With 7.2 million properties predicted to be rented by 2025, Arthur takes a look at the top three causes of stress for Landlords.
Topping the list is rent arrears. The stress of unpaid rent was the most stressful issue for Landlords. Luckily, by using property technology, like Arthur, this stress can be decreased. Arthur can automatically track arrears and send reminders to tenants about their payment.
Next is property repairs. Unavoidable for Landlords, the unexpected call that something needs repaired in your property can cause untold stress. Once a problem is reported, it can lead to trouble finding contractors or professionals to do the job. Next a landlords has to try and juggle a time where both tenants and the contractors are available to do the job. However, using property technology such as Arthur, all this can be done within one app, saving on stress.
Third, is the stress of right to rent rules. 2016 saw masses of changes to the right to rent rules, meaning Landlords were forced to continually update their practice. Research by Propertyletbyus showed that 72% of Landlords do not understand what was required of them. This is mostly due to the continuously changing goalposts by the Government. This is leading to problems for both Landlords and potential tenants. Recently, 42% of Landlords admitted that they will only rent to tenants who have documents they recognise.
Due to all these changes, the Government now provides an online tool to give Landlords guidance on their tenants right to rent and the steps they need to take. It is always worth checking this as, if a Landlord does not ensure their tenants right to rent, they may face up to a £3000 fine.
Other notable stress causes include: changing tax regulations, raising finances, tenant complaints and void periods.
Hopefully these stressful situations do not occur in 2017, but if they do it may be time to think about using property technology in order to relieve stress.