Not looking forward to the rest of 2021? Has the pandemic made you rethink your entire business model? Well stick with us for the next few mins as we break down some really simple ways every Leicester Landlord can make this year one to remember:
1. The 2021 winter bought with it plenty of problems for every property, problems that many of you may still be experiencing. Mould, cracked pipes, broken boilers and leaking roofs. The simplest and easiest solution is little but often. Make sure your maintenance checks are regular and nip those issues in the bud as soon as they rise!
2. Keep your faithful long term tenants sweet and show some love! Food vouchers from M&S (goes down very well with students), discounts at local cafes and shops, a months free Netflix...anything you can think of that sends out good vibes will boomerang to you seven fold.
3. Be as familiar as you can be with the law. Always know where you stand and if there's any area of property law that you're still not straight on, call us on 0116 2706699 and we'll explain it!
4. When a new tenant moves in why not start the relationship off with a small food or drink hamper? Maybe a clothing or shopping voucher? Start as you mean to go on and you'll be surprised at the kind of relationship a nice gesture can forge.
5. As an estate agent we can tell you a million stories of where our maintenance service works wonders for landlords. Simply trying the DIY approach can have long term implications especially if you're a novice. We have a collective 75 years of experience between us, so why not take advantage of it!
6. Always maintain a financial buffer for your business. This one is pretty self explanatory but always have something in reserve should you run in to the unexpected.
7. In the current financial climate the Leicester property market is seeing a lot of GREAT buy to let mortgages on the market right now, so make sure you take advantages of these whilst you can.
8. As your portfolio increases so should your insurance options so make sure you have the right amount of cover across each area
9. Keep your tenants feeling safe and secure is vital in the current climate. Keep them updated with any changes in your business policy towards the current pandemic, and give away as much free information as you can to your tenants when it comes to saying safe. Even if its information that they've heard before, they'll appreciate the concern.
10. Lastly and most importantly, make diplomacy your home base when it comes to tenant PR. No tenant will want to settle a dispute in court no matter how much they pretend otherwise. No landlord should want to bring in legal proceedings when other avenues are initially open. If you're not great at diplomacy, get good! Sitting down and having a polite but straight forward discussion will normally straighten out most tenant issues, so bare this in mind.
If you're struggling to build up a great property portfolio make sure you give us a call on 0116 270 6699. With a collective 75 years of experience we can really help you build a successful portfolio whether you're starting out or a seasoned pro!