Rental Resolutions: Five Ways Landlords Can Get More Effective in 2024
We examine five ways landlords might improve their property management strategy.
Do you plan to make some changes in 2024? Have you resolved to get in shape, work less, or pursue a new hobby?
So, if you’re a landlord, why not make a few real estate-related resolutions as well?
Consider this, if you can make changes that contribute to making maintaining your Glasgow rental less stressful and more efficient, you will be able to spend more time focused on your personal goals.
Here are five property-related resolutions that can help you save time and money.
1. Keep Track of Rental Insurance
Write down the date that your rental insurance is up for renewal so that you have plenty of time to find a better deal. Never renew automatically if your insurer has significantly raised its rates or the normal excess in the belief that you would not notice. Check for any obvious gaps in a policy that could expose you to risk. With the recent storms, be sure your rental properties are covered for floods and water damage.
2. Choose a Reliable Rental Agent
In 2023, did your letting agent deliver on their promises? If the service was only average, talk to some other letting agents in the area and see what they can do for you. While you will undoubtedly consider the financial aspects, don’t forget the interpersonal aspects. It is important to choose a rental agent you can rely on to look after your property and tenants.
3. Develop a Strategy for Property Management in 2024
Being well-organised can help you stay on top of maintenance and detect minor problems early. Make a calendar of all electrical, legionella and gas safety checks, appliance services, and inspections so you know when they’re due.
4. Landlords can Improve their Property by Opting for Long-term Upgrades
It can be a waste of money to do the bare minimum on property maintenance. Finding good quality tenants is considerably easier if your rental feels fresh and trendy. Also, keep in mind that older kitchens, bathrooms, and boilers can require extra repairs. It is sometimes wiser – and better value in the long term – to upgrade rather than patch things up constantly.
5. Have a Good Landlord and Tenant Relationship
A good landlord-tenant relationship can make life easier for both parties. Encourage your tenants to call you if there is a problem, but don’t rely only on them to report issues. They may be hesitant to speak out for fear they’ll be blamed for the problem, or they may be unaware of the repercussions of leaving a minor problem unresolved.
Contact Us today!
Are you a landlord looking for ways to maximise your profits in 2024? There is no need to look any further! Western Lettings Glasgow is here to help you achieve unparalleled property management success.
Contact Western Lettings Glasgow at 0141 357 0436 and let’s start this successful journey together!
