The Buy to Let property boom over the last 10 yearsÂ has seen a flood of new landlords enter the market. There isÂ over 145 individual laws and more than 400 regulations to follow, it’s surprisingly easy for even the most acuteÂ landlord to end up breaking the law.
The Buy to Let property boom over the last 10 years has seen a flood of new landlords enter the market. There is over 145 individual laws and more than 400 regulations to follow, it’s surprisingly easy for even the most acute landlord to end up breaking the law.
New research has shed light on the scale of the challenge that landlords face, and how they are dealing with the increasingly complex issue of compliance.
Shockingly, almost 1 in 5 landlords (18.2%) said they find it “impossible” to keep up with constant regulation changes - with a further 30% (29.9%) saying they find it “very difficult” and another 30% (31.2%) finding it “quite difficult”.
The results clearly show that landlords are being overwhelmed by the sheer volume and complexity of rules and regulations in the rental market. In fact, compliance with law and legislation was listed as the most challenging aspect of managing a rental property by almost two thirds of landlords (63.4%).
Hiring a letting agent to manage your properties can go a long way to remove the stress of compliance, however landlords simply don’t want to hand over 10-15% of their rental income to secure a full management service. At Belvoir Bromley we can talior make a pacakge to suit any landlord. As an award winning letting speicalist we are aware of the hype/word on the street that the cost of using a letting agent could increase further when the Tenant Fees Ban comes into force, as landlords ourselves we understand this will not be greated well by the majority and will not be increasing our fees to landlords to companstate this.
Research from ARLA Propertymark found that tenant fees make up on average one fifth of letting agents’ revenue and that two thirds of letting agents would recuperate losses from the fees ban by increasing costs for landlords.
This means that landlords are stuck between a rock and a hard place – with increasingly complex and difficult to manage compliance responsibilities on one side, and increasing costs for professional management on the other.
Speak with Belvoir Bromley to see how we can help and still offer fantastic value for money from our range of services to landlords old and new.