25 Jun The biggest myths about being a landlord

Thinking about becoming a landlord? Or maybe you already are one and want to know if you’re doing it right? Either way, at Kaytons, we know that successful property investment starts with the facts so here we debunk some of the biggest myths about being a landlord.

Myth 1: It’s easy

Put simply, owning a rental property and being a landlord is not a get-rich-quick scheme. There’s a lot involved including legal responsibilities, tenant management and property upkeep and it seems new regulations are always coming into play. Thankfully though, that’s where our team comes in – helping you to stay compliant and profitable.

Myth 2: Good properties don’t need managing

Even luxury and modern properties need regular upkeep and maintenance. After all, things go wrong. Toilets leak, tenants move out unexpectedly and boilers break. Therefore, having a trusted property manager who ensures that all issues are handled quickly and professionally will not only look after your reputation as a landlord but also your income. 

Myth 3: You can have your pick of tenants 

While you can choose any tenant, it’s important to carry out appropriate referencing and checks beforehand. Not doing this can actually cost you more money down the road. But again that’s where a reliable and professional letting agent comes in as they can take care of the hard work for you. 

Myth 4: Rent always goes up

It’s not unusual for rental prices to fluctuate – depending on location, local supply and demand and economic conditions. Market knowledge is key here as setting unrealistic rents can lead to empty properties and choosing a price that’s too low can mean you miss out on money. 

Myth 5: I don’t need to know the law

Ignorance isn’t a defense. From energy efficiency standards and deposit protection to maintenance responsibilities and safety certificates, there are plenty of areas you need to keep up to date with and staying informed is essential. 

Thinking of letting your property?

Whether you’re a first time landlord or managing a portfolio, we can help you to maximise your returns and reduce your stress. So what are you waiting for? Get in touch today for expert advice and hands-on support.