Private residential landlords stress. What contributes and what helps?
Being a private residential landlord is not for the faint hearted. Many people are entering this market as new private residential landlords and they need to know it’s not all plain sailing. A new survey by Property Let By Us showed that almost nine in ten landlords listed rent arrears as the main cause of stress in their life, whilst tenant complaints were the second most stressor as named by 80% of landlords.
Repairs are a cause for concern for 43% of landlords, immigration laws for 40% of landlords, and bad tenants are an issue for 20% of tenants. Void periods were cited by 4% of landlords as a major cause of stress. Only 1% of landlords, however, indicated stress by tax issues, despite the recent HMRC changes that have forced landlords to disclose any hidden income.
The National Landlords Association (NLA) showed that 32% of th eprivate residential landlords experienced rent arears in 2014. Rent arrears no longer need to be so stressful with Arthur offering comprehensive tools for landlords to easily track their rental payments that are due and effortless communication with tenants, avoiding any misunderstanding.
Tenant complaints no longer need to be such a thorn in the side of the residentail landlord, as landlords can cache and overview work orders, allowing the tenant to be involved in the process of any property issues that may need to be addressed. Moreover, the repair problems that 43% cited as an issue can quickly be resolved with Arthur`s online property manangment software. Tenants can report and track problems through to completion. and communicate with their landlord with much more ease, allowing both parties to better co-operate.
As the private rented sector grows, Arthur’s unique approach to property management will help reduce that stress.
Not all is bad news in the private rented sector.
In a recent survey by Paragon Mortgages, tenants have shown that they are overwhelmingly satisfied by their tenancy agreements and the level of rent they pay. The survey shows that, of 500 tenants, seven in ten said they thought that the amount of rent they were paying was good or very good value for money. Indeed, most tenants expressed satisfaction with their rent, their property, and their landlord.
Arthur Online helps streamline and optimise communication between tenants and landlords, so in future even more tenants can be satisfied with their landlords. This allows tenant retention to substantially improve. Vacancies provide a loss of income and an additional stressor in finding new tenants. Arthur’s Property Management Software enables tenants to be retained and thus the loss of income from vacancies can be avoided. Moreover, the software also avoids any discrepancies in regard to the responsibilities of landlords and tenants, by providing a platform for clear and concise communication.