New Year, New You – Resolutions for Landlords
By Carl Agar
It’s that time of year again, out with the old in with the new! Time to reflect on our experiences last year and think about all the positive changes we can make in the coming year. As a landlord there will have undoubtedly have been a number of issues that you’ve dealt with for the first time and no doubt this year you will encounter the same again.
So here are some ‘resolutions’ for you to do this year to ensure you continue to evolve your professional Landlord development and continue to grow your property businesses….
- I resolve to courtesy call my tenant every 3 months. Keeping your tenant happy is paramount to the success of your property business, a quick one minute phone call every 3 months, gives you the opportunity to ensure your tenants are happy!
- I resolve to respond to tenants’ maintenance issues within 24 hours. We’re all busy and can spend up to an hour a day fending off emails and replying to social media messages etc, but it really does just take a second to acknowledge an email from a tenant to let them know you’ve received it. It’s courtesy, polite, and also means they won’t keep bombarding you with emails until you do acknowledge their complaint. Remember a simply acknowledgement puts your tenant at easy and could potentially reduce your void periods by keeping your tenants happy.
- I resolve to carry out my repairs within certain timescales. Once you have gone to the trouble of acknowledging any reported repairs, impress your tenant by getting the job resolved quickly and keep them up to date every step of the way.
- I resolve to attend more landlord events Going out and socialising may be the last thing you feel like doing at the end of a long day, but meeting other landlords, agents and entrepreneurs really can reap dividends in terms of finding out what’s happening property-wise in your locale. You may even find a partner for a great property deal, or get help with a property-related issue that had been bothering you a while. Check your local authority website or any landlord association you belong to for upcoming events in your area.
- I resolve to join a Landlord association. Take that step towards becoming a more professional landlord. Joining an association, local or national, will help you keep up to date with all the latest ‘goings on’ and can provide you with invaluable support when you need it most. Also the more that Landlords can be represented by such groups the more successful the sector can be at fending off unwanted legislation.
- I resolve to bring myself up to speed with new legislation. There have been plenty of changes within the industry in recent years – and many of it to existing legislation, some of which you’ve probably not had time to sit down and go through thoroughly. Instead of relying on updates from landlord blogs and your accountant, promise yourself a couple of hours a week to get to grips with all that’s been happening or is set to happens. There are over 100 pieces of legislation that govern operation as a Landlord, did you even know that?
- I resolve to regularly check my property. Prevention is better than the cure! This year commit to thoroughly checking your property once every six months. This will help you to identify those little issues that can snowball into big expensive problems.
- I resolve to update and check my insurance policy. Most Landlords I know ae either under insured or over insured. Do yourself a favour at put your property details through the BCIS calculator to find out the actual building sum you need to insure. It could save you a pretty penny.
- I resolve to get up-to-speed with IT. Why not make 2018 the year you finally get more efficient by investing in IT? There are plenty of landlord packages out there which can streamline processes such as electronic payments, email reminders for boiler checks etc and keeping notes of all maintenance issues at particular properties. If you feel that’s a bit too advanced for you, or you don’t want to make that kind of investment right now, then you could always look at electronic bank payments and getting all your tenants to contact you via email/text to save on missed phone calls.
Good luck and here’s to a successful year!!