Trusted Realtors in Cheltenham

Tips for Tackling the Biggest Challenge Facing Landlords Today nnOne issue, above all else, causes landlords sleepless nights. Can you guess what it is?nnCould it be maintenance and repairs? Or maybe it’s worrying about the rent being paid on time?nnIf you answered one of the above, thanks for playing, but you’re mistaken.nnThe biggest challenge landlords currently face is abiding by government regulations.nnIn a recent survey*, 67.5% of landlords said complying with red tape was their most significant hurdle. (This figure was up from 39% the year before, a clear indication of growing concern about the issue.)nnAnd when you think about it, is it any wonder?nnThere are more than 175 acts and regulations covering the private rental sector. nnThese rules touch on everything from safety checks and managing deposits to energy performance ratings and inspections.nnFailure to comply can result in fines, court appearances and, in extreme cases, jail.nnIn some circumstances, non-compliance can also be grounds for rejecting an application to evict a tenant. nnSo, how can landlords manage this challenge and protect themselves and their investments?nnHere are some tips to help landlords stay on the right side of the law.nnDo your homework nIf you get something wrong, saying you didn’t know or understand the law just won’t cut it with the authorities. Educate yourself.nnHave systems in placen nDon’t freestyle it when it comes to annual gas or electricity checks, repairs and maintenance. Keep a schedule so you don’t miss any critical deadlines.nnBe organisednnIf you end up in a dispute, you’ll need evidence to support your side of the story. Be thorough with your paper trail and, ideally, store records electronically.nnStay up to datennAs well as understanding the current regulatory landscape, landlords must follow developments in the private rental sector in case new rules are introduced.nnSeek professional helpnnAn experienced letting agent will understand the rules and regulations inside out and be able to guide and advise landlords through the maze of red tape. They’ll also manage maintenance, safety checks and tenancies.nnIsn’t it time you entrusted the management of your investment to a professional?nnIf you’d like to learn more about what we can do to help you, contact us today.nn* Source: 2023 Property Redress Landlord Sentiment Survey, involving 2,700 landlords.