As letting professionals, we know it takes a great deal of time, knowledge and skill to look after a rental property. A successful let requires:
- Understanding your legal rights and responsibilities as a landlord
- Knowing what needs to be done to make sure a property can be legally rented out
- Finding a suitable tenant – one who will pay the rent on time and in full each month and look after your property
- Making sure all the administration is carried out properly, including issuing the correct documentation at the right time
- Ensuring regular checks are made during the tenancy and being able to spot potential issues early
- Knowing your obligations around maintenance and repairs and arranging for work to be carried out
- Having the time and ability to manage the tenancy and communicate effectively with the tenant
- Knowing what steps you are legally able to take if there are problems with the tenancy
- Staying up to date with legal changes and understanding how they affect you and your property, so that you remain compliant
On top of all that, you need to keep up with the latest trends in your local property market to make sure you continue to let the right kind of accommodation to the right tenants, at the right market rent.
The legals
One of the main things that landlords underestimate when they’re trying to manage everything themselves is the amount of legislation there is to understand and stay on top of – and there can easily be several legal changes each year. It’s also important to be aware that if you do make a mistake on the legal front, you could be fined anything up to £30,000 by your local authority, depending on the breach, even if it was unintentional. For serious violations of health and safety rules, you could end up being prosecuted in court, so you’ve got to get those right.
Landlording isn’t for everyone
Even if you know the law and understand what steps you need to take, the reality is that the day-to-day job of being a landlord doesn’t suit everyone. Although some tenancies run smoothly, you’ve got to be prepared and able to handle issues calmly and efficiently when they arise - bearing in mind that calls from tenants and maintenance issues often come at inconvenient times! So, if you already have a full-time job - and particularly if you have a family – you should think about whether you have the time to also be a DIY landlord.
Those who let and manage their own properties successfully are generally professional landlords, where property investment is their main or full-time job. They invest time and money in becoming Buy to Let experts – and even they regularly network and use some sales and lettings agents to make sure they carry on being successful.
A managing agent can be a great solution
We’re approached all the time by landlords who have started to try to handle everything themselves and realised they’re in over their head. Using a qualified agent to let and manage your property not only saves you a huge amount of time and effort, but also gives you peace of mind that your tenancy will always be legally compliant and managed professionally. Take a look at our services for landlords here to find the right service level for you.
As members of ARLA Propertymark, our staff undergo training and continuing professional development and we have compliance and legal support from the membership body. All our branches have reliable systems in place for administering lets, including a network of trusted contractors that can deal with our landlords’ maintenance and repairs issues quickly and cost-effectively.
So, although an agent’s fee will add to the operating costs of your investment, it’s a relatively small expense that should be covered many times over by things like shorter average void periods and the hours saved on researching and understanding legislative changes yourself. And don’t forget, it’s an allowable expense that can be deducted from your rental income on your tax return!
If you’d like to discuss how we can help ensure the success of your Buy to Let, just get in touch with your local Your Move branch and speak to one of the team.
The Your Move Content Marketing Team
