3% growth Buy at £312, % rental yield 8.9% growth

3. Be business-like and set targets Run your lettings like a business Good organisation and proper systems Use property management software A good filing system Develop a strategy Business plan - targets Release equity to develop the business Bring in staff to manage the business Moving towards an exit strategy

4. Be value driven Be a good landlord We are fighting the negative images in the media Treat tenants with dignity and respect Have policies on key issues that can cause problems e.g. Rent arrears Tenancy management (renewals, rent reviews, adding people to contract) Providing homes for people is a big responsibility

5. Excellent Customer Service The benefits of tenant handbook and an induction meeting Encourage repairs requests and deal with them proactively Realism around wear and tear Don’t be penny pinching - refurbish to a good standard Requests and complaints are an opportunity to improve You want good tenants who will stay for a long time

6. Relationships & Communication Respond quickly and helpfully to correspondence Listen to tenants Periodic inspections Ask what their future plans are Go and see for yourself (and learn) Your intervention can make all the difference Be there with the contractor Meet other landlords – break out of isolation

7. Know & Comply With The Law Get accredited & join a landlord organisation Examples of compliance ASTs Tenancy Deposit Schemes HMO Licensing Gas Safety, HHSRS Tax returns Don’t think you can dodge the law because it will come back to haunt you...

8. Learn from Peers Stay interested, curious and willing to learn Tips on dealing with tenants e.g. Pets Case Studies LHA landlords Landlord with £35m portfolio Buying at auction Commercial Publications like PIN, YPN, UK Landlord

9. Shop Around For Suppliers Proactively seek best value suppliers, keep costs down! Insurance £1967 to £709 Mortgages 5.19% to 3.74% - improve cashflow by £574 per month Pest Control £1165 to £225 Furnishing IKEA or online or local suppliers

10. Create maintenance/development team Research Go and see work when you’re not busy Agents can be helpful Aim for an off the shelf list so you can respond to tenants quickly Maintenance staff are only as good as their last job A good builder is essential Applies to solicitor/professional staff too

What do you think? What are your top tips? Richard Blanco Handout is at