While being a landlord can be lucrative, too many people are unaware of the amount of work or effort involved with being a landlord. If you are considering becoming a landlord, it is vital that you consider how hands on a landlord you want to be.
Being a landlord can be a very time-consuming role. If you are looking to enjoy additional income from letting property while you work full-time, you may find that you have underestimated how challenging being a landlord can be. If you don’t have a lot of time to be a hands-on landlord, but you are committed to offering a reputable standard of service, it is best to get help from a property management service provider or a reliable letting agent.
Can you reach your intended audience?
Are you comfortable promoting property? Some people are natural when it comes to promoting and you may have skills in this field yourself. However, promoting rental property requires you to promote in certain places and reach out to your audience.
In the present day, you need to ensure your rental property is listed on online portals, and it is important to present the property in the best manner. If you don’t stand out online, you will struggle to attract tenants to your property. For some landlords, professional help in promoting property is a massive help because, without it, they would struggle to let the home.
One of the most important steps in letting property is finding and vetting tenants. Having a reliable tenant in place makes being a landlord much simpler but if you have an unreliable or unruly tenant, you will find that being a landlord is extremely challenging. There is also the fact that under the Right To Rent regulations, a landlord must ensure the tenant has the legal right to let property in the United Kingdom. A failure to comply with this regulation could lead to a fine.
Vetting tenants is essential for all landlords
Therefore, it is important that you review and vet all tenants before deciding who to let the property to. Of course, not everyone is comfortable with the steps involved with letting tenants. This is an area where calling on help makes sense because this is too important a step in the letting process to miss out.
A similar argument can be made about collecting rent and liaising with tenants. Not everyone is comfortable in dealing with people, particularly with respect to finances. If you don’t believe you have the personality required to collect rent each month and to insist on payment even if the tenant makes excuses, you will require assistance in being a landlord.
Some quick things to consider in deciding if you can be a full-time landlord:
- Are you aware of the regulations relating to your business and accounts?
- Do you know the full extent of health and safety requirements your home must comply with?
- Are you aware of gas safety check requirements or the latest EPC regulations regarding rental property?
- Is your current mortgage sufficient for letting property or do you need to re-mortgage the property?
- Are you aware of the need to place deposits into a Government-backed scheme?
These are just some of the issues that landlords must attend to and if you are unaware of the requirements, it is likely you will need assistance in letting your property.
It is essential that landlords realise that being a landlord is a professional role, and they need to treat this work as a business. A failure to comply with regulations or meet expected standards could see a landlord fined or lose the right to let property. It could also see a person lose a lot of money, and therefore, many people prefer to call on the services of skilled professionals.
At Student Circle, we are pleased to say we have helped many landlords reach out to student tenants in and around Coventry. With our help, you can be as hands-on or off as a landlord. We provide a range of services, including full property management support, so no matter what landlord you want to be, Student Circle is here to assist you.