Top tips for landlords on protecting your investment
Tue 10 Nov 2020
Right now, interest from tenants is rapidly growing across the country, with many deciding to delay buying or coming to the realisation that they need to find a rental with more space.
At the same time, we're also seeing a lot of uncertainty around the UK's COVID-19 response, with the implementation of the second country-wide lockdown just weeks after the three-tier system was introduced.
This has led to an understandably confusing period for landlords and tenants alike.
However, as your leading lettings agent, we wanted to provide you with some relevant tips on protecting your property investments for the foreseeable future.
Communicate with your existing tenants
Faced with some key changes on eviction notice periods and the likelihood that evictions altogether will be off-limits for months, it's important to maintain a healthy relationship with your tenants.
Since September, void periods have risen from 19 days to 23 days, with all regions reporting an increase over this period.*
Now more than ever, it's crucial to avoid conflicts, where possible, with rent arrear and possession cases likely to see further delays.
During this time, we want to extend our support to landlords in need of guidance or looking for someone to act as a mediator when establishing rent repayment schemes with tenants, visit our website to learn more.
Have the right cover
If your tenants are unable to cover the rent, obtaining a rent insurance policy will provide you with peace of mind and protect your rental income.
Due to the increased risk everyone is facing now, you will need to demonstrate your referencing is vigorous when applying, and you may even experience difficulty finding the right cover.
Point your tenants towards available financial support
If you have renters that are struggling to pay their bills, make them aware of the financial help that is available to them.
Guide them towards organisations and experts who can help them budget, access aid and benefits.
Adapt your offering for the new normal
Having an outdoor area has now shot to the top of tenants' priority lists. Any property with a garden, balcony, roof terrace or proximity to a park should manage to do well after this year.
In the course of the last few months, there's also been a surge in pet ownership, especially for households where tenants are living alone.
If you're willing to be flexible, you should consider promoting this fact, as supply for pet-friendly accommodation is relatively low and you'll stand out in the market.