Top 5 resolutions for landlords

Top 5 resolutions for landlords

As another year begins it's a useful time to re-think and refine your role as a landlord in order to provide the best service for your tenant and maximise your property's profit potential.

Owner of Belvoir Wrexham, Vaughan Schofield shares five simple resolutions that should be on every investment landlord's 'To Do' list for the year to come...

Resolution 1: Tenant talk – it's time to improve communication with your tenant

Most of us do not wish to have a difficult relationship with others and most disputes are simply a result of a misunderstanding, usually arising from poor communication.

It's important to understand one another's perception of events and the world as each of us see it. Having a continuous communication channel between tenant and landlord allows each to get to know the other better and gain an insight into predominant strengths, weaknesses and key responsibilities.

Committing to clear and concise communication is of mutual interest. A tenant will desire a comfortable home and a sense of security, while a landlord will be looking for longevity of a tenancy and therefore both parties will benefit from enjoying a good relationship with the other.

Resolution 2: Visiting hours – set dates for a series of regular inspections

Regular inspections of your property are a must. They allow you to assess maintenance needs and check that the tenant is living within the terms of their Tenancy Agreement. Without these vital visits you will have no idea what's going on behind closed doors.

As well as helping to protect your investment they also strengthen the landlord/tenant relationship. They are an opportunity for questions to be asked by both parties, plus they allow the landlord to demonstrate that they care about the property and its condition.

Additionally, inspections are a 'running commentary' which enable you to gain a greater understanding of the key benefits and 'selling points' of the property. This is particularly important if it's somewhere you've never lived yourself and this valuable information will help you add colour to your dialogue when remarketing to other tenants.


Resolution 3: Protect your property – resolve maintenance issues and repairs at speed

There are two major advantages of keeping on top of maintenance issues as they arise.

Firstly, you will keep your tenant happy… and happy tenants pay rent and stay longer.

Secondly, acting at speed can help protect your investment. Your rental property is money tied up in bricks and mortar and if you don't attend to its needs in a timely and efficient way you are effectively reducing the value of your asset.

In addition to resolving maintenance issues, keeping the property up to date and fresh is also important,” he continues. “It will allow the property to move with the market, plus potentially increase its resale value.

As it's the tenant's responsibility to return the property in the same condition as when they moved in (less fair wear and tear), presenting a property which is contemporary and well cared for means that's what you will get back at the end of the tenancy (or a deposit claim can be made).

Resolution 4: Future thoughts – think ahead to maximise your profit potential

Preparing for the future by creating an exit strategy and in-depth portfolio planner is crucial.

Investing in property is a journey and, like any other journey, if you don't know where you're going and you have no direction you're very quickly going to get lost.

You should always know what your destination is. What is at the end of the journey? What does the end of the journey look like? This will help clarify what you're hoping to achieve and, if you know what the 'end' looks like, it will be easily recognisable when you reach it.

As different life stages may dictate your direction it's also a good idea to regularly revisit your plans to review and renew your thoughts.”

Resolution 5: Ask for help – make use of your local property management agent

Do you fully understand the range of services offered by your local letting agent? If not, ask.

Landlords want to invest in property for a variety of reasons but not all will have the time or desire to get involved in the day-to-day running of the tenancy.

In fact, managing a rental property can be challenging. One party will regard the property as their home, the other as their investment. Add to this the financial considerations for both parties, issues of maintenance and who's responsible for what… and it can soon become an emotive mix.

A good property management agent can act as a firewall for the landlord. They will also be up-to-date with legislation and will understand about legal compliance. They can be your eyes and ears, plus they can run all practical aspects of the tenancy too.

Additionally, they will look after the yield of your property by implementing fair rent increases and helping to protect its infrastructure through regular inspections and the timely execution of maintenance and repairs.

As experts in the industry, our help, advice, support and knowledge can be valuable tools for landlords, both old and new. So, if you're unsure what your local letting agent can do for you, make sure 2017 is the year that you find out.

Join our mailing list:

Leave a comment



Our Next Event

Complex Lending Roadshow March 2017

Complex Lending Roadshow March 2017

Bolton - 14/03/2017

Barnsley - 15/03/2017

Solihull - 16/03/2017

Watford - 17/03/2017

Register now

Latest Comments

Matthew Hollywood
Matthew Hollywood 07 Feb 2017

Matthew Hollywood - Director Mishon Mackay Land & New Homes - Brighton The shortage of New Homes is in part effected by the lack of land sales. Land sales are held back because there is a disparity between...

view article
CommercialTrust
CommercialTrust 30 Jan 2017

Hi Graham, Would be interesting to see the above figure calculated against an investment via a Lt Company /SPV structure and if the investor found themselves pushed in to the higher tax bracket. Mortgage...

view article
Tony Gimple
Tony Gimple 16 Jan 2017

HMOs do make great commercial sense, but do the area research first!

view article
OJoyce
OJoyce 30 Dec 2016

We can only hope this will bring the results we all want and strive for.

view article
Reality
Reality 21 Dec 2016

The changes to land tax were a shock to many when it was first announced by the Chancellor in 2015?s Autumn Statement. However, once the changes came into place and the full details were digested, it?s...

view article
akbar ali dayala
akbar ali dayala 20 Dec 2016

I am a landlord and director of an online letting agents at the moment we charge tenants minimal fees and landlord also meaning we can get best deals for tenants all around if the ban comes in it...

view article
milessgabriel
milessgabriel 05 Dec 2016

Useful article

view article
Spencer Fortag
Spencer Fortag 30 Nov 2016

I am glad that someone listened to me!

view article
Tony Gimple
Tony Gimple 27 Nov 2016

It's not just the lack of estate agency advice that's costing landlords money; most are getting seriously bad advice from their accountants resulting in tax bills far higher than they need to be. Likewise,...

view article
Sally Walmsley
Sally Walmsley 18 Nov 2016

The RLA stands by its sell-off statistics. While we welcome the feedback from Mr Jagota and are delighted to hear how well things are going for landlords in the north east, we would like to make it clear...

view article
Sheryl87
Sheryl87 18 Nov 2016

The high employment levels and the vibrant economy has led to ever-increasing demand for rental properties, especially from professionals relocations from other cities. This has led to more experts teaming...

view article
Sheryl87
Sheryl87 18 Nov 2016

Renting out your house can be risky business. It's good to think about residential landlords insurance. Standard cover includes buildings cover and cover for loss of rent following damage to a property...

view article

Related stories

More articles from Landlords