Landlords - Get Organised for 2017

Posted : 06/02/2017 | By Amanda Hosking

The new year is always a great time to re-evaluate and make well-defined plans. For a landlord, this may involve assessing last year’s property performance, outlining this year’s aims, and considering rent increases.

You can review what worked well last year and what didn’t work. You can then learn from your success and mistakes. Below are some subjects to think about and help you get organised for the rest of the year. Completing your evaluation at the beginning of the year creates a new start for 2017.

This Year’s Aims

Evaluate what you want to accomplish this year. Are you happy in your current situation? Do you require more properties or want to sell a couple? If you do want to make a change now is the time. Plan what you want to do and when, then take action.

This could also be a good time to review your property collection and decide if any work needs to be carried out on the properties. You can then plan this in for a certain date in the year.
Make sure you have gone over everything you need to.

Check on your Tenants

Ensure you keep in contact with your tenants. Make plans to do a property check at least once this year at each residence. Even if tenants are reliable with rent it does not necessarily mean they are taking good care of your property or abiding to all rules.

By completing these checks, you stay in contact with tenants and can check they are taking care of your property to an acceptable standard. This would also be a convenient time to ask tenants how long they plan to rent for and if they want to extend their tenancy.


Finances

Browse around and see if you can re-mortgage one of your rented properties at a lower rate. It may be worth a look at the deals available if you think you may be able to save some money.

Rent Decisions

Consider whether you need to increase your rent prices. If you decide you do require an increase, ensure you browse the market to see how much comparable properties are renting for. You need to compete with these other properties, if you do not it could mean losing reliable tenants and struggling to find tenants when current ones leave.


Right to Rent

Make sure you are familiar with what Right to Rent entails and that you are performing the appropriate tenant checks. If you do not, you could be faced with a fine of up to £3000.

For a brief summary on what Right to Rent is read our blog article on the subject by clicking here.

Assess your Insurance

Make a note of when your landlord insurance needs renewing so you are on top of it. You may also want to review your current insurance and consider whether it still meets your requirements. For example, if your contents worth has increased you may have to call and amend your insurance policy.

If your insurance needs renewing in the upcoming months consider looking on comparison websites to see if you can get a cheaper deal. You can also quote the deal to your current provider to see if they could price match it.


Organisation is key

Once you have conducted your evaluation you will have a set plan for the year and know what direction you want to head in.

Good luck to all landlords for the year ahead.