New Year's Resolutions for landlords

We may still be hanging out for Christmas (which is a scarily short 10 days away) but there's no time like now to start thinking about your resolutions for 2016.

We may still be holding out for Christmas (which is a scarily short 10 days away) but there’s no time like now to start thinking about your resolutions for 2016. Whether it’s to give up smoking, to join the gym or to travel the world, we all know how hard it can be to stick to your plans. We’ve put together a list of 5 resolutions every landlord should be making for 2016.

Pay a visit

When did you last visit one of your properties to see the current condition for yourself? Even a dream tenant may not report every single issue that needs fixing. Visit now and be critical, if something needs fixing then ensure it’s fixed! Always make sure your inspection is by mutual agreement, and get permission from the tenants first! Pop in a couple of times a year and see what needs changing, even if it’s just a lick of paint on a traffic-heavy wall, it’s the small things that make a difference. 

Sort it fast

Tenants like nothing less than an empty promise, if you say you’re going to fix something, make sure it is done in good time. Likewise, if a tenant reports an issue, don’t delay the process – the problem won’t go away and could in some cases get worse, ensuring rapid response will help to not only boost your credibility with your tenants, but also create a comfortable home for them.

Review the rent

Understandably, many landlords won’t review the rent of a long-term tenant for years. The risk of upsetting a tenant or forcing them in to financial problems for most landlords isn’t worth the rise. However, it’s important to do a rental comparison and see what similar properties in your area are being let for – you could even ask your agent to carry out a valuation in the current market and see what they would advise. A fair rise often wont fact too much objection, tenants will only become resistant if you hit them with a sudden and substantial increase.

Do your paperwork

Is all of your paperwork in order and correctly filed? Make sure all of your admin is accessible, you won’t be popular if you lose a piece of important information or a signed document so keep a log of each property. Always keep hold of invoices for maintenance work, insurance documentation and a copy of that all-important tenancy agreement, and know where they are in case you need to get hold of them quickly. 

Ask for help

Rules and regulations are constantly changing, we ensure Belvoir offices are up to speed with laws to be sure that they can give the best advice. An agent’s knowledge of property is second to none, they can advise you on management of the property, maintenance and how to ensure you get the maximum potential profit, they're always a great place to go for help and advice. 

2016 is the year of providing your tenants with the best possible property and the best possible service. If you’re ever under any doubt, you can always contact a letting agent who can move your property portfolio forward and help you maximise your investments. To locate and contact your local Belvoir office, click here.  

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