With 2019 now well underway, there’s no better time for landlords to plan how they will tackle the year ahead.
Therefore, here at Kings Group we have put together some New Year’s resolutions that will help landlords to improve their letting experience and get the most out of their rental portfolio.
Have a better relationship with your tenants
Whether you’re just starting out in the rental market or you’re an experienced landlord, it’s worth thinking about how you can better manage your tenants.
Building a rapport with your tenants is key to a successful and smooth tenancy. This means contacting them regularly (at least once a quarter), responding to maintenance issues promptly and generally taking care of them.
With the help of your letting agent, you can keep your renters happy and willing to stay for the long term.
Get on top of maintenance and repairs
The New Year calls for getting proactive with property maintenance. Consider creating a list of inspections and checks you will need to do throughout the year; inspecting central heating systems and roofs before autumn, checking the air-condition vents in the spring, and using the warmer weather in summer to check gardens, doors and windows.
This will also give you the opportunity to ask your tenants if any maintenance tasks require attention, which will, in turn, help you to prevent any outstanding issues from getting worse.
Taking a proactive approach to maintenance and repairs will keep you in your tenants’ good books, as the last thing you want is to come across as a landlord who is slow to react and doesn’t care.
In fact, one of most common complaints that tenants make about their landlord is the amount of time it takes them to respond to a repair request so try to take care of any issues as quickly as possible.
Get your tax affairs in order and comply with new legislation
Over the last few years there have been numerous changes to rental market taxation rules and legislation. The year’s first deadline is 31 January – the date by which landlords must be registered for self-assessment and pay the tax they owe.
You will also need to be aware of the tightening of energy efficiency regulations in 2019; properties with an EPC rating of F- or G- must be made warmer by landlords before they can be put on the rental market for new tenancies. There is also the phasing out of buy-to-let mortgage interest tax relief to 25% from April 2019.
What’s more, the Tenant Fees Bill is currently making its way through Parliament and will potentially be implemented by April, while the Homes (Fitness for Human Habitation) Bill recently received Royal Assent and will be implemented in the next few months.
If you consider the above and work with a reputable local letting agency, renting out your property in 2019 should be smooth sailing. Happy New Year!
Of course, if you have any queries or require some assistance with letting your property in North London, East London, Hertfordshire and Essex, please contact your local Kings Group branch today.To find out how much you could be earning in rent each month, you can also request a free instant online valuation.