What’s the biggest stress for a Landlord?
Renting out a property can be difficult and time consuming and then multiple that by 4, 5 or maybe 10 and you can find yourself pulling your hair out (if you have any left). We investigated and found out what some of the biggest stresses are for the majority of landlords paired with a few solutions that might ease some of the pain.
Finding good tenants
A tricky part of the process is filling your rooms or property never mind trying to find good tenants. The first step is creating an eye catching advert with clear photos and an excellent description of the property – this will help you stand out from your competition. Plus, knowing where to place your advert where your target audience will see it. Your advert should also state any specific tenant criteria such as non-smoker or prefer no pets for example.
Once enquiries are coming in, choosing a tenant can be stressful – deciding who you want to live in your property for the next 6 or 12 months is a big decision. You will want someone who can afford the rent, pay it on time and will look after your property.
There is a number of tools that you can use such as comprehensive reference checks from liability sources (employer for example), background checks on tenant database, credit checks
Handling maintenance issues
One of the biggest stresses for landlords is resolving maintenance issues – as the landlord, you will be responsible for the wellbeing of the tenant in your property and at times, you will have emergencies in the middle of the night such as a broken boiler in the peak of winter that will be need resolving as soon as possible.
Alongside resolving issues, another stress is finding good prices from contractors or finding reliable contractors. It’s best to build a group of contractors that you can rely on once you have found them and make sure you keep them happy! A box of chocolate at Christmas isn’t going to break the bank but it’s a token of appreciation and the thought that counts.
Knowing your legal responsibilities.
When letting a property, there are a number of legal implications that go alongside it. With over 125 laws in the rental sector alone, knowing the ins and outs can be challenging, especially for a first time landlord.
Keeping up with the law can be quite overwhelming and with new rental legislation being introduced all the time, it can be quite hard to keep up. In the last 12 months, electrical inspections became mandatory, evictions proceedings have changed numerous times and new rules for renting with pets are currently being discussed,
How to overcome the stress of being a landlord?
One way to overcome the stress that you face as a landlord is using a letting agent like us. We have a number of different packages available so whether you want a more hands on option or need some assistance finding great tenants for your property, we’ll be able to help!
Speak to us today for a no-obligation discussion about how we will be able to help you and take the stress away from you of renting a property and carry on doing what you enjoy the most!