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Why Landlords Should Give Their Property Strategy a Spring Clean

In this three-minute read,
we explain why it pays for landlords to review the management of their
property.

Spring is traditionally a time for a good tidy up
and clear out. If you’re a landlord, it’s also an excellent opportunity to give
your property management strategy a once-over.

Taking the time to review what is and isn’t working
with your investment will save you money and energy further down the track.

What you’re looking for in your property spring
clean are pinch points: issues that cause aggravation and loss of income.

Sometimes, we need to step back and look at the
bigger picture to realise that a fresh approach is required.

Here are six tips for landlords.

Look back over your accounts. It’s surprising how many landlords get lax and lose track of
their incomings and outgoings. Identify unexpected costs and how they could
have been avoided. Was the problem poor tenant selection, bad communication, or
a maintenance failure? If so, put systems in place to prevent issues from
reoccurring.

Audit your time management. Your balance sheet might look fantastic but remember that
time is money. If you’re spending several hours each week sorting out problems
with your property (and it’s impacting other areas of your life), something
doesn’t add up.

Review your insurance. All landlords should have buildings and liability
insurance. Many also opt for rent and legal protection, and to cover loss of
rent (due to fire or flooding). Assess whether you have the right cover to suit
your situation, and then shop around for a better deal. (Often, insurers save
the best deals for new customers, so it’s worth switching.)

Research mortgages. Check the terms of your mortgage. If it’s due to end soon, start
researching the market. This may sound obvious, but we recently spoke to a
landlord (a busy professional battling through lockdown), who was aghast to
discover that his deal had ended months ago and he had been bumped to the
lender’s much higher standard variable rate.

Revise your contacts. It’s always helpful to have good tradespeople in your
contacts list in case of an emergency. If you haven’t spoken to your plumber,
sparky or builder in a while, check in with them to make sure that they’re
still working in the London area.

Consider the services of a letting agent. If you use an agent, analyse the level of service you’ve
received over the past year. If you’re not entirely happy, test the water to
see if a more suitable option is available. If you don’t use a letting agent,
reach out to discuss fees and services. It could be that having an expert
manage your property frees you up to focus on other priorities.

Get in touch with us here at Holland Properties to
learn more about our property management services.

COPYRIGHT HOLLAND PROPERTIES 2021

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