You may feel like the hard work is done, now that you have purchased a property, made it ready for your tenants, and organised landlord insurance. However, it doesn’t end there. To maintain the momentum of your investment plans, we’ve provided some tips to keep you inspired:
Your relationship with your tenants
If you feel this area is already going well, then keep up the good work! If this is not the case, then this is certainly an area to improve. Communication is always key, so make sure that tenants have up-to-date contact information, and that you have the same for them.
It’s a good idea to undertake periodic inspections. Not only does this allow you to keep an eye on the condition of your let, but it also provides tenants with the opportunity to report any issues. Make sure to provide them with ample notice, as no one appreciates an unannounced drop-in from their landlord!
What can you do to fix this? Have a critical look at your empty property and evaluate what’s going wrong. There has to be a reason why tenants are not showing an interest.
Consider the appearance and think about whether it gives the right impression to viewers. Can you picture yourself living there? If not, why not? This may mean paying for some home improvements, but, especially when it comes to property investment, you sometimes have to spend money to make money.
Are you asking for too much? Do some research into rent prices in the area. If yours is too high, then you might have to reconsider. If you feel that lowering the rent is not viable, then you may just have to consider selling up and reinvesting elsewhere.
And remember, for peace of mind during void periods, you can take out Unoccupied Property Insurance, to ensure that your let remains protected.
Rules and regulations are always changing in the property industry, so it is key to know when such changes occur. As an example, the Tenant Fees Bill is finally due to come into force on 1st June this year, and Brexit is expected to disrupt the market even further.
There are events across the UK that welcome all involved with the sector – from landlords, to letting agents, to product providers. They tend to include seminars held by property professionals, which are a great way of learning about what has changed recently and what is due to change in the near future. You will also get the chance to ask any questions that you may have.
Maintain a balanced workload
Don’t let your workload swamp you, as it can be too easy to allow the boundaries of work hours to become blurred, and seep into your personal life. Everyone needs some time to unwind, which can be difficult in a career that doesn’t involve a clear 9-5 work pattern.
This may be even more of a challenge, if property investment is a second job for you. Working full time in another career, to then maintain your portfolio outside of those hours can be exhausting. You may wish to consider taking on the help of a letting agent, to ease the strain. This will detract from your earnings, but could help you find a manageable balance, allowing you to prosper as a property investor.
Whatever you decide to be the right option for your portfolio, make sure that you stay protected. Our Landlord Insurance provides the widest cover as standard, including 40 essential covers.