The last year has been an interesting time for landlords, with a lot of fundamental regulations and laws surrounding property management set to change significantly.
With the Renters’ Rights Bill rapidly approaching royal assent, and many of its biggest changes likely to be finalised, everyone from people renting bedsits to sprawling asset managers is evaluating their options.
This is particularly true when it comes to self-managed landlords, as a lot of the responsibilities and changes that letting agents and property managers would otherwise handle will fall on their shoulders.
The answer will vary a lot depending on the type of landlord you are, how you ended up getting started with managing properties, and what you personally enjoy about being a landlord.
If You Are Willing To Commit The Time
Some people describe being a landlord as a job with 24/7 commitments, and whilst you will not spend a considerable amount of every day helping with tenant issues, there will be times when you will need to be available to sort out a response to an urgent issue.
Sometimes, emergencies such as gas leaks, broken heating systems, flooded drains, burst pipes, or even fires can happen, and tenants must have a point of contact to get these serious issues fixed as a matter of urgency.
Some days you may need to commit more than a 9-5 to managing your properties, whilst on other days it may take less than an hour. The key is knowing if you have the capacity to commit as if you are on-call 24 hours a day.
If not, make sure you work with professionals who can.
If You Are A People Person
Being a landlord is being a problem solver and an ardent diplomat; you want to find ways to navigate around issues fairly but firmly, and maintain a network of contacts that you regularly keep in touch with.
Tenants often have different negotiation styles that they respond better to, as well as different needs and pain points. A good relationship will necessitate that you understand and work around these.
Similarly, you will need a network of local contractors who can help with plumbing, gas engineering and electrical work, to ensure that you are keeping within the law and keeping your tenants safe.
Some people like to do this themselves, but a property manager will often have their own system for managing issues and a network of contractors who can fix problems.
If You Are Willing To Keep Up With The Law
Whilst the Renters’ Rights Bill is the most recent major change in the law, it is far from the first time landlords have had to keep track of their legal requirements, responsibilities and liabilities in an ever-changing landscape.
The rules surrounding eviction, for example, have fundamentally changed, which is something you will need to take into account, as well as ensuring you have the provisions for (or a good reason for not) allowing pets to stay with your tenants.
It is a lot for one person or a family to handle on their own, but letting agents can help with either some of or the entire process of managing a property.
