Category: Landlords insurance
Understanding the needs of the rental market is important if landlords insurance customers are to be successful, it has been claimed.
James Davis, chief executive of upad.co.uk, told the recent Avoid the Voids webinar that landlords have ensure their properties are tailored to the needs of the prospective tenants in the area, rather than just appealing to the general market.
"Understanding who your tenant base is and what is happening to that in your local marketplace, is a very key point to take on board," he said.
The expert also recommended that landlords avoid a "hands-off approach" to their business, as it has more chance of being a success if they are actively involved.
One way Mr Davis suggested this could be achieved is for landlords to stay in close communication with their tenants, as this will allow them to deal with any issues quickly before they become large problems.
Research from the National Landlords Association showed 52 per cent of its members had periods during the last year when properties stood vacant.
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