As a landlord in 2023, it’s fair to say there are a lot of challenges on the horizon. From changes to rental rules, tax upheaval, mortgage mayhem… it’s all going on.
But the first thing to remember is your tenants and their experience of your property. It’s all too easy to move new people into your vacant rental and forget about them until a problem arises. So why not try and make the tenancy run as smoothly as possible from the outset?
In this three-minute read, we look at five priorities a landlord should consider.
1) Create a property welcome pack
It costs virtually nothing apart from time and a little bit of patience, but so many landlords don’t bother to provide the basic information a tenant needs to improve their tenancy period.
A welcome pack could contain the following:
· Landlord and agent contact details
· Where to find instruction manuals
· Location of electric/gas meters
· How to work the thermostat
· Tenant’s responsibilities
· What to do in the event of an emergency
You may have the information already, but putting it in one place positions you as a mindful and helpful landlord. Type it out, laminate it and make sure it’s in a place where the tenant can find it. Once done, it will also benefit future tenants.
2) Improve energy efficiency
For most landlords, getting a vacant property let is the main priority. But why not use short vacant periods to start some energy efficiency improvements? Get the boiler serviced, make sure all the lightbulbs are energy-saving ones and check the condition of floor/loft insulation.
3) Get informed
There are numerous legal reforms happening which will affect private rentals – tax changes, eviction notice reforms, pet-friendly tenancies and so on. Make sure you’re up to date and know what’s going on so it doesn’t come as a surprise later. Being informed and prepared should be a priority for all landlords.
4) Mortgage check
When does your mortgage deal end? Are you on a fixed or variable buy-to-let deal? It’s essential you know the answers to these questions so you can prepare yourself for getting a new deal when the time comes. Get in touch with a mortgage broker if you’re nearing the end of a mortgage deal so you can see what’s available.
Whether it’s with your tenant or your managing agent, clear communication should be a priority for all landlords. While you don’t have to engage in weekly chats with your tenants, checking in with them periodically is a great way to keep on top of things such as repairs and maintenance and to avoid any unexpected issues or call-outs out of hours.
A short text or email to ask how it’s all going is non-intrusive yet shows willingness to set things right if needed.
Are you looking to let a vacant property? Get in touch with our team at Patricia Shepherd