The 3 most common causes of landlord stress - Solved!
Any landlord will no doubt say that there are pros and cons to being a landlord! However, at Perry Bishop, we’ve found that there are three key things that the landlords we work with think stress them out more than anything else.
Here, we’ll explore these three causes of landlord stress and look at how they can be dealt with.
1. Finding a good Tenant
Almost three-quarters of all landlords believe that finding a good tenant is either moderately difficult or extremely difficult, and it’s fair to say that for first-time landlords especially, this can be the most stressful thing that they have to face.
Our top tip for finding a good tenant is to create a quality listing.
When your listing fails to do the property justice, you’ll find your chances of finding the kind of tenant you have in mind are significantly limited. Clear photographs, a well-crafted description, and a competitive and realistic rental price represent the best ways of placing your property in front of the right kind of tenants.
Of course, while your listing needs to showcase the property, it needs to be accurate and honest too so that tenants get a clear idea of what to expect when they arrive for a viewing. It’s also important to consider your tenant criteria.
For example, if you’re seeking student tenants, state it clearly in your property description to avoid wasting everyone’s time.
When prospective tenants start expressing an interest in your property, the next step is to make sure they’re suitable. Will they be able to afford the rental payments? Are they likely to care for your property properly? A comprehensive reference check will give you some reassurance along with taking a holding deposit.
2. Dealing with maintenance problems
Dealing with maintenance problems can be another major headache for landlords. It’s the landlord’s responsibility to keep the tenant and the property safe but it’s often difficult to arrange for maintenance work to be carried out, especially if a rapid response is required in an emergency. Not only can it be challenging to find a suitable contractor to deal with the issue, but it’s often difficult to find one who is reliable and who charges an affordable price.
Our top tip for dealing with maintenance is to prepare a list in advance of reliable tradespeople.
List a minimum of two professionals for all maintenance areas. It’s also wise to take out home emergency cover so your tenant will be able to get an immediate response in the event of an emergency.
3. Awareness of legal responsibilities
Most landlords understand that letting a property comes with some major legal implications. However, understanding all of those responsibilities as well as the actions required isn’t always straightforward. There are over a hundred laws regarding rentals, so it isn’t surprising that this is something that causes landlords a lot of stress.
Safety inspections, deposit protection, notice periods, and property licencing are just some of the legislation you’ll need to be aware of, and new laws are introduced on a regular basis.
Our top tip for staying on top of legislation is to subscribe to property newsletters, join forums and read articles to make sure you stay in the loop and remain up to date with your obligations.
Minimising your stress
The best way to minimise your stress as a landlord is to use the services of a reputable letting agent to manage your property.
At Perry Bishop, we’re specialists in the local rental market and can take over the entire running of your property on your behalf. Contact us today to find out more about how we can help.