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How To Maximise Profits On Rental Property 2023

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Maximising Profits On Rental Property

If you are a landlord in the UK, you probably would have had this question in your mind: How to maximise profits on rental property? To make the most of your rental property, you should have the right strategy that generates more money, and increase the value of your property. 

It is a misconception among landlords that increasing the rent is perhaps the only way to be profitable. There are several things you can do to get the most out of your rental property. This article will show you how to make more money as a landlord while keeping your tenants happy. So read ahead! 

3 Actionable Tips to Maximise Profits On Your Rental Property

1. Reduce the Vacancy Period At Your Rental

No surprises here. When your rental property is vacant, it will not generate money. As a landlord, your main goal should be to retain tenants and reduce the vacancy period. Doing this will not only increase profits but also save time as finding tenants can be time-consuming. Not to mention the fees you need to pay if employing a real estate agent. 

Here are a few things you can do to reduce vacancy periods and maximise profits on your rental property.

  • Avoid short-term tenants. Yes, you may be tempted to let to anyone looking for a house because they are ready to pay hefty amounts. But being patient and finding long-term tenants will keep your rental property occupied for as long as possible.
  • Maintain a good working relationship with your tenant. This is a good way to find a place in their heart so they live at your place for a longer time. This can include being attentive to repairs and maintenance requests, offering incentives during renewals, and maybe even a Netflix subscription.
  • Include a grace period in your contract. This way, you have ample time to increase efforts to find new tenants to occupy your property if your current tenant decides to vacate.
  • Market and advertise your property adequately. As of now in the UK, tenant demand is at an all-time high. All you have to do is show up where the tenants are at. Find the right website to make a listing. Notify of vacancies in Facebook groups and social media. 

2. Be wary of property maintenance and property management

Property maintenance is the biggest nightmare for landlords. Even though it is non-negotiable, regular property maintenance costs can easily go out of control. Some renters may overestimate repair work, and you should not agree to each and every maintenance request before checking it yourself.

Hiring a maintenance crew or company can be expensive, depending on how they bill their service. Sometimes you won’t need any repair work for a particular month but could end up paying a retainer. 

The best way to combat this is to do your own maintenance as much as possible. If there are minor repairs such as replacing, bulbs, doing it yourself could save you hundreds of pounds. It would be even more beneficial if you live near your rental, as it cuts down on transportation costs.

Do your own inspections and ensure everything works fine. Tenants do not always report damages – especially if you haven’t built a rapport with them. Indeed, about 46% of landlords say so! Damages that are left untreated now might escalate in the near future and incur higher costs for replacements and fixes.

This applies to managing your rental property too. It is easy to hire property managers, but not everyone can afford the bill. Yes, having your property managed by professionals gives you a sense of peace and is convenient. But it’s not so fun when they charge a significant percentage of your monthly rental.

However, this does not apply to all landlords, as it depends on expertise levels and availability of time. But whenever possible, getting your own hands a little dirty can significantly increase the net profit down the road and maximise profits on rental properties.

In case you have to hire professionals for maintenance, plan ahead and establish a trusted network of contractors and craftsmen immediately. We say this because accessing contractors is the second biggest challenge when it comes to property maintenance.

3. Give your rental property an upgrade

The more facilities your renters enjoy, the longer they are likely to stay. It will even increase the chance of getting a tenant who is willing to pay more.

An upgrade does require further investment, but it is a one-time cost. And since you can increase the rent after an upgrade, the returns will be more than what you get at present. 

Moreover, a property upgrade will increase its current value. And that’s something any property owner would like.

Here are some ways to upgrade your rental property and be more welcoming.

  • Add a room. Do your research on whether an extension in your flat or house is possible or costly – you will be surprised by how many flats in London and the UK are gaining space by extension or airspace development. An extra room can make a huge difference in how potential tenants view your rental property. It will also allow you to demand more rent and find tenants willing to pay you what you ask.
  • Add storage space. No renter has ever complained about extra space. It is a universal need, and you can capitalise on it. If a tenant doesn’t need that space, you can rent the storage unit separately. 
  • Refurbish furniture and kitchen equipment. Again, a one-time cost that is beneficial in the long run. Extra or new kitchen equipment reduces the renter’s need to spend extra. A rental with great furniture and kitchen equipment will surely appeal to tenants anywhere in the world.
  • Accept pets. Some landlords are quick to turn down tenants with pets. But charging an extra monthly fee to account for damages pets can cause is a win-win situation. You can also have clear rules in place to make the best out of this situation. Plus, becoming flexible with pet owners gives you one up on landlords who refuse good tenants just because they have a fur baby.
  • Adapt energy efficiency. Sometimes, an upgrade could cut down on your bills too. For example, if you make your rental home energy efficient, it will bring down your electricity and water bills. Getting an eco-friendly air conditioner is good for the environment, your tenants, and your wallet. In fact, 77% of home buyers are asking for energy-efficient homes

How Can Adjoin Help Landlords Maximise Profits On Their Rental Property

Most of the landlords we have spoken to say that finding a quality tenant is the biggest problem they have. Adjoin’s rent-to-own scheme comes in handy as the tenants we find have equal stakes in your property.

Our tenants rent your property with the goal of buying it from you after a test-drive period. Hence, maintaining the property is in their best interest, due to skin in the game.

Simply put, we find tenants who will pay higher rent and cost you less. As a landlord partnering with Adjoin, you get the best of both worlds.

Interested to know more? Email us at or drop your information here and we will contact you ASAP.