Whether you’re new to the property industry or are a seasoned landlord, there is always room for improvement. Take a look at our top tips below for landlords who want to progress and expand their portfolios in 2015, as well as growing other business interests and perhaps minimising the time, energy and stress involved in managing their properties.
Make life easier for yourself
How many of your processes could be simplified? Are you doing things in a roundabout way? For example, are your accounts all in paper form when it would be much easier to have them online? Are you using multiple letting agents to look after your properties for you when you could use just one? Streamlining some of the essential processes behind running your properties could save you a lot of time and money.
It’s very easy to want to do everything yourself – especially as a landlord. Many landlords try to save money and cut corners, becoming not only the landlord, but the maintenance man, loan creditor and counsellor. The problem with this is that you end up spreading yourself too thin – but in addition you also lose your identity in the eyes of your tenants. You become too involved and in turn this can throw up a whole set of alternative problems. If turning up at 3am in the morning to fix a leaking tap isn’t your idea of ‘managing property’, then there may still be a few other things you could outsource as well as maintenance. Lettings agents (like The Property Man) offer packages with varying levels of management to suit all budgets and requirements.
Prevention is better than cure
The tendency with some landlords is to wait until things are really bad to deal with them – or simply to forget as they are so busy. Quickly, problems appear to arise from nowhere – one tenant’s boiler has broken down, even though they called you a couple of weeks ago telling you it was making funny noises and asking you if someone could come and take a look at it. Maintenance issues especially become incredibly costly the longer they are left to escalate – so keep on top of these things and always put preventative measures in place to ensure you don’t encounter any nasty surprises.
When issues arise and conflict does occur, it’s important that you deal with it swiftly and competently to avoid arguments escalating and potentially becoming costly legal matters. This is also something a lettings agent can help with – as they have plenty of experience in the careful mediation and negotiation needed to handle sensitive matters. They are also impartial – so they are not as affected as you may be emotionally or financially by the situation giving them a fresh perspective and clearer judgement. It’s worth investing in the advice and expertise of a lettings agent, as they are likely to be less expensive than costly solicitor’s fees further down the line if things do turn nasty.
If you’re having issues with any aspect of the management of your property, or need guidance and support, then don’t hesitate to get in touch with us to see how we can help you today..