Private landlords stressed to the limit

Ever mounting issues such as regulation, rent arrears, tenant complaints, tax and inland revenue are causing more stress and strain than the day job, according to a new report that examined stress levels of landlords.

The *study revealed that 66% of landlords find managing their properties without an agent more stressful than their full, or part time jobs.

The research also reveals that rent arrears (87%) and dealing with tenant complaints (80%) are the top two causes of stress, followed by sorting out repairs to properties (43%), the new immigration legislation (40%) and securing finance to expand their buy-to-let portfolios (28%).

A quarter of landlords cite tax and inland revenue as a major reason for getting worried and anxious, while a third say it is void periods. 

So, if you don’t have the time to find the tenant, do the viewing, take on the daily management of the property, do the correct referencing, deal with the contract, put the deposit into an appropriate scheme, arrange the inventory, ensure the EPC and gas safety certificate are up to date, deal with tenants’ complaints on maintenance and chase any issues such as non-payment of rent – then get your property managed. If you don’t do this, it will only be a matter of time before you run into trouble.

A good managing agent is the key to having a more profitable return on your property investment, to achieving a good yield and more importantly, taking the stress away from you.

An important point to remember when choosing an agent is that it is very easy to become a letting agent. Letting agents are not regulated in the same way estate agents are, which is why we, Ian Perks Estate Agent, are pleased that the Government is addressing this issue and bringing in measures that will mean all lettings agents have to belong to a re-dress scheme.

Check out our credentials – we belong to NAEA, RICS, NALS, The Property Ombudsman and The Safe Agent Scheme.

Be wary if you are being offered cheap fees, it may be because the staff do not belong to an association, have not been trained properly or are not insured.

Remember, a good managing agent and can save you money and help you run a very profitable buy-to-let business.

*Source: Property Reporter