Top 5 resolutions for buy-to-let landlords – all year round!
By Guest Blogger on 26 Jan 2017 in Letting
By Ryan Weston, Just Landlords insurance services
With 2017 over three weeks old and with Blue Monday making many people miserable, several resolutions will have already been broken.
Even if you started the year with the best intentions, it’s still not too late to make a change, particularly as a buy-to-let landlord.
Resolutions for buy-to-let investors
You should always be looking for ways in which to improve your role as a landlord and how you maximise your rental yields, regardless of the time of year.
Five top resolutions
1. Talk to tenants
It’s extremely important for you to stay in close contact with your renters. As a result, you will not only be able to easily keep abreast of any issues, but you’ll also come across as a caring and committed landlord.
Most disputes come about due to a lack of communication, so be sure to ascertain a relationship with your tenants by staying in touch.
2. Make property inspections regularly
Another vital component of your role as a buy-to-let investor is making inspections of your property. Regular visits will allow you to check that your renters are abiding by the conditions set out in their tenancy agreement. What’s more, you’ll be able to check the condition of your investment property against the inventory you and your tenant should have signed at the start of the process.
Be sure to always give your tenants a minimum of 24 hours notice before entering to inspect the property.
3. Iron out issues quickly
Where possible, try and resolve any problems with the maintenance of your property quickly and efficiently. This will lead to a happy relationship with your tenant, and ideally make them stay in the property – and pay rent – for longer.
Carrying out speedy maintenance work on any issues will also make sure your property doesn’t lose value. If you can’t fix problems yourself, make sure you arrange for a trusted tradesperson to do so in good time.
4. Think of the future
As an investor, you should always keep one eye on the future and think about how you can maximise profits.
Will new fittings or furnishings be beneficial in attracting your target audience? Should you increase or decrease rental fees? Can you add to your portfolio?
Making a clear plan and putting it in writing will be a great help in achieving goals and keeping organised.
5. Ask for assistance
Being a buy-to-let landlord is becoming more and more of a full-time role. The host of legislative alterations introduced in recent times has made being an investor even more challenging, with many landlords unknowingly breaking the law.
From Right to Rent to Universal Credit, you’ll have a lot of regulations to which you must adhere. Don’t be afraid to enlist the help of a reputable letting agent if you find yourself starting to get snowed under. They can help in securing and screening tenants, to helping you stay on the correct side of the law.
Don’t suffer in silence – it could be a costly mistake.