Becoming a landlord – Welcome the first article in our series on Being a landlord.
Over the next three months, Stirling Ackroyd will be talking to you about the opportunities and challenges faced by different kinds of property owners. We want to show you how to optimise rental income and ensure that your property management is as smooth, efficient and profitable as it can be.
An estimated twenty percent of all UK houses are owned by landlords*, which is a remarkable number when you think about it. This figure highlights the vitally important role that landlords play in the property market, as a whole.
The journeys that people take when becoming a landlord can vary, greatly. Some have a vision to expand their portfolio and profits, others become a landlord by fate rather than by design.
Whether you’re temporarily renting out a property before looking to sell or letting multiple residences while growing your UK property portfolio, we’re the letting agent for you.
The Accidental Landlord
Accidental Landlords are people that didn’t buy a property with the intent of renting it out, however, due to personal circumstances, have a property available to let.
Some people move in with a partner and decide to keep their own property before tying the knot, others acquire a property through an inheritance. In cases like these the property they have has to work for them because they don’t want to sell up or live in the house themselves.
Similarly, new job opportunities sometimes require a move to a different location. The natural next step is to sell and move on, but that’s not always as easy as it sounds.
In recent times, many properties have remained on the market for much longer than their owners would have liked. Instead of playing the waiting game for months, in the hope of a sale, many homeowners decide to retain ownership and rent out their homes. They can then use income earned to cover monthly mortgage repayments.
Stirling Ackroyd’s Fully Managed Plus service is the perfect management solution for new landlords that want to make money and be compliant at all times. With so many tenancy rules and letting regulations to adhere to, we invite new landlords to speak to us. Let us manage the entire letting process – from initial tenant viewings to move-in day arrangements.
The Planned Landlord
Planned Landlords are people who have actively sought to enter the lettings business and are renting out a property they’ve bought specifically for this purpose.
Regular income and property ownership is undoubtedly the most obvious advantage of being a Planned Landlord, and the rent you earn should be (as a baseline) enough to cover any property-related mortgage repayments.
After costs, Planned Landlords will also want to enjoy a clear profit. You own the property as it pays for itself, and the market value increases over time.
With Stirling Ackroyd, Planned Landlords have the support they need to run a compliant and profitable letting enterprise – safe in the knowledge that the practicalities of property management are in the hands of an expert team with more than 25 years’ experience in your area.
The Portfolio Landlord
Portfolio Landlords own and let multiple residences. These kinds of business people typically own four or more rental properties*.
In theory, the benefits of portfolio ownership is obvious. The more properties you own, the greater the turnover and relative profit. Theory aside, this is only the case if your properties are professionally optimised and effectively managed.
As the number of houses and flats in your portfolio increases, so does the related management and workload. There is a considerable volume of compliance paperwork to be done; Health and Safety inspections to be arranged; contract negotiations to be handled; check-in and check-out procedures to be implemented and executed. The list can seem endless.
Stirling Ackroyd supports an impressive number of Portfolio Landlords in the UK – each with a dedicated Account Director that oversees every aspect of the compliance and physical management of their properties.
Our 24/7 emergency maintenance and call-out service is particularly useful for landlords with portfolios. Increased numbers of tenancies naturally equate to a greater chance of damage and repair issues – night and day!
When great properties, market insight and strategic management are combined the results can be extremely impressive. Contact us to learn more.
Market Opportunity – Management Matters
Property as a business opportunity can be a profitable reality. While landlords of every category face issues with prohibitive tax and tariffs and compliance and regulations, rented homes still remain in urgent demand and limited supply. The UK market need for housing shows no sign of slowing down, and, in general, long-term landlords are experiencing good returns on investment against their properties.
Our Support Services
Thinking of expanding your property portfolio or becoming a landlord for the first time? Our sister company Dot Financial Services offers market competitive rates for buy-to-Let mortgages. Click here to learn more or to make an enquiry.
Lucrative and Worry-free
So, whether you’re an Accidental Landlord who’s seeking to sell up, but earn cash while the market rebounds, or whether you’re a Planned or Portfolio Landlord looking to optimise potential and expand your property holdings still further, talk to Stirling Ackroyd to find out how we can support you on your own unique journey.
Most landlords agree that running a property letting enterprise can be fulfilling and profitable. With Stirling Ackroyd as your letting agent, we work hard to ensure that your landlord experience is as lucrative and worry-free as possible.