The first thing that landlords have to do is to evaluate their current position. How is their portfolio geared? If they are struggling to get tenants could they afford to reduce the rent in the short term?
Buy to let landlords have to be realistic in the current market. Even if they know the area they are investing in well, they need to look at it again and analyse any changes that have occurred over the last few months. Is the rent they are asking for really achievable?
Are you prepared to take a loss in cash flow for the next few months or even couple of years to hold unto your property portfolio?
You have to give yourself as much opportunity as you can to be successful in the current property market conditions. Any edge you can give your property will be crucial. The smallest detail can be the difference between success and failure. The tiniest piece of the puzzle could the difference between someone renting one of your properties or renting someone else’s.
Re-evaluating your market and paying attention to the smallest details could help you thrive while others are struggling.
Take all the reports you get about rental yields with a pinch of salt at the moment, no matter who they come from. Take note of what they say but compare it to what else is being said. The most important thing is that you understand the state of play with the rental yields in the locations that you personally invest in, as well as having a general idea of what is happening in the rest of the rental property market.