Empty properties can spell disaster for landlords who rely on income to pay off mortgages or cover other expenses. Whether it’s due to unreliable tenants or unforeseen circumstances, it’s important for all landlords to have effective strategies in place that minimise the risk of losing rental income. Not quite sure where to start? Read on for our list of top tips that will help you keep the rent rolling in throughout the year.
Carry out regular maintenance
Regular maintenance can often mean the difference between identifying and fixing a small problem in its early stages or having to deal with a full blown meltdown that costs a fortune to fix. This is particularly important in the winter months when harsh weather can seriously damage internal and external elements. Things such as broken radiators and burst pipes can mean having to rehouse tenants and losing rental income for months on end.
Respond to tenant complaints
Whether it’s a small complaint or a serious issue, taking care of your tenants is an essential part of ensuring that regular rental payments continue to roll in. If your tenants decide not to renew their lease it can take months to find new residents. This will mean that while the property is empty you’ll need to cover the rent. If you fail to address serious problems which then force your tenants to move out prior to the end of the lease contract don’t expect to receive any pay-outs!
Take out a comprehensive insurance policy
Taking out a comprehensive insurance policy will ensure that if your property encounters any incidents you’ll be able to fix them quickly and cost effectively. This will mean that you can get tenants back in as soon as possible. Looking for a great value deal on landlords insurance? Quote compare websites are the easiest place to find the best deals from all the leading providers.
Add on rent guarantee insurance
Rent guarantee insurance may cost a little more but at the end of the day it offers you the complete peace of mind that if payments stop being process you won’t be left in the lurch. Whether it’s due to tenants finding themselves in debt or a harsh winter storm that forces residents to evacuate the premises, rent guarantee insurance will have you covered.
