We’ve almost made it through the first month of the year and it’s probably one of the toughest, getting back into the swing of things after a nice long Christmas break can be tricky and planning for the year ahead takes time. We’ve put together 5 tips for keeping your investments healthy and your tenants happy for the year ahead – give them a try…
Keep in contact
It’s important that you keep a good rapport with your tenants, good communication makes for a healthy relationship. Keeping in contact will also help to avoid disputes and misunderstandings and allows for both parties to have a clear line of contact with the other. As a landlord, it also means that your tenant feels that they can easily get in touch should a problem arise. As well as the tenant, you should also have a good relationship with your agent – this means all three parties involved will be able to contact each other for a clear understanding of expectations and responsibilities.
Doing an annual property MOT is advisable, your annual MOT will give you the opportunity to prevent any maintenance issues before they start. Organising a date with the tenant will allow you to do a thorough check of the property to help you to find maintenance issues that may not have been reported. Check roofing, guttering, windows and appliances to make sure everything is in order, plus catching early signs of condensation and damp before they become a real issue could save you a lot of money.
Lick of paint
It is likely that you will want your investment to hold as much resale value as possible. Updating the property is imperative to ensuring that it is moving in the right way with the market. Freshening up scuffed walls and paintwork and having dirty carpets cleaned will help to brighten the property ready for new tenants. Think about what appeals to today’s tenant and talk to your local Belvoir office to find out exactly what lets well in the current market. Small adjustments and improvements could be the difference between you struggling to find new tenants and letting the property out easily.
Ahead of the game
Having a clear plan for the future of your investment is really important, ensuring you know how long you plan to commit to and what your exit strategy may be will help you to maximise your investment and manage it in a more effective manner. Part of this is understanding more about your tenant and what their long-term plans may be – if you’re looking to hold on to the investment for a long time but only have a very short term tenant, this will allow you time to plan your remarketing strategy.
Use your agent
The best place for advice will always be your letting agent. If you’re short on time or low on energy an agent will be able to take the reins and successfully manage your portfolio on your behalf. This includes carrying out inspections, organising maintenance work and finding a new tenant should the current one move on. Utilise the expertise and knowledge of an agent to ensure that your investment is let quickly and legally.
Belvoir Macclesfield & Wilmslow are here to help through every step of the way. Call us today on 01625 410 950