Top tips for landlords in 2020
With the start of the new year now in full swing, we’ve put together some of our top tips for landlords to make the most of their rental properties in 2020.
An excellent way to boost your rental properties appeal is to market it as both being available furnished or unfurnished. Of course, this may not be possible or realistic for every landlord. But nonetheless, if you can offer both, you’ll be appealing to a wider audience which could help get tenants in sooner (although, be sure to keep furnishings neutral!).
Presenting your property well for viewings is also important. It will not only make the home more appealing, but it’s also likely to entice better tenants who will respect the condition they found it in at the beginning of their tenancy.
As a landlord, providing a safe and secure environment for tenants should be prioritised over anything. Landlords can incur large fines if they do not abide by laws which affect them, so it’s very important to get things right.
Schedule regular Gas Safety checks throughout your property – once a year at the minimum – in addition to having all electrical items tested. Smoke and carbon monoxide alarms should also be tested and checked regularly. Estate agents can help with organising the checks should you find it difficult to manage.
Although it can be good to have a vision of the ideal tenant for your property, you should avoid being too closed off when it comes to renting to someone who may not fit your criteria exactly.
Whilst you shouldn’t rush into choosing tenants you’re unsure about, remember that the quicker your property is occupied, the quicker it’ll be producing an income. In a similar vein, should a tenant wish to negotiate a lower price on a vacant property, it may be worth accepting a lower offer if it means filling a vacant property quicker.
Maintenance and repairs
How quickly were you to act on maintenance and repairs requests in 2019? If you think this is an area that needs improvement, make 2020 the year to get on top of things.
Use void periods as an opportunity to undertake any ongoing maintenance issues that have been noted throughout the year. It could also be a time to make changes to old bathrooms and kitchens. Although this could be expensive, you’ll likely be able to increase rental prices, in addition to attracting tenants.
Although letting with an estate agent is likely to mean that they will take care of this, smaller landlords may choose to undertake property maintenance issues themselves. If you’re using an estate agent, try to stay up to date on how well they’re responding to tenant’s issues.
Choosing an agent
Working with an agent isn’t essential for all landlords, but many often decide to let them manage their properties in the interest of saving time on paperwork, arranging maintenance and security checks (among other things, depending on their level of involvement).
Get in touch with other local landlords and find out about their experiences with letting agents. Do they have one they’d recommend? Is the letting agent a member of a professional body? How do they market properties? Questions like these are important in making the right decision.
We hope you found our tips useful!
If you are looking to let a property, do please get on touch with our team here.