Four Resolutions Landlords Should Consider for 2022
In this two-minute read, we look at four New Year’s resolutions landlords can make to earn more money, have less hassle, and maximise their rental investments.
It’s 2022. A new year, new hopes, and a new focus on getting rid of old ways of doing things that are holding us back.
And landlords are not immune to wanting a fresh start. January always sees us have plenty of enquiries from landlords keen to improve the way they do things.
Below are four resolutions we can help landlords make, but more importantly, keep.
To make more money
This one is a balancing act. You want to be profitable without being mercenary. A popular way to improve your bottom line is to review your buy-to-let mortgage rates (when was the last time you did this?). You can also look at all your other costs, including insurance and maintenance plans and see if any savings can be made.
To have less stress
Being a landlord is a fantastic way to build a passive income and lay solid financial foundations for your future. But it can be stressful if certain things aren’t in place. You have plenty of responsibilities, and these can all add up over time. Working with an experienced letting agent can help you overcome any challenges and make your life easier.
To get better tenants
This goes hand in hand with our thoughts on having less stress. A bad tenancy is a nightmare. The good news is when you work with an experienced letting agency, the risks of these are massively reduced. Rigorous referencing and cross-checking of prospective tenants are perhaps the most crucial tasks that need to be done, professionally, if you’re to get a better standard of tenant.
To stay safe and legal
We’ve mentioned that mountain of rules and responsibilities all landlords face. Falling foul of these are costly, stressful, and in worst-case scenarios, can put you behind bars. Unfortunately, ignorance isn’t a defence when it comes to rental property law. By working with a letting agency that knows their stuff regarding the legal side of things, you are protecting yourself, your tenants, and your investment.
If improving the way your rental properties perform in 2022 is a resolution you’re making, give us a call today on (01953) 453838 or drop us an e-mail to lettings@millbanks.com, and we’ll help you stick to it.