An ‘accidental landlord’ is a person who has found themselves renting out their property, when it wasn’t what they originally intended to do with it. You may live in a property and then be called abroad to work for a short or unknown period; you may have met a new partner and want to move in together but don’t want to sell your current place; or maybe you’ve inherited a property that you don’t want to or can’t live in yourself for whatever reason.
Focus on your career!
However it came about, you have been thrown into a whole new career that you know nothing about – imagine being given a job and having none of the training. Given the amount of legislation surrounding lettings these days, it is no longer a ‘side hustle’ and it really has to be taken seriously.
Often you have lived in the property yourself, and may also have an emotional connection to it – but you have to treat this new phase as purely business else you can easily come unstuck.
Get help from an agent
You will need a letting agent to at least find you tenants, even if you do decide to manage the property yourself once they are in (not recommended for first time landlords!). This relationship can last many years and so choose your agent wisely! Don’t just use the first one on Google, or the one closest to you on the high street – how do you know that they’ll have your best interests at heart? That they’ll try their best to get you very good tenants and not just take the first ones who come along so that they can get their commission and move on to the next landlord with something to let? Don’t end up with an ‘accidental agent’ – use recommendations, look at reviews, and find an agent with passion who won’t just treat you as a number on their books.
LMA Property for letting
At LMA Property we treat your property as we would our own, using our experience in previous agencies large and small, as well as a wide range of complimentary experience such as within property investment, property development and legal training.
Get in touch to find out more.