Becoming a landlord in a lucrative area can prove to be a very smart business venture. With a great property located in a prime location for short term and long term tenants, you could see yourself making great revenue. However, the job can bring a few stresses and strains to landlords. This is especially the case for new landlords who are just stepping into the world of letting without prior experience.
In order to enjoy the positives associated with being a landlord,it is important to first understand the common stresses a landlord can face and determining an effective solution for each of these problems.
Hostmaker is the leading supplier of airbnb property management and landlord services, and we’ve put together this blog to highlight the issues with being a landlord and how property management services can take off this pressure, allowing landlords to enjoy the fun stuff.
Common Landlord and Tenant Disputes
Having a good working relationship between landlord and tenant is something all people look for. However, there are some cases where landlords and tenants may end up in a dispute over something to do with the property or the letting agreement.
For example, common landlord and tenant disputes are over:
- Property maintenance – as a landlord, it is your responsibility to ensure the maintenance. However, a responsible tenant must also do their part to ensure they’re treating the property correctly.
- Damage to the property – if a tenant makes any unauthorised changes to the property, such as putting screws or nails in the walls, they’ll be liable to pay for the damage. Having this conversation with tenants can certainly be tricky.
- Council tax – if you’re renting out your property to one tenant or family, they’re liable to pay council tax. However, if you’re renting out to multiple tenants such as students, you’ll need to pay it. Some tenants may try and argue against having to pay the council tax, especially if they are first time renters and do not understand the rules and regulations.
- Pets in the property – as a landlord, you have the right to determine whether pets are allowed in the property or not. Sometimes, tenants may disrespect this rule and bring their pets into the property which will cause conflict.
- Subletting – as a general rule, tenants are not allowed to sublet a property. In some cases, tenants may seek to make profit by subletting your property, however, you can challenge them in court and/or evict them. Subletting is a common problem in London and something to look out for.
These all too common disputes can happen on a regular basis, especially if you’re letting out multiple properties across London to multiple different tenants. If maintenance is something you struggle with, there’s a solution! We offer end to end maintenance for all London properties to keep you on top of things.
The Responsibilities Associated with Letting
Being a landlord can be a great career choice! As well as enjoying all the fun parts of being a landlord, you’ll also have to take on some important responsibilities in order to be a great landlord.
The most common and important duties of a landlord include tasks such as:
- Providing your tenants with all the information they need
- Checking your tenants right to rent in the UK
- Providing terms of the tenancy agreement
- Property maintenance, repair and overall condition
- Protecting your tenants personal data
- Tenant referencing
These jobs can quickly add up and with so many other things to think about, it’s not surprising that some landlords may forget to cover some of these duties. At Hostmaker, we like to ensure that no stone is left unturned which is why we pride ourselves in providing seamless property management services.
Landlord Stress: How To Recognise & Avoid It
The common disputes a landlord faces during their job, combined with the important jobs, duties and responsibilities can cause a great deal of stress. A recent study recorded that 67% of landlords are currently more stressed than they were a year ago and that some 25% of them have found the experience more stressful than they anticipated when they started.
The most common causes of landlord stress are rent arrears, difficult tenants and expensive or extensive property repairs that must be carried out. Late rent payments are the most common causes of landlord stress and a major pain point for all landlords. This means it needs to be swiftly dealt with to take off that pressure.
Whilst there are many steps you could take yourself to reduce the amount of stress you’re currently experiencing, it can sometimes be easier to rely on the professional services of a property management company. Steps you can take to reduce your landlord stress can include:
- Ensuring you have the proper insurance for your property
- Get full references for future tenants
- Do an inventory before new tenants move in
We understand the degree of stress that can be caused by being a landlord, which is why we have created a range of services covering different areas of being a landlord, to provide solutions to all their stresses.
How Can Hostmaker Help?
Whether you have an Airbnb property and need Airbnb property management services, or you rent long-term to tenants, property management services can be a great help. Keeping you on top of jobs and reducing some of the stress associated with being a London landlord, we can get you on your way to being the best landlord you can be.
Our range of services can be used for primary homes, secondary homes or a collection of homes to ensure your stresses are effectively handled. This means you can focus on all the enjoyable aspects of being a landlord in the lucrative London area.
Being stressed as a landlord no longer needs to be “just the way it is”. With the proper care and diligence, you can avoid some of these most common issues and stresses. Get in touch with us today to see how we can help you.