Managing your buy to let property yourself is a big decision and for many it is dependent on where they live in relation to their rental property. How much time a landlord can dedicate to it is also a major factor – both in terms of managing the property and the time needed to keep abreast of the changing legislation.
It is also the price you put on that time, as some landlords will simply choose to self-manage to save costs on management fees. It may that as most landlords only have one or two rental properties, the perception is that the demands won’t be great, but the regulations are the same for a landlord who owns a single property or those who have multiple-property portfolios.
It is acknowledged by many that it is getting increasingly challenging to self-manage. Well over a hundred pieces of legislation now govern the private rented sector and the penalties for non-compliance are tough. In general tenants are more knowledgeable about renting, which is a good thing, but it means there is no excuse for poor management from the landlord. Tenant-support groups also often take a vocal and public approach to action on what they may perceive to be unfounded grounds and it is a shame when things get to this stage, but reality for some in the PRS today.
Not adhering to legislation can make the difference between regaining possession of a property or not, but also facing the penalties of non-compliance. Fines start in the low thousands for some elements, up to a maximum of £30,000 and right to rent check misdemeanours carry a five-year prison sentence.
Whilst there will always be a small number of rogue landlords (and agents) who look to do the bare minimum, the vast majority take their responsibilities seriously. But the struggles are increasing with the unforeseen factors that Covid brought, the growing cost of living pressures plus the ever-changing legislation landlords may feel they need additional support.
To help with this, Pennington introduced a suite of ‘Pick and Mix’ services tailored specifically for these landlords who prefer to self-manage, but who may be interested in support on some aspects of the letting process.
From property marketing and carrying out viewings, to conducting right to rent checks and getting everything in order for the tenant to take on a property through to leaving the property. We offer a regular or ad-hoc inspection service and can arrange for any maintenance or repair work to be completed by our trusted contractors, to keep your asset in the best condition.
As the name suggests it is a menu-type offering where the landlord can pick and mix the services they need, as and when they need them and it is available to all landlords.
If you would like more information on this or would like to discuss any other matters on the local property market, please do not hesitate to contact me.
Managing Director / ARLA Propertymark Advisory Board
Tel: 01394 337590