As we near the end of our first full week in 2017, we’ve taken a look at some of the resolutions you should be making as a landlord in order to improve your bottom line and make this new year as profitable as possible.
Find the Right Tenants
If you haven’t found them already then this should be high on your list of priorities. Having the right tenants is invaluable. Not only will they pay their rent on time but they’ll take care of your investment by promptly reporting any maintenance issues that might arise in 2017.
At Belvoir Sutton Coldfield, we can take the hassle out of finding the right tenants for you by carrying out credit and reference checks. This ensures that the tenants will be able to pay on time and that they are suitable tenants for your property.
Get up to Date on Legislation
The last few years has seen big changes in the private rented sector, from fire safety rules which meant that the installation of smoke and carbon monoxide detectors was mandatory to changes to the section 21 evictions process.
Over the next few years, new energy efficient measures are being introduced and February 2016 saw the introduction of the right to rent scheme. It’s vitally important that as a landlord you are up to date with all the latest legislation; that way, you could end up saving yourself a lot of time and money, as well as ensuring that you’re on the right side of the law.
Get Your Paperwork up to Date
It’s not the most glamorous job in the world, but having all your affairs in order is an obvious resolution you should be making. As you’ll know, there is a massive amount of documentation that comes along with owning a property, so you should ensure that it is kept safe. Make a plan to get together an orderly filing system so you can keep track of all the associated costs that come with being a landlord.
Give Your Property a Refresh
It’s no secret that a well presented and maintained property is going to demand a higher rent and attract better tenants. If you stick to a maintenance plan and keep the property in good shape then you stand a better chance of keeping your tenants happy.
Refreshing the property doesn’t have to be a massive job, just a simple lick of paint or some new flooring could make all the difference. Whatever you lay out on a refresh, you’ll recoup in the long run.
If you could do with some help renting your property, then please don’t hesitate to contact us where one of our experienced members of staff will be more than happy to assist you with any questions you might have.
