Landlords! Letting out a property doesn’t have to be Stressful! According to a new survey by Landlord Tax, one in four landlords say letting property is more stressful than they expected and two thirds admit they are more stressed now than a year ago. The survey shows that the biggest contributing factors are late rent payments (58 %), funding property maintenance and repairs (40 %) and tax worries (38 %). Other issues that may cause landlord stress are: 1. Compliance with constantly changing legislation – which currently includes mandatory licensing, roll out of Universal Credit and immigration status checks. 2. Dealing with damage caused by tenants. 3. Dealing with anti-social behaviour of tenants. Of course, the majority of tenants are considered “A1″ which means they they pay their rent on time, they keep the property clean and tidy, and they do not act in an anti-social manner. However, EVERY landlord who lets out a property is taking on the risk of the tenant not paying the rent. Each of us has a different attitude to risk and a different risk “threshold”. When starting out on your landlord journey, it’s important to understand your own situation and create a strategy that keeps your stress at bay! This should include how much time you have to devote to managing your properties, how much stress you are prepared to deal with, whether you have the support of your partner, not to mention financial considerations. In this short video, our Managing Director, Eric Walker, shares his views on managing risk in BTL: Some landlords simply wish to “let and forget” and that is where Northwood’s market leading Guaranteed Rent service comes into its own. Created 19 years ago, our Guaranteed Rent is the ultimate antidote to landlord stress and it simply agrees to pay the rent on time, every time, whether your property is let or not, whether the tenant pays or not. We manage the property, deal with tenant selection and issues, deal with repairs, and ensure your property and tenancy is compliant with the latest legislation. We recently received this testimonial from a very happy and stress-free landlord who had not missed a single rental payment on our Guaranteed Rent service for a total of 14 years! In this particular case, Northwood even ended up selling the property for this landlord. This gives credence to our claim that Northwood are here to support you through the entire life-cycle of being a landlord. We aim to understand each individual client and offer the level of support that you require to achieve your property objectives. If you have any questions, here at Northwood Northampton Lettings we are pleased to advise. For more information on our Guaranteed Rent service, please visit our website or call 01604 607080 We are proud to let you know that all our offices are members of the Property Ombudsman and SAFEagent, showing our commitment to professional standards and giving landlords and tenants complete peace of mind when dealing with us. *DOWNLOAD Northwood’s free guide: How to find a professional letting agent* Northwood is one of the largest and most recognised lettings agents in the U.K. and the leading supplier of Guaranteed Rent to give landlords complete peace of mind. Find us on Twitter @northwoodUK or visit our YouTube Channel.
Posted on: Thu, 16 Oct 2014 07:10:16 +0000
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