This story is sponsored by Myrings Estate Agents
Accidental landlords should avoid the temptation to go it alone when letting out their property, one of the best-known names in the district’s estate agency sector has warned.
Charles Myring, of award-winning Harrogate estate agent Myrings, said people who find themselves in the rental marketplace by chance – for example by inheriting a property – often try to do things on the cheap, but it’s a false economy. He said:
“It’s pretty much the same as engaging in DIY dentistry – it’s not easy and it’s very likely to hurt.”
The boom in the rental market over the last decade has seen a sharp upturn in accidental landlords, as people coming into property seek to use the rental income as an extra revenue stream. It is believed that as many as 30% of rental properties in the UK are let by accidental landlords.
Mr Myring said:
“The main thing to bear in mind at all times is that renting out property must be treated as a proper business – not a fascinating hobby like stamp-collecting. There have been so many changes to rules, regulations and taxation in recent years that you’ve got to take letting seriously, and the best way to do that is by enlisting the help of experts like Myrings.”
The list of items landlords are required by law to secure has expanded in recent years to include Right to Rent checks, gas safety certificates, energy performance certificates and electrical installation condition reports. Properties also need to be inspected regularly, and repairs need to be carried out promptly.
Mr Myring said:
“Boilers don’t tend to go wrong at 9 o’clock on a Monday morning – they have a nasty habit of breaking down at 6 o’clock on a Saturday evening, and you need to be able to deal with that straight away.
“Tenants are not paying guests – they are buying a clearly defined service – i.e. accommodation – as part of a two-way legally-binding contract. It’s a symbiotic relationship and you’ve got to hold up your end of the bargain.
“But we can do all that for you. We’ve been operating successfully in Harrogate for over 25 years, and we’ve built up good relationships with lots of traders, so any work that needs to be done urgently can be taken care of without any hassle.”
Last year, Myrings picked up four awards from TV property expert Phil Spencer at the ESTAS Customer Service Awards 2022 – the biggest awards in the UK property industry – including Best in County.
This year it has been awarded Gold in both the Sales and Letting categories by the Best Estate Agent Guide 2023.
Mr Myring added:
“There is a steady stream of new laws and regulations for both professional and accidental landlords, and non-compliance to ever more legislation can have serious and costly consequences.
“That’s why accidental landlords need to choose a very good letting agent (I recommend Myrings!) to help you manage a huge asset and do everything to optimise your income, collect your rent and help you sleep soundly at night.”
Find out more:
If you’re a Harrogate homeowner or involved in the local property market in any way, call Myrings on 01423 566400 for a free no-obligation chat about its residential sales and lettings services, or visit the website: myringsestateagents.com.