Advice For Buy-To-Let Homeowners In 2021

If you are a landlord in 2021, you might be experiencing some issues. The coronavirus pandemic has forced many people out of work, putting strain on tenants who are bound into rental contracts. But of course, the situation has been hard on homeowners too; mortgage payments are still due, and if tenants can’t pay, this creates a difficult situation for everyone.

If you are a buy-to-let homeowner or looking to become one in 2021, here is your definitive guide to navigating this difficult financial period. Let’s get to it!

Coming To An Arrangement With Tenants

Tenants have struggled during 2020 and into 2021. While they made a legal commitment to pay rent for an allotted period, nobody could have predicted how a pandemic would devastate people’s personal finances and employment situations. Plus, those who can access Universal Credit are still bound to be far worse off in this position than if they were working full time.

As a landlord, your position is simple: you also have a mortgage to pay, and you can’t grow money out of thin air. However, evicting your tenants will not solve this issue: then you’ll have no tenants to potentially pay rent for a long time, leaving your mortgage still unpaid. So what should you do?

It is time to knuckle down and come to an arrangement with your tenants. If both parties behave reasonably, you can come to a partial payment arrangement, or suitable arrears. This is a far more lucrative situation for all involved, so if an agreement can be met that suits both parties at least partly, it is better to go down that route than the route of eviction.

If you do feel you need to evict tenants, make sure to hire reputable enforcement agents to handle the situation sensitively but firmly. You will need grounds in order to evict tenants, so it is important to discuss this with a lawyer before proceeding.

Can You Really Afford This?

If you are looking to buy a home in order to let it out, consider if this is the right time for you. Investing in property is a long-term process that requires lengthy thought and extensive research of the area before diving in. Property in the UK is still selling reasonably well, but due to the COVID-19 and Brexit occurring simultaneously, the housing market is likely to be volatile. 

Plus, we have no idea truly how this pandemic is going to pan out. While vaccinations are taking place around the world, nobody can say for sure how the ramifications of COVID-19 will affect us long-term. If you are looking to invest in property but are on a tight budget to do so, think very carefully about being able to afford this venture right now. 

Final Thoughts

If you are considering a buy-to-let investment, make sure to use this guide in order to properly assess all potential risks. Being a landlord is a great way to make easy money, but in this day and age, further considerations are required to see if this is a sensible choice for you.

Being Seen In A Post-Pandemic Word

Welcome to your post-pandemic strategy! 

We have to acknowledge the fact that even with a covid-19 vaccine, businesses are unlikely to go back to the way they used to operate. As a result, you need to rethink the way you market your presence. In a world where face-to-face interactions are feared, being seen in a crowded digital place can be challenging. The priority for businesses of all sizes is to stand out and be noticed in a crowded space. The digital competition has grown dramatically since the beginning of the pandemic. Additionally, the audience is bombarded with digital data at all times of day and night, whether they are working, reaching out to friends, or planning their grocery shopping. Inevitably, the mental focus has dropped. There’s only so much information your audience can digest at any given time. In other words, post-pandemic strategies need to walk away from lengthy written pieces. 

Differentiate packaging for meaningful display

First of all, while digital channels have become prominent during lockdown, it doesn’t mean that shops can’t be successful. Essential shops are still open. We can also expect retailers to open their doors in the next few months. As a result, it makes sense to consider how impact packaging can be. With social distancing likely to remain in place until the end of the year, visible packaging with details that stand out such as gold foil stickers or bold colours can stand out on the shelf. Rather than reinventing products, lively packaging can give brands a competitive edge. 

Show your story for instant appeal

Your audience doesn’t have enough headspace to read long articles. But they are comfortable with video content, which is more digestible. Creating effective and engaging videos is no easy task if you are not familiar with the challenges of this medium. Ideally, small businesses should steer away from a cost-saving DIY approach, as it could make your video appear amateurish. Video marketing is not something to take lightly. Ideally, businesses of all sizes need to partner with a professional video production agency that can maximise quality, engagement, and message delivery. Saving money would be a false economy. 

Entertain, don’t promote

With more brands switching their activities online, social media platforms are more active than ever. Yet, being active on social media is not quite the same as being engaging. Hootsuite warns marketers on how to measure social media engagement, listing comments, likes, clicks, mentions, and many more metrics. Are all metrics equal? The answer is no, but which works best for you will depend on what you’re trying to achieve. While many brands are using social media for commercial purposes, an abundance of commercial messages could backfire. With a limited attention span, your audience needs brands that reassure, entertain, and support them during the pandemic. Brands that are aggressively trying to sell with every tweet could lose their social media influence. 

Maximise digital technology

When the digital sphere becomes the primary platform of contact between businesses and their audience, you need to diversify your digital tech use. For example, the addition of a chatbot can tackle visitor queries rapidly. A smartphone app can enhance transaction and customer service experiences. Invest in digital tech and solutions that can help your audience. 

Being seen when everybody else is fighting for audience attention can be challenging. Businesses need to learn alternative approaches that convey their brand messaging without increasing digital fatigue for their audience. 

Establishing Yourself as an Authority in Your Industry and…

When it comes to growing your business, one of the best approaches to take is to establish yourself as an authority. In this brief but informative post, we’re going to cover some of the most important things to consider when you want to improve your reputation and why you should focus on this as a priority.

The benefits of being an authority in your industry

First, let’s examine some of the benefits that come with being an authority in your business.

• Your brand name is easier to recognise. People are far more likely to take notice of you if they recognize your brand name. They’re more likely to remember you and will be more likely to buy your products.

• More people trust your brand. Trust is important. It helps you improve your reputation and gives people a reason to pick you over the competition.

• You’ll find it easier to network with other businesses. If you want to work with other businesses then you’ll need to establish yourself as an authority in the field or at least show that you have the experience and knowledge required.

• Easier time recruiting. You’ll have a much easier time recruiting people if you have a great reputation as an authority in your chosen industry.

Now let’s take a look at some of the ways that you can establish yourself as an authority.

Setting up a business blog to communicate with

When it comes to blogging as a business, you have a lot of different options for things to talk about. For example, you could talk about the industry itself, your products, your workflow, or even your future products. The more information you reveal, the more likely you’ll be taken seriously and treated as an authority in the field.

Establishing yourself on social media

A social media presence can be extremely important for businesses of all sizes. Engage with your customers, share information and get to know your audience. This is a fantastic way for smaller companies to get noticed and it’s an absolute necessity for a larger company to have a presence on social media.

Learning more about the industry that you’re a part of

If you want to become a staple in your industry then you need to learn more about it. If you’re a relatively small business, then it helps to look at data and trends. For example, if you’re a small brewery that makes products at home then learning about the beverage industry will give you lots of unique insights about how the industry works and current trends. It’s a fantastic way to learn more about the industry you’re in and also gives you data to make important business decisions.

Attending events to show your products
Lastly, growing your business is much easier if you’re able to attend events to show off your products. While it’s difficult to attend events due to current circumstances in the world, it’s still vital that you establish some kind of physical presence in stores, at events or even with online virtual events.