Over the coming weeks, Townends will be publishing a series of articles for landlords where we’ll explore every aspect of the property letting world, whilst offering advice and assistance.
Latest statistics show that there are over two million landlords in the UK today, owning almost five million properties. This means that an estimated one in five of the total number of homes in Britain are currently owned by landlords.
Guiding Your Property Journey
How do people get into property management? Interestingly, not everyone follows the same path to letting a house.
Some people are Accidental Landlords. They may have been gifted a property, or inherited and decided to rent it out, or they could be waiting for a house they once lived in to sell.
Others are what we call Planned Landlords. These people have actively bought a property to let or are renting out their current home for monetary gain.
Lastly, there are Portfolio Landlords. These businesspeople own multiple properties across a specific area or areas. Defined as having four or more rental properties, these property professionals face a huge challenge to maintain and manage the property and tenants in their care. This is where an experienced and supportive management and letting guidance company really matters.
If an Accidental Landlord has acquired a house through inheritance, this can be a great situation to be in. With no mortgage to pay, all rental income is gross profit.
Additionally, the quality of the residence can be higher, as the previous occupiers or owners will have typically lived there. This means that these types of property will often let quicker than other comparable properties, reducing void periods. More rental income for the landlord and an attractive home for the tenant – that is a win-win situation, if well managed.
Planned Landlords purposefully get into the property business, and many enjoy the independence of being their own boss and setting their own financial goals. Landlords of this type often start with just one rental property, and over time find themselves buying and renting out more.
Portfolio Landlords know what they are doing but require a team to ensure that every aspect is cost optimised and regulatory compliant. With more properties comes more moving parts. Townsend supports a number of the UK’s leading property owners. We help good landlords make great returns.
At every step of the way, having a knowledgeable and proactive letting agent is essential if property returns are to be optimised and you are to remain fully compliant and protected.
With the right support, even Accidental Landlords can progress to Planned, and move further into the Portfolio Landlord category safely and efficiently.
Supporting All Landlords
Townends has what it takes to assist each and every type of landlord.
Our Fully Managed and Fully Managed Plus lettings services have been designed by experts to manage, administrate and alleviate the hassle related to property regulation and compliance, maintenance call-outs and negotiating renewals or re-lets.
Townends’ regulatory updates are frequent, and we guarantee guidance and complete compliance management.
Our 24/7 tenant call-out option also means you have an effective point of contact to ensure your tenants and property are protected and cared for at every point.
If you are an Accidental Landlord thinking of developing your property interests, or a Planned Landlord that wants to create a portfolio, speak to Townends’ partner company Dot Financial Services and learn about their great rates for Buy-to-Let mortgages. CLICK HERE for details.
The Right Partner
With the right letting and property management partner on board, being a landlord can be a lucrative and rewarding business. By working with Townends, you know your property is in safe hands.