Landlords increasingly unaware of their obligations
10th December 2018
The idea of becoming a landlord remains an attractive one, offering as it does the prospect of regular rental income in the short to medium term allied to capital growth in the future. In reality, however, the sector is not without its challenges, as many landlords have found out to their cost. Regulations are constantly changing; so much so that – as recent research undertaken by the online agent urban.co.uk has revealed – many landlords are turning to specialist letting agencies to help them navigate through the red tape and ensure that their tenants receive the level of service and attention that they deserve.
Worryingly, urban.co.uk’s research identified a lack of awareness among private landlords of their obligations in a number of areas including tax and tenancy documents. The headline findings included that a staggering 91% of landlords are failing to follow the correct procedure with deposits, while 90% were not au fait with the requirements of the recent GDPR regulations and which of their documents needed to comply. Only 51% of the respondents to the survey were able to provide the correct answer when quizzed about how often they needed to apply for a Gas Safety Certificate for their rental property, and a paltry one third knew how many smoke alarms were required. More than 80% of the landlords were unaware of the size of room that can be legally let to a single person (6.51sqm) and less than a quarter knew that they were required to provide 24 hours’ notice prior to entering the property they were renting out.
For Andrew Ward, owner of Award Property Management, the survey results confirm that there’s no substitute for engaging a responsible – and experienced – agent to manage your rental portfolio. ‘As letting agents in Cambridge we’re acutely aware of the need to stay on top of all legislation, especially as it has a habit of changing on a regular basis. We work tirelessly to monitor amendments to landlords’ obligations and we ensure that all our landlord clients are kept in the loop as to how they must comply. Our landlords are often busy professionals, and many live outside the area, so we bridge the gap between them and their tenants to ensure that both sides understand exactly what is expected of them. In our experience, that is the way to build strong long-term relationships and maximise occupancy.’
Award Property Management are letting agents in Cambridge, so if you’re looking to rent your property why not get in touch? We’d love to hear from you.