With a National Landlords Association study of August 2019 stating landlords' confidence has reached a new low, letting industry professionals must take steps to improve their position. There are challenges in the rental market, but there are also opportunities.
Stay up to date with the market
One of the most effective ways to feel more confident is to be more informed. There is a lot of information available about national and local rental markets. Landlords that understand the current situation and recognise where demand is coming from will be in a much stronger place to provide tenants with what they need.
It isn't always easy to remain up to date with market news, but we are here to help. Anyone looking to make informed decisions should turn to a local estate agent for assistance, and we are more than happy to help.
Speak to the experts
Following on from the previous tip, it is important landlords understand they don't need to operate by themselves. Yes, doing everything yourself saves money in the short-term, but in the longer-term, it may cost you.
By focusing on your core strengths, or relying on experts for crucial support, you can provide tenants with a better service, reduce stress on yourself and generate more income. As an estate agent, we are always happy to help, but working closely with reliable local plumbers, joiners, builders and accountants makes landlords' life more comfortable.
Ask your tenants what they want
Businesses benefit when they know what their customers want. A lot of organisations spend considerable sums of money on obtaining customer feedback and insight. As a landlord, you have direct access to tenants, and if you engage tenants, you can find out what they want.
When you have actionable feedback from tenants, it becomes easier to satisfy their needs, and you should minimise complaints and concerns. You may even find it easier to reach new tenants when the time comes to let property again.
Maintain your property
If you are confident about the future of your property, you'll feel more confident about facing market challenges. Therefore, landlords should be proactive in dealing with repairs and improving their rental accommodation.
“We know many local landlords feel under pressure, and are looking for ways to solidify their position in the local market,” said Thomas Morris Ramsey Branch Manager Joe Rattue. “We believe following these steps help landlords make informed decisions, and be prepared for new challenges. We are also available to offer guidance to any local landlord, so please feel free to contact us.”
Letting rental property is stressful, but it is possible to feel more confident about your business and the market in general. If you need help with any part of the letting process, we can help. Book a valuation at a time that is suitable to you or; you can phone our Ramsey branch, managed by Joe Rattue by calling us on 01487 814666.