Being A Landlord Can Cause Stress

Thursday, October 9, 2014

Specialist Products And Services Can Provide Stress Relief For Landlords

Specialist Products And Services Can Provide Stress Relief For Landlords

Specialist Products And Services Can Provide Stress Relief For Landlords

A survey conducted among private rented sector (PRS) landlords has discovered that being a landlord can be a very stressful occupation, with property investors that are still employed dedicating many days from their annual holidays to sort out rental property issues, including dealing with repairs and chasing late rent payments.

The survey, conducted by UK Landlord tax, found that 25% of property investors had already discovered that being a landlord was actually more stressful than they expected, while 67% of the landlord respondents said they were more stressed than they were 12 months ago.

74% of the landlords who took part in the survey said they had no plans to stop letting out their rental properties in the next 12 months, however, 51% of landlords said they did not expect to make any profit from their rental properties in that time either.

It is clear that many of the landlords who took part in the survey were oblivious to the wide range of specialist products and services that have been specifically designed to alleviate landlord worry and stress.

The survey findings showed:

  • 53% of PRS landlords use up to 20% of their annual leave sorting out issues with rental properties
  • 46% of landlords spent up to 20 hours a year on the phone negotiating with letting agents and tenants as well as sorting out rental property maintenance issues.
  • 58% of landlords reported that they had spent time chasing late rent payments
  • 40% of landlords were caused stress over funding property maintenance and repairs
  • 38% of landlords reported stress caused by tax worries
  • 35% of landlords worried about empty rental properties
  • 28% of landlords didn’t have enough time to deal with property or tenant issues

Tenants with 4 legged friends were another ‘pet hate’ landlords were forced to deal with, 60% of landlords surveyed stated that they don’t allow pets in their rental properties, while 5% discovered that their tenants had been keeping pets without consent at the end of the tenancy, with nearly all experiencing some degree of damage to the rental property.

Some of the stresses experienced by PRS landlords can be minimised by using specialist products and services that are designed to protect rental income and cover damage to property caused by tenants.

Rent Protection Insurance can ensure continued rental income should the tenant default on paying the rent, although tenants will need to pass comprehensive Tenant Referencing checks prior to starting the tenancy.

Tenant Liability Insurance covers damage caused to the rental property by tenants, covering accidental and pet damage to rented properties, and such policies also help to protect the tenant’s deposit.

Tenant Evictions can also be dealt with quickly and easily by using the UK’s leading tenant eviction specialists – Legal 4 Landlords!

This was written by Mike Clarke. Posted on at 11:30 am. Filed under Landlord News. Tagged , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , . Bookmark the permalink. Follow comments here with the RSS feed. Both comments and trackbacks are currently closed.