Protecting your Property Portfolio in 2015 – 2014 has been an interesting years for landlords, as regardless of the types of properties you let you will likely have been hit by changes in the industry. One of the biggest talking points of 2014 was the national housing crisis which has yet to subside despite the government’s efforts. In order to make the private rental sector both fairer and more affordable a number of new regulations came into effect during the past twelve months, so how can landlords stay safe in 2015? PropertyQuoteDirect investigates:
Managing Your Property Portfolio
One of the best ways of keeping your business safe is to have an in-depth understanding of your property portfolio. Depending on the types and areas in which you let property you will need to adapt your business strategy in order to remain profitable. Some landlords find this too tough a job to handle on their own, especially if they have particularly large property portfolios, which is why they turn to letting agents. If you are starting to struggle when it comes to looking after your property portfolio then 2015 is the year that you should think about hiring some help. However, before you take the plunge it is of the utmost importance that you research your local letting agents thoroughly, that way you are more likely to find a reputable yet affordable partner.
Protecting your Reputation
Reputation is becoming increasingly important for landlords, as over the past twelve months the government set up numerous schemes targeting rogue landlords. Along with raiding beds in sheds and prosecuting rogue landlords, numerous local authorities also set up landlord registration schemes in their constituencies. The argument behind these schemes is that previously there had been no way to monitor exactly how many landlords there were in the UK or what their businesses were like, however this would not be the case with landlord registration. Currently, landlord registration is mostly voluntary across the UK, however there are those that are campaigning for it to become mandatory in the next few years.
Revisiting your Budget
As a landlord you need to keep a keen eye on your figures, otherwise your outgoings could eventually eat into your income. It may therefore be wise in 2015 to check that you are getting the best mortgage and landlord insurance deals possible. If you have a number of mortgages with a certain provider it is very likely they will be happy to sit down with you and have a chat about your options, otherwise you could do some research online. When it comes to mortgages and landlord insurance policies it’s important that you understand exactly what you are getting for your money. Remember, that cheap deal that seems too good to be true often is! The key here is finding the right balance between what you pay out and the services you receive.
Looking After your Tenants
Even though your tenants are all adults who are able to look after themselves, as a landlord part of your job is making sure that your tenants remain safe. This could mean a number of things, such as ensuring that your properties are well-maintained, providing regular information on how to keep properties safe from burglars and helping your tenants if they get into financial difficulties. January is often a difficult time for tenants as not only do they have to pay off debts that they’ve racked up over Christmas but they may also have to stretch their pay an extra week if they were paid early in December. If you find that one of your tenants misses a rent payment you should make sure that you contact them as quickly as possible in order to ensure that this is just a one off and not something that will reoccur in the future. This will ultimately provide peace of mind for you both – something that is practically invaluable!
2015 looks set to be a year where landlords will be required to look after their portfolios and their tenants more than ever before. If this is something that you may struggle with then make sure you start researching letting agents in your area, or ask other landlords you may know for advice.