Changes to tax allowances and increased stamp duty will undoubtedly have an effect on landlords during this year, but there are still ways to make sure rental profits and income are kept at a healthy level. It could be a case of going back to the basics, to make sure everything is covered for a successful year.
Keeping the customer satisfied
People buy from people, so it could be time to make contact with your tenants to make sure your relationship is a good one. Happy tenants are less likely to leave, more likely to look after your property properly and, therefore, they are more profitable in the long term. By dealing with any queries or correspondence promptly, they will see you for the professional landlord that you are. It is also worth scheduling times to reach out to tenants regularly, to make sure everything is fine with them. A quick phone call or message every three months should do the trick.
Carry out inspections
By making sure that the property and inventory is regularly inspected, then you can minimise the chance of any unpleasant surprises. Regular visits can make sure everything is fine, the property is in good condition and appliances work as they should. Also, make a note to ensure any maintenance is carried out within a certain timescale. Property inspections help to keep tenants satisfied and happy to stay with you.
Create the right feel
You want to create the right atmosphere in your property so that tenants feel at home. About 23% of landlords experience void periods of two months or more each year. Going that extra mile to make your tenant feel comfortable could make all the difference between a Yes or a No. You may also want to think about letting tenants put their own stamp on a property through redecorating or changes to the garden, so it feels more like their home. Look at your property with new eyes to see if it seems cluttered or dated. If so, do something about it.
Be more clued up
It’s a minefield out there for landlords, with more than 100 laws, regulations and other legislation to keep on top of. Make sure you are clued up about any changes. You could also join a professional body that can advise you on any changes. They may also hold workshops and other events to tell you how any legislation will affect the buy-to-let sector.
Reduce the workload
Take full advantage of the technological changes and software available to help the buy-to-let industry. Invest in software which helps you to manage your properties, keep up-to-date with payments, schedule check-ins and check-outs and deal with inventories. You can also embrace technology to help you market your property, assess average rents and reseach the area where you have invested or intend to invest.
Prepare to diversify
You can look for the next best rental district to invest in. For instance, there could be areas which are about to benefit from new public transport infrastructure, which will open them up as a commuter hotspot. Other towns may be about to get investment in jobs or a new university, which will make them attractive to renters.
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