The pandemic has left its mark on the property market with changes in attitudes and values affecting people’s intentions. This is becoming more apparent with the industry building momentum again as restrictions are lifting enabling free movement and forward planning. This brings us to our first of 5 tips for landlords post-pandemic:
Analyse the industry and the nature of tenants to assess what is now more important to people. For example, there has been a significant increase in people working from home. This means higher value is being placed on areas such as living environment and office spaces. By making predictions based from this information, you can develop a targeted strategy to appeal to new tenant preferences. This could mean staging work from home areas for property viewings to help the potential tenant visualise themselves living there.
Maintaining clear and frequent communication with all parties involved in the property letting process will ensure a smooth experience and instil confidence in tenants. This will earn you a positive reputation and likely benefit you in the long run through tenant retention. Establishing good relationships from inception is key in successful business practice.
The pandemic has instigated the development of technology in many previously less focused on areas. For example, virtual viewings are now commonplace and prove very useful for letting agents, landlords and tenants alike. Digital applications for document sharing and signing have also greatly improved efficiency and accessibility for everyone involved. Utilise these new solutions to provide a fast and reliable service to tenants, saving you both time and effort.
Capitalise on new technologies
As mentioned in the previous point, new technologies are aiding the letting process for everyone. Consider investing in integrated services and home move assistants. These could simultaneously elevate the service you’re providing and generate a new income stream. Additionally, you could take the opportunity to research other home improvement technologies which could make your properties stand out and allow you to charge more premium prices.
The stamp duty holiday implemented by the government led to a rise in property prices. This meant that for many it has been cheaper to rent on a monthly basis than to pay a mortgage. This is good news for landlords and so is the flip side: for those in the property industry it presented a good time to make further investments. Furthermore, the rental market is expected to perform well over the coming months due to high demand.
We hope our 5 tips for landlords post-pandemic helps you make the most out of your rental properties. At Arthur Marsh we have a wealth of experience with both private and commerical landlords insurance! We will work closely with you to ensure you get the right policy with the level of cover you require. Please get in touch with our friendly team if you have any questions regarding a new or existing insurance policy.
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