Stress is real. It’s been proven that long-term exposure to constant worry and tension can damage your health and well-being. So, we thought this article – How To Reduce Stress as a Landlord – could be useful if, as a property portfolio owner, you’re finding things a bit tough at the moment.
We’re coming clean here:
Property Moves believes that engaging us to manage all or just part of the tenant-landlord process (and everything that goes with it) can MASSIVELY reduce landlords’ troubles and worries. In our view, it’s a given. And we’re glad to report our landlord clients agree.
You’re on our website, so may we assume you’re already thinking about getting in touch? Do make that call on 01273 321 333. Have a read through this piece and see if you think we’re the agency for you.
YOUR FINANCIAL EVER-AFTER?
Who told you that letting your property would turn you into a near-instant millionaire with very little effort? Well, have a quiet word with them. While it remains a profitable endeavour, dealing with tenants, tradespeople, HMRC, your accountant and Uncle Tom Cobbley and All was never going to be stress-free.
Being a landlord is like being in business. In fact, you ARE running a business with a few added complications, such as the Renters’ Rights Act, and tax issues – especially if you’re going it alone and doing everything yourself. Likewise, you’re running a business that’s someone’s home.
At all times, there’s a lot to know, and if you get things wrong, the law will not be on your side. There’s no magic bullet, but having a viable strategy could be really helpful.
Think about the following TWO THINGS carefully:
- What’s Your Ultimate Plan?
Your exit strategy, if you like.
Are you planning to grow your property portfolio to provide you with a full-time income and a career? Or, you could be thinking about an income for your retirement. You could even sell up to make a profit. Consider your timescales, and of course, the long-term tax implications.
- Property Types and Tenants
We’re generalising a bit here.
Brighton and Hove is a densely populated area with plenty of good-standard properties. If you’re new to landlording (we just made that word up), higher-end properties could command higher rents and yields. Also, professionals with good salaries. The downside? Potentially demanding tenants, bringing stressful expectations to your door. The cheaper end of the market could attract tenants with their own problems.
The middle ground could work best here: Couples, families, teachers, NHS staff – again, we’re not going to judge, but do ask Property Moves for advice. You want people who will pass referencing and vetting, pay their rent on time, and look after the property long term.
WHAT ARE LANDLORD STRESS FACTORS?
In truth, it’s not owning the property that’s stressful; it’s being responsible for everything that happens in it.
Financial pressures: This must surely rank at number one. Unpaid rent can be unexpected and significantly impact you. Also, a sudden repair bill, such as a new boiler. Even a hike in mortgage rates.
Empty property periods: Related to the above, can you cope for a couple of months without rent coming in? Or, even longer?
Regulatory compliance: Being a landlord is complicated – there’s no other way to say it. We’ve already mentioned the Renters’ Rights Act, and there are other broader responsibilities around safety, inspections, notices, access, and deposits. There’s no easy way to say this, but there are legal consequences for landlords who break the rules.
Problem tenants: They may neglect your property, cause excessive noise, start arguments with neighbours, or be extremely hard to reach. Plus, you most certainly don’t want to receive a late-night phone call because they’ve locked themselves out. Or, worse: there’s water coming through their ceiling and it’s 11.30pm
Managing contractors: This isn’t always easy, especially if you live in Scotland and the property’s in Hove, for example. Reliable, professional electricians, plumbers and builders are worth their weight in gold. If you can find them.
Record keeping and tax: As the saying goes, tax doesn’t have to be taxing. But…sometimes it is. Recording financial transactions for your business should be a regular habit, but some of us aren’t detail-oriented, and it all ends up tangled and neglected. Plus, there’s Making Tax Digital now, too.
SOLVING EVERYTHING!
Ok, not everything, but outsourcing to an agency such as Property Moves could be a game-changer. In our opinion, there are things you can take care of yourself, and others that are best left to the experts. The payback is likely to be substantial in the form of reduced stress and pressure. We ONLY deal with the rental sector, so our team knows the industry inside out. In addition, we’re familiar with practically every street, road, close and avenue in Brighton and Hove and the surrounding areas.
Not least, the rent you can expect in specific areas for particular types of property. If the rent is too high, there won’t be enough applicants; too low, and you could be missing out on valuable income.
Finding and vetting tenants:
Property Moves advertises landlords’ properties across the main portals and our own website. Flats and houses move fast in this area, and we always ensure they’re promoted to their best advantage. Referencing and vetting deserve their own blog, but suffice to say this is done in complete accordance with the law and best practice to find the best, most reliable new occupiers.
Maintenance management:
We’ll handle the entire process. From dealing with your tenants, liaising with our chosen tradespeople (they’re excellent, by the way), to making regular checks and inspections. Property Moves can spot issues early, arrange quick repairs, and save you from paying more to resolve them later. Also, emergency repairs. No more late-night calls.
Regulatory and Legal compliance:
Our team knows how it all works – and believe us, it’s fairly complex – and will ensure you meet all your obligations. There’s nothing to worry about your end.
Financial administration:
You’ll receive clear rental statements, invoices and ultra-jargon-free reporting so you’ll know what’s going on.
Tenancy renewals and disputes:
Let us handle these. Perhaps we may need to have difficult conversations, but we’ll do it. You don’t need to.
A single point of responsibility:
Of course, we’ll involve you as needed. You’re the landlord and our client. But generally, Property Moves will coordinate paperwork, suppliers, tradespeople, and your tenants. Generally, we’ll act as the point of contact for questions and other day-to-day issues.
Ultimately, we aim to turn what could feel like a stressful second job into a much more passive, ongoing investment. How does that sound?