Why Landlords Need To Review Their Letting Strategy This Year
Landlords should review their letting strategy to protect income and stay prepared.
Lettings is changing, and landlords need to be more proactive. Reviewing rent, compliance, maintenance, insurance and long term plans can help protect both the property and the income it produces.
Being a landlord has never been something to ignore once the tenant has moved in. But in today’s market, landlords need to be even more proactive.
Costs have risen. Regulation is tighter. Tenants are more aware of their rights. Maintenance can be more expensive. Mortgage payments, insurance and tax changes have all put more pressure on landlords. That means it's sensible to review your letting strategy regularly.
Rent
Is the rent still in line with the current market? If it has not been reviewed for some time, you may be undercharging. But rent increases need to be handled carefully, fairly and in line with the correct process. Pushing too hard can create problems. Doing nothing can also damage your return.
Compliance
Gas safety, electrical safety, deposit protection, tenancy documents, smoke alarms, carbon monoxide alarms and right to rent checks all matter. Mistakes can be costly and can make it harder to take action later if something goes wrong.
Maintenance
A property that is looked after properly is more likely to attract good tenants and reduce bigger repair bills later. Small problems often become expensive problems when they are ignored.
Insurance
Landlord insurance, rent protection, legal cover and emergency cover may all be worth considering depending on your circumstances. The right cover can protect you from unexpected costs and give you more confidence.
Your long term plan
Are you keeping the property for income?
Are you planning to sell in the next few years?
Do you need to improve the property to protect its value?
Is the property still giving you the return you need?
Some landlords will choose to keep investing. Some may decide to improve the property and increase the rent. Others may decide the time is right to sell.
The important thing is to make that decision with clear information. A good letting strategy should protect the tenant, the property and the landlord’s return.
If you are a landlord and would like us to take a look at your rental property or portfolio, our lettings team would be happy to help. We are happy to review things and give you clear, practical advice on anything that may be worth considering.
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07969 638349
duncan.kaye@keysandlee.co.uk
