The buy-to-let market has been booming for some years now, as people rush to get on the bandwagon and cash in on the London property market, which over the years has become a goldmine. While becoming a landlord can be very lucrative and rewarding, it’s not without its headaches. Recent changes in the law can make it more difficult to keep abreast of what is required in today’s ever-changing market. These new rules aim to weed out unscrupulous landlords; but with all this extra red tape it can be easy to lose track of your rental business – particularly if you have to manage more than one property. With over 100 new rules and regulations, the key to success in the buy-to-let world is organisation. This is important when you have to contend with a mountain of paperwork just to keep up to date with government legislation. For example, one recent regulation is that landlords will have to verify that tenants are in the UK legally. If you are caught letting to anyone here illegally you could face fines of up to £3,000.
Help is at hand
However, in today’s techie world, when we are presented with a problem, some geek in an underground basement will go and build an app for it. Apps for landlords are making it easier for them to keep up with everything the day throws at them like never before. At present there are quite a few apps on the market that aim to take some of the hassle out of being a landlord. A key feature of these apps is to bring all the elements of buy-to-let businesses together in one easily accessible place. Firstly, they allow landlords to have access to your tenants’ details at the touch of a button, check who has paid their rent (and who hasn’t) and keep track of utility bills. Most also have a reminder system that send you alerts should you need to update any paperwork on your property or receive any maintenance requests from a tenant. All key to keeping both you and your tenants happy for the duration of the contract mentioned Lawsons & Daughters.
Secondly, in combination with your duties as a landlord, they provide a finance section which brings together your rental income, outgoing expenditure and any taxes you may have to pay on the property. Also, some apps provide regular updates on regulatory changes using articles written by experts just to help you cut through all that red tape. One app in particular aims to alert landlords about bad tenants. It uses a database that is contributed to by other landlords and estate agents and deals with issues such as whether a tenant pays rent on time or has left property damage and information on whether they have previously been evicted. Basically it’s a rating system to help landlords always have instant information about a prospective tenant and whatever troubles they may bring along with them.
The delights of technology
Being a landlord is becoming ever more complicated, so it’s a welcome change that technology is making all of the complexities so much simpler. With more government regulation and policy likely on the horizon – especially with the General Election around the corner – landlords are waiting with baited breathe. However, technology can make your life easier in so many ways, mentioned Kubie Gold. After all, it’s all about organisation in this industry – and what better than a friendly app to help you along the way?