How Small Landlords Can Navigate The Modern Rental Landscape
Being a landlord is a great way for small business owners and savvy investors to make money and provide a vital service to the local community.
After all, property is a great investment, as it appreciates, and its value isn’t as prone to market fluctuation as other assets because homes are always in demand.
However, today’s rental landscape is marred by uncertainty thanks to a variety of issues including interest rate rises for variable mortgages, ever-increasing tenant expectations and more.
While these issues might seem insurmountable, there are steps you can take to make sure your small property portfolio is protected and that you’re able to support your tenants, both current and future.
Here are some of the ways today’s small landlords can navigate the modern rental landscape and offer the best possible service to everyone they house.
Take All Necessary Precautions
It’s impossible to prepare for every eventuality, but there are steps you can take to reduce your risk as a landlord with a small property portfolio. One vital service every landlord needs is Landlord’s Insurance from trusted providers like Alan Boswell Group. They offer a flexible solution that can include contents cover for landlords renting out furnished properties. By choosing the right insurance solution for your rented properties, you can protect your investment in case of a natural disaster such as flooding or subsidence.
Embrace Technology And Software
Landlord management software tools aren’t just for massive businesses: they can also be useful for small landlords with only one or two properties. There are many types of digital tools out there, ranging from simple solutions to monitor payments to online schedules that can help you to plan out your maintenance and ensure that every property is well cared for and inspected regularly. Making the most of modern technology can save you a lot of time and effort, as you won’t have to manually review all your paper documents and remember lots of dates, meaning you can spend more time maintaining your properties and collaborating with your tenants.
Add The Features Modern Tenants Expect
Home technology and features have come a long way over the years, and there are now many options on the market. Many tenants expect the latest gadgets and gizmos, particularly if they’re moving into a new property. As such, if you want your property to stand out from the rest and potentially earn you the highest possible rental income, then you need to make sure you fit it out with the modern features today’s tenants expect. These might include rainforest showerheads, large fridges/ freezers with ice dispensers, skylights and more. Review common features on other rental properties in your local area to work out how you can set yours apart from the rest of the market.
Stay Up To Date With Relevant Developments
Landlord regulations and rules change regularly, so make sure that you stay up to date with the latest developments and can adapt quickly. Follow trusted landlord blogs and online forums to get the latest information sent directly to your inbox. You can then adapt quickly to any relevant changes you notice. Many of these sites also offer expert advice and support for landlords, so you can make the most of this to ensure you always offer the best service to your tenants and use cutting-edge techniques to save yourself time.
Being a landlord might not seem easy right now, with so much uncertainty in the market and the global economy as a whole. By using these tips, you can reduce your stress and ensure that you continue to provide the exceptional standard of housing that your tenants expect.
You May Also Enjoy
Average 5-year fixed mortgage rate now above 5% for first time since January – Rightmove’s weekly mortgage tracker
Real Estate Lawyers: Who They Are and What They Do?
Weekly News Roundup – 03/05/24
Rightmove’s weekly mortgage tracker – 02/05/24
Powering Up Your Brokerage: How Real Estate Apps are Transforming the Industry