Rather than sell, the vast majority of buy to let investors are looking to add value to their properties in the current tight economic climate.
Property Owners Directory founder Andy Stern has released his five top tips for dealing with homeowners, landlords and property investors during the credit crunch.
Stern said: “Now more than ever, friendly and clear communications with your clients are critical.
“Both parties need to understand the nature of the work that you’re going to do, and how much it will cost. None of us are relaxed about losing a bit of money here or there in the current economic climate.”
The Property Owners Directory is a website for online recommendations for tradespeople and property professionals. It is the recognised supplier for recommended tradespeople of the National Landlords Association.
Stern’s tips are:
1. Take payment up front. Tell any potential clients you will take a certain proportion of your payments early on, for example to cover a portion of materials. That way you will avoid time wasters who can’t really afford your services.
2. Find out what they need. When money is tight, it’s important that you are clear about what your clients want and what they can afford. If you come in over-budget, your client may not be able to pay for your excesses.
Be clear on whether your client wants the Mercedes Benz option or the Ford Fiesta. If you present them with an all singing, all dancing bathroom when all they wanted was for you to fix the leaky tap, you won’t be making any friends – or any money!
3. Get your insurance. Having the correct insurance cover is essential when you work in property. The Property Owners Directory's insurance partner Ellis David offers a range of covers suited to the sector, ranging from stand-alone Public & Employers Liability cover to Contractors All Risks policies for larger companies. Seek the advice of one of Ellis David's specialist broker staff to ensure you are fully covered.
4. Find out where they found you. Ask your client how they found out about you. If they sourced you through a recommendation or via a professional website like the Property Owners Directory, you can be sure they mean business. More general directories often don’t yield the same serious clientele.
5. Know your worth. Don’t feel that the lowest quote will always win. While people in a credit crunch may be cutting costs, they are still looking for workmanship that will last. If you come recommended, your clients will be expecting a high level of quality work, reliability and honest, competitive prices.
