Of course, the vast majority of landlords need to be cost-conscious if they are to survive and prosper.
If you haven't already thought of them, some of the following tips might prove to be useful:
- when you are looking for landlord insurance, speak to specialists as typified by UKinsuranceNET and others. They may be able to identify particularly cost-effective deals for you;
- if you're in property acquisition mode, look seriously at property auctions - it is still possible to pick up some real bargains there;
- on a similar note, if you are looking for furnishings and fittings, try public auctions again. There are sometimes some truly breath-taking bargains to be found there, particularly in areas such as quality furnishings. Top tip - make sure you attend the pre-sale open viewings and inspect any items you are looking to bid on carefully;
- brush up on your DIY and try to do as much as possible around your property yourself. This may save you serious amounts of money but of course, don't get carried away and exceed your own capabilities;
- make a habit of checking the cost-effectiveness of all of your deals at least twice a year. That might include things such as landlords' insurance, any cleaning services you might use and property agents etc.;
- do your sums carefully relating to letting agents. For some landlords in certain situations, their services may be very cost-effective. In other circumstances they may prove to be something of an expensive luxury. Try to think objectively about the issues and figures involved;
- look for end-of-line and related items in the DIY stores etc. The savings here on things such as slightly out-of-fashion paint colours and residual stock clearances, can be staggering;
- on the same theme, think about buying your DIY items in bulk. Rushing around to your local high street hardware store for individual items on a regular basis may be charming and supporting local businesses but it might also be costing you a significant amount of money over the year as a whole;
- keep plugged into the ever-evolving marketplace. Even if you have long-term tenants and everything appears perfectly happy, they may still give you notice of their intention to leave entirely unexpectedly. In such situations, you will need to understand just what is happening in the marketplace and react quickly if you are to avoid your property standing unoccupied
Saving money and running a cost-efficient operation is something that ultimately can become an almost instinctive practice.
In order to survive in today's tough market conditions, it may need to become so for you also.