Landlords find ‘going it alone’ stressful
November 17, 2014
A survey of 759 landlords found that 1 in 4 feel the whole experience of letting and managing their rental property was far more stressful than they had expected. A huge 67% of those questioned stated that they felt that their stress levels were higher than they were 12 months ago.
Unsurprisingly, expat landlords felt that they were under the most stress due the distance between them and their property, hampering their ability to properly manage it.
Over half of the landlords surveyed (53%) said that they had to take time off from their job in order to sort issues with their properties. On top of this, 46% of landlords said they spent nearly a day (20 hours) every year on the phone negotiating with tenants and sorting out other issues, such as insurance and maintenance.
The survey found that the main sources of worry for landlords included late rent payments (and having to chase tenants for the payment), how to fund property maintenance and tax issues.
However, two thirds (74%) of those polled stated that they had no plans to stop letting out their property within the next 12 months.
All the stress associated with letting a property can be easily be avoided by using a professional managing agent (like Young London). Our award-winning team can look after a landlord’s property and free up their time so they can get on with the more important things in their life.
By instructing Young London landlord’s will be left with a steady income and the peace of mind that comes from knowing their property, and tenant, is being well looked after.