Landlord and former solicitor Patricia Ogunfeibo offers her five best recommendations for small landlords negotiating the upcoming Room Renters‘ Rights Bill revisions.
1. Learn more to keep ahead of the curve on compliance
Landlords who do not adapt to the rapidly changing rental market risk fines, penalties, or even being prohibited from renting out their properties. Your first line of defense is knowledge.
What you ought to do:
Sign up for landlord associations, government updates, and legal and practical blogs.
Your ability to plan, adjust, and safeguard your rental business will improve with knowledge.
2. Examine every rental to make sure it is future-proof.
Shared rental property standards will soon be required of private landlords. Awaab’s Law and the Decent Homes Standard will both be introduced by the new law.
Self-reflection questions:
Is my property mold-free and does it meet the Decent Homes Standard? What improvements are required if not?
Will my rental meet the suggested minimum EPC “C” grade by 2028 if it is implemented? Can I afford any necessary upgrades?
Are my rental properties still profitable in light of these changes? If not, ought I to reinvest, sell, or restructure?
Now is the moment to make plans and make sure you do not enter the new era unprepared.
3. Examine every tenant to forge closer bonds
In order to reclaim a property once Section 21 evictions have ended, landlords must have good cause.
Actions to take:
Talk to your tenants about impending legal changes and how they could affect both of you.
To safeguard yourself in the event of a disagreement, keep thorough records of all communications, inspections, and problems.
Since tenants are now involved in your rental business, fostering open communication and trust might help you avoid issues down the road.
4. Check to see if your agent is ready for the contemporary world.
Are the letting agents you work with prepared for the changes? Numerous agents will have to drastically alter their approaches to compliance, tenancy agreements, and rent increases.
Important queries to pose to your agent:
In what ways are they getting ready for the new compliance regulations and tenancy structure?
In light of the suggested modifications, how will they respond to rent increases?
What precautions are they doing to make sure you will not face penalties or legal problems?
It could be time to choose an agent who is knowledgeable with the new law if yours isn’t.
5. Do you intend to remain a landlord? Do your absolute best!
The rental market is getting more difficult due to stricter rules and increased expectations, but it may also be more lucrative for competent landlords, particularly if the government fulfills its pledge to refrain from enacting rent restrictions.
How to prosper in the modern day:
Prioritize tenant happiness because contented renters will result in fewer legal issues.
To avoid fines, be proactive with your upkeep.
Continue to grow and change.
Early adoption of these improvements should benefit the landlords. Commit to being the greatest landlord you can be if you plan to stay in the rental business.
