Have you decided to make a few changes in 2024? Vowed to get fit, work less or take up a new hobby?
Well, if you’re a landlord, why not make a few property-related resolutions too?
Think about it – if you can introduce changes that make managing your rental less stressful and more efficient, you can spend more time focusing on your personal goals.
Here are five resolutions that could save you time and money.
Note down when your landlord insurance is due for renewal, so you’ll have ample time to shop around for a new deal. (Never automatically renew in case your insurer has significantly hiked premiums or the standard excess, in the hope you won’t notice.) Ensure there are no glaring omissions in a policy that could leave you vulnerable. With the recent spate of bad weather, check you’re covered for flooding and water damage.
Did your letting agent deliver the goods as promised this year? If the service was mediocre at best, speak to other local letting agents and see what they can offer. While you’ll obviously weigh up the financial side of things, don’t overlook interpersonal factors. It’s essential to choose a letting agent you can trust to take good care of your property and tenants.
Property management strategy
Being well-organised can help you stay on top of maintenance and nip minor issues in the bud. Schedule all electrical and gas safety checks, appliance servicing and inspections in a calendar so you know when they’re due.
Spending the bare minimum on property maintenance can be a false economy. Finding good quality tenants is much easier if your rental feels fresh and modern. Also, bear in mind that older kitchens, bathrooms and boilers may require more repairs. Sometimes it’s wiser – and better value in the long run – to upgrade instead of patching things up repeatedly.
A good landlord / tenant relationship can make life much less stressful for both parties. Encourage your tenants to contact you if there is an issue, but don’t rely on them alone to flag up problems. They may be reluctant to reach out for fear they’ll get the blame for the issue, or they may not realise the dangers of leaving a minor problem unaddressed.
Contact us here at Cleeve Residential today to learn about our property management services.