Being a landlord can be stressful – there are all kinds of challenges, from dealing with property damage to problem tenants, or simply the nuisance of high tenancy turnover.
The last 18 months have presented new challenges for landlords, and as we head into 2022 - with upcoming legislative changes, pressure to diversify portfolios, and an ever-evolving property market - a helping hand can make all the difference.
It makes such a difference for landlords to have someone who can take the burden off their shoulders and keep their properties profitable and well-maintained. Urban Village knows how to support landlords through upcoming challenges, big or small.
So what are the top challenges for landlords in 2022?
Empty properties
If landlords aren’t able to fill their properties, they are losing out on money every single month. Empty properties can be a major source of stress for landlords and something that they want to rectify as soon as possible.
High tenant turnover
Consistently switching tenants can lead to repeated void periods – and if new tenants are coming in with different demands each time, that can lead to additional costs for setting up.
Legislation changes
Changes to existing legislation are coming thick and fast in 2022. For one thing, Covid-19-adjusted right to rent checks over video calls are expected to end in April 2022. The government is looking at making the system digital for all British and Irish citizens eventually – but in the meantime, this could mean a massive administration change that landlords will need to prepare for.
In line with the government’s Making Tax Digital scheme, landlords will need to keep digital VAT records and use software packages to submit VAT returns from April 2022. Another thing to watch out for is energy bills, which many believe could rise by as much as 30% next year after the energy price cap is announced in February 2022.
Late payments
Late payments can mean you are wasting time chasing up tenants and you might end up paying mortgages from your own pocket. The pandemic resulted in some people being less able to pay, the effects of which many landlords are still feeling.
Managing maintenance issues
Having to stay on top of all the paperwork can be incredibly taxing – particularly with the legislation changes we already mentioned. From conducting safety and gas checks to repairing damaged property, the challenges can mount up really quickly.
So those are the challenges landlords face – but how can we help solve them?
Finding (and retaining) the best tenants
Landlords want tenants that will pay the rent on time, treat their properties with respect, and have good communication. We work closely with landlords to identify their requirements so that they can find the right tenants to match. One of the landlords we work with, Ian, explains how Urban Village saved the day.
“We just had two properties with tenants moving out within a couple of weeks of each other,” he says. “This was potentially a massive financial and logistical hit but Urban Village just smoothed it all out. They fixed all the maintenance problems, found lovely new tenants, managed all the handovers, and even sorted the cleaning. Thank you Urban Village.”
Keeping abreast of legislative changes in the new year
Our team advises and consults landlords on what they need to do and can answer any questions you might have. “I love working with Urban Village as it takes the headache of being a landlord. Literally no worries!” says Caroline, another one of our happy clients.
Providing support and professional services built on years of experience
With over 30 years of property experience, we‘re able to help landlords with issues big or small. Just ask Jon, who’s been working with Urban Village since we opened.
“I like how they resolve any issues that come up and that they are always accessible, professional and, most of all, very competent,” he says.
Knowing the local area
We have the best relationships with local contractors, help forge local community partnerships and know everything there is to know about SE5.
Landlords – if you are feeling intimidated by the upcoming year, we want you to know we understand. That’s why we’re here to do the hard work, ensuring your property remains profitable and your tenants are happy.
It’s easier than you think to switch. Whether you are managing your own property or have been using a different agent's service when we’re instructed to take over an existing tenancy we charge just 5% including VAT per month for our fully managed service – a significantly lower price than other agents.
Looking to switch to an experienced letting agent with extensive local knowledge? Get in touch with Urban Village today by calling 020 3519 9121 or head over to our contact page.