We've compiled a list of the top issues faced by our Landlords.
1. No Inventory. This fundamental error will almost certainly lead to the tenant having no deductions from their deposit leaving the landlord out of pocket.
2. Lack of Knowledge. Accidental Landlord? That doesn't have to mean it has to be a painful process. Advice, communication and developing relationships is the key to success.
3. Difficulty disconnecting. It can be difficult to see a property as a business when you have lived there. Making the change from a personal to financial viewpoint can be hard.
4. End of tenancy. The turnaround of a property is crucial for avoiding a void period. Any help you can get in this area will save time, money and stress levels. Align yourself with sources of support.
5. Deposit handling. The trickiest part, knowing what to charge for and how much. Complicated rules on deductions mean claims can easily get thrown out. It's all too easy to get it wrong.
6. Compliance. With heavy fines and lives at risk, compliance is a hot topic. Smoke detectors, blinds, legionella to name a few. Landlords need the correct advice on how to comply.
7. Unscrupulous Contractors. Often is the case, Landlords can be overcharged simply because they are Landlords. Connections in the industry and trusted recommendations are vital.
8. Profitability. All investments need a profit. It can be hard to find one. Having access to the best insurances, mortgages and supplierscan be the difference between a profit or a loss.
9. Bad tenants. Having people treat a property poorly for a long period of time can cause permanent damage. With an inspection program in place, you'll know before it's too late.
10. Stress. Property doesn't have to be stressful. Challenging times will come along, but forward planning and a strategy for emergencies can smooth the path.
We have an amazing relationship with all our landlords and believe communication is the key to property success. All our clients receive free advice on the issues listed above so if you are struggling why not give Leon a call and see how we can take away your pain.