Protecting your investment property

October 16, 2020

If, as a landlord, you are concerned about what the future holds in regards to your rental property with the current social and economic environment, we’ve summarised some of the ways you can protect your investment.

Rental insurance

Whilst your tenant may be reliable in regards to making their payments, it is possible they could be caught out in unforeseen circumstances and fall into rent arrears. The best way to safeguard yourself against this is to take out a rent insurance policy. A key point is to ensure that you make meticulous attention to references when making the insurance application.

Keep your tenants in the know

If your tenants do run into financial difficulty, you can provide them with advice on what action to take. They are likely to be eligible for support, in which case, their local Citizens Advice will be able to provide them with resources and information. If your tenant is receiving a reduced wage, they could be eligible for Universal Credit.

Attracting tenants

Good quality marketing which maximizes the impact of your property’s features is always the best way to attract tenants. Every property has good points and a garden, balcony or an allocated parking space could mean a great deal more to a potential tenant than you would realise, particularly in the current climate. To attract quality tenants in the shortest timeframe, you can leave the hard work to us. We go one step further, in that when seeking a potential tenant, we keep their compatibility with a landlord at the forefront of our minds.

Value consistency over short term profit

If you have tried everything else and are still having difficulty in finding a tenant for your property in this demanding rental market, it is likely that a slight price reduction will solve this issue. It makes sense to slightly lower your expectations in the short term rather than have to endure a lengthy void period, especially if you have a mortgage to consider. You can cover yourself in the longterm by adding a clause to annually review the contract for price. We are currently experiencing a local market where demand is vastly outstripping supply, so if you’re property is not yet receiving interest, it might be time to talk to the experts.

Retaining your Tenant

If you have reliable tenants who are looking for a rent reduction, a tenancy renewal could be the safest way forward. Dropping the rent by a small percentage could well be a win on both sides, avoiding the uncertainty of new tenants and providing assurance against the risk of a void period.

Getting value for money

You may be looking at cutting costs. However, consider that certain services, including those of reputable traders and your Lettings Agent, are likely to be worth more in the long run by taking care of your assets. If you feel that the agent’s services are not currently worthwhile, contact your agent to discuss a more appropriate alternative. We provide a variety of different service levels, so it’s always worth exploring your options.

For further information or advice, please contact one of our qualified lettings consultants on the numbers below or
Lettings contact numbers:
Fleet, Hook, Hartley Wintney, Yateley: 01252 514000
Farnborough, Ash Vale, Aldershot: 01252 551045

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