Landlords 'need to get organised'

by Sarah Ashcroft

Running a property portfolio can prove to be very stressful task for landlords.

Maintaining properties, collecting rent and ensuring tenancy agreements are up to date are among the tasks they have to concern themselves with. However, with the number of accidental landlords increasing - as they are unable to sell their properties - it might be worthwhile turning to a letting agent to help ease this burden.

If people are new to the sector, then getting the right level of help is essential, as without it individuals could find themselves making decisions that they regret.

Tanya Blake, head of Savills Home Counties Lettings, told the Henley Standard that landlords can get access to the money they are owed within a day of any payments being processed, whereas some other firms make people wait. "For landlords with an investment portfolio, we are able to provide statements individually for each property, or alternatively on a monthly basis across the portfolio," she added.

Ms Blake observed the range of services on offer means that property owners can take a lot of the stress out of managing their portfolio by using a letting agent. The current housing situation in the UK - whereby many people cannot afford a mortgage - means more and more people are increasingly being forced to rent in the long term.

However, for landlords who don't want to face the expense of hiring a letting agent, Property Portfolio Software can help. The software allows landlords to easily track rental arrears, pinpoint poor performing properties and increase cash flow.

Another issue that landlords need to keep in mind is the requirement for specialist cover. Recent research by Direct Line for Business has found that 18 per cent of property owners do not have the proper insurance in place.

This means that if something was to go wrong, then they would not be covered financially for the cost of repairs or replacing goods.

Jazz Gakhal, head of Direct Line for Business, said: "A good landlord's policy will also include public liability insurance also known as property owner’s liability insurance as standard as you could be held liable for injuries on your property or damage to neighbouring property."

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Published on: January 22, 2013

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