4 Of The Biggest Challenges For Landlords
In theory, investing in property to rent is one of the soundest ways to build up a healthy passive income. As a successful landlord you can expect a regular profitable return on your investment, which in some cases has allowed property owners to take early retirement and reap the rewards of renting.
However, all too often, for many landlords the renting experience is stressful, timing consuming and expensive. Common pain points include damage to property, unsuitable tenants, rent arrears and eviction issues.
Here’s a look at 4 of the biggest challenges for landlords and how a professional property management service can help overcome them.
Finding Quality Tenants
Finding the right tenants starts with marketing your property properly, then dealing with viewings and enquires. This can take up a lot of your time before you can even start seeing a return. And then there’s the vetting procedure, ensuring that your tenants will look after your property and pay the rent on time.
Pisoria takes away the headache of finding good tenants so you don’t have to. We have a strict vetting procedure and are experts at sourcing and replacing quality tenants, giving you the peace of mind that your property is in good hands.
Repair bills are a necessary evil that every landlord must deal with. But emergency repairs are even worse, especially if you have a disgruntled, panicking tenant phoning you at all hours because something’s gone wrong.
As a landlord with Pisoria’s “Fully Managed” service, you’ll benefit from insurance cover from our partners at British Gas who will deal with emergency call outs including heating, plumbing, gas or electrics via their 24/7 emergency repairs hotline.
The best way to reduce maintenance issues throughout the tenancy is to make sure your property is safe and fit to rent from the beginning.
Pisoria provides a list of reliable contractors from builders to interior designers at competitive prices. This saves you the hassle of finding qualified contractors, while ensuring your property is in tip top condition before renting it out.
We also provide a regular cleaning service during tenancy that benefits both tenants and landlords, to ensure the property is kept in a good state.
A major challenge for landlords is having to deal with late rental payments, or even no payment at all.
Pisoria’s tenant vetting service means that these problems shouldn’t occur. We also use an excellent payments tracking service provided by GoCardless, which provides an early warning of any payment problems, so that we can act to rectify them immediately. We can offer guaranteed rents, and in the unlikely event that payment is late, we’ll chase them up to ensure you are paid.
Vacant periods are possibly the worst nightmare for a landlord, especially if their mortgage repayments rely on regular rental income.
Renting out individual rooms on a flat share basis greatly reduces the risk of void periods. If you’re renting out a single property, it can sometimes take weeks or even months to find the right tenant. By renting out individual rooms, you can fill them within a matter of days.
As Pisoria specialises in mainly flat sharing accommodation, our portfolio enjoys close to 100% occupancy.
Also bear in mind, a happy tenant is more likely to stay put. A look at the volume of 5-star reviews on our Facebook page is testament to how satisfied our tenants are with our services. Pisoria focuses on providing a high quality property management service that benefits both tenants and landlords. For more information and advice on our property management services, contact us today.