One issue, above all else, causes landlords sleepless nights. Can you guess what it is?
Could it be maintenance and repairs? Or maybe it’s worrying about the rent being paid on time?
If you answered one of the above, thanks for playing, but you’re mistaken.
The biggest challenge landlords currently face is abiding by government regulations.
In a recent survey*, 67.5% of landlords said complying with red tape was their most significant hurdle. (This figure was up from 39% the year before, a clear indication of growing concern about the issue.)
And when you think about it, is it any wonder?
There are more than 175 acts and regulations covering the private rental sector.
These rules touch on everything from safety checks and managing deposits to energy performance ratings and inspections.
Failure to comply can result in fines, court appearances and, in extreme cases, jail.
In some circumstances, non-compliance can also be grounds for rejecting an application to evict a tenant.
So, how can landlords manage this challenge and protect themselves and their investments?
Here are some tips to help landlords stay on the right side of the law
Do your homework
If you get something wrong, saying you didn’t know or understand the law just won’t cut it with the authorities. Educate yourself.
Have systems in place
Don’t freestyle it when it comes to annual gas or electricity checks, repairs and maintenance. Keep a schedule so you don’t miss any critical deadlines.
Be organised
If you end up in a dispute, you’ll need evidence to support your side of the story. Be thorough with your paper trail and, ideally, store records electronically.
Stay up to date
As well as understanding the current regulatory landscape, landlords must follow developments in the private rental sector in case new rules are introduced.
Seek professional help
An experienced letting agent will understand the rules and regulations inside out and be able to guide and advise landlords through the maze of red tape. They’ll also manage maintenance, safety checks and tenancies.
Isn’t it time you entrusted the management of your investment to a professional?
If you’d like to learn more about what we can do to help you, contact us today.
* Source: 2023 Property Redress Landlord Sentiment Survey, involving 2,700 landlords.