Two new surveys have highlighted landlord stress points, re-enforcing how lettings agents can assist in reducing landlord anxiety.
According to a new report, Right to Rent is causing landlords extra stress and worry, especially in areas of the U.K. with a higher than average percentage of immigrants.
Research from the Residential Landlords Association (RLA) shows that in February 2016, when the new Right to Rent came into force, a staggering 90% of landlords in England and Wales had received no information from the government on their legal duties under the new rules.
There is a maximum fine of £3K for non-compliance and landlords are expected to check passports and other documents to confirm that the potential tenants have a right to reside in the U.K. Some landlords feel this is yet another burden on them and inadvertently making them Border Patrol agents!
The study also highlighted the eternal concerns of rent arrears alongside maintenance and repairs which occupied the two top spots in the landlord stress chart, but “Right to Rent” is a new entry at No. 3!
Here at Northwood, our landlords can take comfort in the fact that we have our own Legal and Compliance Departments who ensure that all our offices are completely up-to-date with all legislation and regulations.
Meanwhile, in another survey by Rightmove, landlords were asked what they would describe as “good service from a letting agent”:
As we can see from the above chart, rent payments made on time and no voids are very important to landlords and have become more so since the last survey in 2014. This goes a long way to explaining the popularity of our Guaranteed Rent service, which has been giving landlords complete peace of mind for over two decades.
Our Guaranteed Rent service is very simple: we guarantee that your rent is paid on time, every month, whether the property is void or the tenant does not pay.
This service is particularly popular with busy landlords, expat landlords, or those who simply want to “let and forget”.
It is clear from this latest research that landlord stress could justifiably be on the increase and this is where Northwood can come to the rescue.
We eat, sleep, and breathe lettings and keep up to date with all compliance and regulation issues, ensuring that our landlords can let through us with complete peace of mind. Landlords often report back to us that they feel we treat their properties as if they were our own!
This recent 5 star review by a landlord expresses our service perfectly:
“Northwood Carlisle and all its staff are great. I’ve used them for almost 4 years and never had to cross paths or disagree on anything even though I can be pedantic.
After a tenant left leaving the house in a appalling state they have moved fast to correct/fix/replace everything needed. And with being on the top package all I have to do is…nothing.. no stress, no drama, no losing sleep. Everything is managed and managed impeccably. that’s why I’m with Northwood, worth every penny.”.
In our previous blog “Landlords turn to lettings agents as legislation becomes more onerous“, Northwood M.D. Eric Walker commented:
“The vast majority of landlords are very driven by price and often look to the cheapest option without considering the bigger picture.
Self-managing or choosing a lettings agent based on their commission may be a false economy as the landlord could end up losing money if the agent goes bust, or could even get fined if the agent does not adhere to all the necessary legalities of renting out a property.
We urge all landlords to consider the severe implications of non-compliance and then choose a reputable agent to partner with to ensure a hassle-free landlord experience. The cost of ignorance in property management is very expensive and you cannot afford it”.
All our offices around the U.K. are committed to advising landlords throughout their property journey, bringing expert knowledge, contacts, and property management to support your investment and ensure that it flourishes.
To find your local Northwood office, please click >>> here.
Northwood is one of the largest and most recognised estate agents in the U.K. and the leading supplier of Guaranteed Rent to give landlords complete peace of mind.
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