Landlord blog: Because two is better than one!
Prompted by research that only six per cent of landlords have over one property, Rob Denman considers why, in the current market, landlords are limiting their options and looks to offer some help, advice and reassurance to those considering doubling their stake.
“So, according to new research, the majority of landlords own just one rental property and that property is typically less than 10 miles from their own house.
“I can understand why. If I’ve said it once, I’ve said it 100 times – being a landlord is a tough job. There’s finding tenants, vetting tenants, keeping an eye on tenants, meeting the requests of tenants – yes, it would be a great job if it wasn’t for the tenants!
“However I’m still really surprised by how few landlords there are with more than one property, particularly given that demand continues to significantly outweigh supply.
“We all recognise a number of landlords are accidental, victims of declining house prices and a slow market, so it’s understandable why they have just the one property. Then, of course, there is the issue of raising a deposit which is certainly no small feat!
“If this is what’s holding you back, one option to investigate could be to remortgage your existing rental property to release some of the equity that has built up. A mortgage adviser will be much better placed to assist you with this than me but, should this route become viable, we can then help with the actual remortgage.
“As a bit of an aside you could also then get 25% off our conveyancing fees should you go on to buying another property. Just sign up to our loyalty scheme Premier Client Club, details of which will be in your remortgage documentation.
“Yet I think one of the other contributing factors is something I allured to at the beginning – landlords have to have some finely tuned juggling skills. I mean dealing with one property and one set of tenants can be time consuming enough, throw in a second property and it could spell double trouble!
“That’s two gas safety checks which, more than likely, will need to be renewed on separate days, multiple tenancy agreements, two lots of rent to keep tabs on, two separate inventories to manage and keep up to date, not to mention double the paperwork and the financial implication of running and maintaining multiple properties.
“You could always employ a letting agent. This will, of course, come at a cost, typically a percentage of the received rent. We have, however, come up with a solution, a free solution in fact.
“Landlord Hero is a new service from Goldsmith Williams and is designed to help private landlords manage their properties. Within this online portal, landlords can upload and store all your property, tenant and tenancy information as well as creating free, solicitor-approved tenancy agreement and inventories. There is also the functionality to check rent payments and set notifications for key dates – perfect for gas safety checks and insurance renewals. You can even sync these reminders to your phone.
“Ultimately the secret to a successful landlord – be it one with a single property or an estate-full – is organisation. Landlord Hero can rescue you from a mountain of paperwork, save you from missing important deadlines and free up your precious time.”
It is completely free to sign up for a Landlord Hero account. Simply visit www.landlordhero.co.uk and register today.
Rob Denman is a solicitor and Head of GW LET (Landlord Empowerment Team), specialising in such landlord legal issues as rent arrears, tenant eviction and tenancy deposit disputes. In his spare time Rob enjoys watching football and running. He is currently training for his second half marathon.
Content correct at time of publication