While landlords may have chosen to manage buy-to-let properties themselves years ago, to get the most out of their investment, changes to the law and regulations, especially in the last few years, means that self managing is becoming a minefield.
You are probably reading this thinking; “You would say that.. You’re a letting agent!”
That may be the case, however, it is still the role of an agent to inform those landlords who do wish to self manage of the pitfalls of not doing things properly.
The majority of the legislation has severe consequences if not adhered to. These can range from fines to imprisonment. Failure to follow these regulations could also prevent an eviction should this be necessary.
What all this means is that the majority of landlords cannot have an effective ‘hands on’ approach to managing their property. So, the choice for landlords is to either take on the full responsibility of the 400+ rules and regulations to let and manage a property and all the fines for breaches or non-compliance that go with it – which could be up to £30,000 – or to appoint a professional letting agent.
The decision really comes down to assessing a landlords available time and their knowledge of the laws and regulations.
There is no right or wrong answer to the question of whether a landlord should self manage their property and tenancy, there is only what’s right for each individual.
Over the years we have seen many, many examples of situations where things have gone wrong due to regulations not being followed.
Some of these are detailed in the various articles that we have written below. Some of the articles include actual court cases.
Below is a diagram highlighting just a sample of the enormous amount of legislation introduced over the past few years:
If you are self managing your investment property, you need to know about all of these…
It’s a Question of Balance
When deciding whether Self Managing is for you – and there are many self managers out there doing just fine – you have to balance the Time & Effort that you need to put in against the potential Stress that a complete hands on approach could provide.
EVERY landlord will fit somewhere on the scale! You just have to find out where you fit.
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