Letting out property can be demanding and difficult at times, but what exactly do landlords find most stressful? A recent survey of over 20,000 landlords conducted by LettingaProperty.com has given some wonderful insight into the most stressful aspects of being a landlord.
Finding good tenants
73% of landlords surveyed have said that finding good and reliable tenants was the most difficult challenge they face. This is particularly true for first time landlords or those under pressure to find tenants in a hurry.
We have discussed in previous articles some tips on how to attract the right tenants including property upgrades like painting, new carpets/flooring, heating upgrades etc. But let’s not forget the basics either.
The first thing to get right is your property advertisement. If your listing doesn’t do your property justice, you’re already fighting an uphill battle. Professional photos, an honest and clear description and a competitive rental price will all help attract the right tenants. Don’t forget to clearly state whether or not you will accept Pets, Smokers etc. This will help narrow down the field considerably.
Other more modern sales tools include 360 Virtual Tours which enable potential tenants to see the property in its entirety without having to visit. Particularly in the current Covid-19 climate, Virtual Tours have become indispensable in helping to reach the right tenants.
Choosing your tenants
Deciding who you are going to let live in your property for at least the next 12 months is a big decision. Everyone puts forward their best selves in an interview, but will they look after the property? Will they pay rent on time? Will they stay for the duration or will you arrive one day to an empty property and no answer from any contact numbers? Understandably, this can all be quite stressful to try and predict based off of brief phone calls and meetings.
Again, go back to the basics. Always make sure to attain up to date references from both the potential tenants’ previous landlords and also their current employer. An employer’s reference can help determine whether or not the tenant will be able to afford rent going forward and also confirm their current income. Previous landlords references will show the tenant has looked after properties and paid rent etc on time.
Maintenance Issues
Of the 20,000 Landlords surveyed up to 59% found managing maintenance issues to be stressful. Keeping the property up to standard and safe for your tenants is a landlord’s responsibility but can become tricky particularly in emergency situations like burst pipes or broken boilers.
The best approach to negate these situations is to prepare a list of reliable tradespeople. Best to always have at least two dependable professionals for each area of expertise like plumbing or electrical work. Relying on just one professional is risky as odds are they are good at their job and may not always be available in a hurry.
Always make sure your insurance is up to date and covers you for any emergency situations that may arise.
Legal Responsibilities
All landlords will be aware of the legal responsibilities undertaken when choosing to rent your property. However up to 58% of those surveyed said it was difficult or stressful to keep up to date with constantly changing or updated rules.
Obviously you are not expected to know and understand every piece of legislation but there are various ways a landlord can keep up to date like joining landlord groups on social media, subscribing to newsletters and working with property management companies. The latter can handle every aspect of your rental for a fee, allowing you to relax and enjoy your income without any of the stress.
Solutions
The most common route experienced landlords will take – particularly those in possession of several properties or large scale developments – is hiring a reliable property management company to oversee the day-to-day operations. This includes everything from rent collection to tenant screening and maintenance issues.
At KPM Group we have over 25 years experience and have grown to one of Ireland’s largest property management companies. If there is anything at all we can help you with please don’t hesitate to get in touch and a member of staff will be happy to help.
