Since technology has been ever-evolving, there are new ways to be more effective in rental property management. And who doesn’t want to improve as the new year comes in? This 2024, blog post could be the most major upgrade you are going to have for your rental property. These rental resolutions for landlords are a must for bigger and better management and sales.
Landlords may help create a positive and harmonious living environment by taking a proactive, tenant-centric approach. Here are some resolutions that London landlords should consider in 2024:
Energy Efficiency
Tenants are increasingly considering a property’s energy efficiency in light of the high expense of heating and powering a home. This trend is projected to last until 2024. Approximately 57% of renters expressed a lack of interest in viewing a property with an extremely low energy rating.
Invest in Insulation
Some of the most poorly insulated and inefficient houses in the United Kingdom are available for rent. The reason behind this is that a lot of them are outdated, too commercial, or haven’t been updated to meet modern standards. Even though it would save them over £1000 annually and make the tenant’s life easier, less charitable landlords don’t see the need to invest in things like new boilers, insulation, and windows. There are advantages for the environment as well. Tenants would have more money in their pockets and landlords would have greater incentive to install these works if they could claim enhanced tax credit for them.
Mortgages
Rates for buy-to-let mortgages have levelled out after climbing for nearly a year. Since August, the Bank of England has maintained a base rate of 5.25%. In response, lenders have reduced fixed rates slightly, although the rate of increase for variable rates is still modest. Trade group for banking and building societies After falling 53% to £8 billion this year, UK Finance predicts that financing to acquire buy-to-let houses will fall 13% to £7 billion in 2024.
Regular Property Inspections
If you want to keep on top of maintenance and catch small problems early, being organised is key. Make sure you don’t miss any important dates by marking your calendar with all of the upcoming electrical and gas safety checks, appliance services and inspections.
Encourage Streamline Communication
A good bond between a landlord and a tenant is very important. Encourage your tenants to talk to you freely and ask them to report problems right away. Don’t rely on them alone, though, to find trouble. Some renters might not want to talk to you because they are afraid of being blamed or don’t think certain problems need to be dealt with right away. Regular check-ins and proactive contact can help find and fix problems quickly, making the rental experience better for everyone.
Follow Tenant Trends
As new technologies come out and renters’ expectations rise, it’s important to make sure that your investment will still be able to draw high-quality tenants and rent.
It only takes a few hundred pounds to make a big difference in the value of your home. Plus, many improvements can be made while your renters are at work, so you can make the changes without losing any rent.
Changing ugly radiators for stylish ones, a mixer tap and hose for a good shower, and an old hot plate for an induction hob are all low-cost ways to add value to your home.
Takeaway
The rental market is dynamic, and landlords need to adapt to changing trends and expectations. By making these resolutions for 2024, landlords can position themselves for success in a competitive landscape. Embracing technology, prioritizing tenant well-being, staying informed about regulations, investing in sustainability, and enhancing communication channels are strategic steps that contribute to effective and efficient property management. Here’s to a prosperous and fulfilling year for landlords in 2024!
If you need more help, don’t hesitate to reach out to Landlord Property Maintenance Glasgow, we’d be more than willing to help you improve and achieve all your new year resolutions!
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