Being a landlord can be rewarding, but it’s not without its surprises. While most landlords expect the usual mortgage, maintenance, and letting fees, other costs often go unnoticed, and they can significantly eat into your profits.
At REMAX Estate Agents, we bring our extensive experience and expertise to help landlords avoid costly mistakes every day. Here are the five hidden costs you should be aware of, and how our proven strategies can help you reduce or eliminate them:
1. Void Periods and Missed Rent
Empty properties mean zero income. Even one month without a tenant can cost you hundreds of dollars. Many landlords underestimate how long it takes to find the right tenant. By avoiding these void periods, you can ensure a more stable and secure financial situation.
Our Solution:
We offer fast, professional tenant-find services and marketing strategies designed to minimise downtime between tenancies.
2. Emergency Repairs
Boilers break, leaks occur, and tenants expect a prompt repair. Emergency call-outs and repairs can be significantly more expensive than routine maintenance.
Our Solution:
We have a trusted panel of local contractors who provide cost-effective, rapid response maintenance, saving you both time and money.
3. Compliance Penalties
Missed gas safety certificates, unprotected deposits, or substandard EPCs can result in fines or legal issues, stringent under Welsh rental law.
Our Solution:
We ensure your property stays legally compliant through scheduled checks and reminders. No missed deadlines. No penalties.
4. Bad Tenants and Eviction Costs
Poor tenant vetting can result in unpaid rent, property damage, or lengthy eviction proceedings. Legal costs can quickly spiral.
Our Solution:
We conduct thorough referencing and affordability checks to protect your investment from unreliable tenants.
5. Time Costs
Managing a rental property requires time, including handling enquiries, organising viewings, chasing rent, and resolving disputes. If you value your time, it’s often cheaper to outsource.
Our Solution:
For just 8% + VAT PCM, we handle the day-to-day running of your rental, from rent collection to repairs, so you can focus on other aspects of your life or business, making you more efficient and productive.
💼 Letting Doesn’t Have to Be a Full-Time Job
Avoid the hidden pitfalls of property management. Let REMAX Estate Agents handle it, relieving you of stress, worry, and the burden of day-to-day management in a hassle-free, professional, and affordable manner.
