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What Type of Landlord are you?

What Type of Landlord are you?

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Here at Tabern Property Consultants we have had many years experience of meeting and working with individuals who for one reason or another have a property to rent out.

Perhaps the most important thing we’ve learned over time is that the only common thing that links all of these people is that they have become Landlords. Some wanted to do so; others were reluctant to do so, some have made it a profession, for others it’s an onerous obligation which interferes with their lives. In all cases Tabern are there to help out and ensure the relationship between Landlord and Tenant is as smooth as it can be made to be.

Utilising our wealth of experience and knowledge we have come to broadly categorise Landlords into two groups.

Personal Landlord

The Personal Landlord has more often than not arrived at the point of becoming a Landlord not by choice, but by circumstance. For some this is very welcome, but for others it can be a terrifying prospect; however, a common factor is probably that they have inherited or in some way come into the possession of a property which once belonged to close family. Until recently the most obvious route would have been to list the dwelling for sale and enjoy the proceeds. However, difficulties in the sales market over the last few years have led to the rise of the ‘Personal Landlord’, a position were the inheritor is forced to go down the route of renting the property out rather than it stand empty and possibly degrade. Maintenance costs can possibly be worse due to the lack of occupancy and are incurred without any sort of income to offset them. The inheritance can swiftly become a burden and that is when Tabern Property Consultants are called in to help. The Rent to Move Landlord also falls into this category initially (click here for information on Rent to Move)

It is likely, but not always the case, that the Personal Landlord will have some emotional attachment to the property. It may have been were they grew up or were they spent holiday time as a child. This can invoke very strong feelings and a zealous over-protectionist attitude toward the house in relation to total strangers living there. Whilst understandable, it can never-the-less hinder the process of finding a suitable tenant for the property. It is also possible that the house’s new owner is new to the situation of owning a property aside from his/her own home and the prospect of becoming a ‘Landlord’ is in itself is a daunting one. At Tabern we pride ourselves on lending a sympathetic ear to all of these concerns, whilst at the same time utilising up to date information and a professional, but personable approach we assure and allay all fears regarding these matters. Our approach has always been one of “If we owned this house, would we?” This motto has always served us well and if we can apply it without any doubt we know we’ve done a good job.

The Professional Landlord

This Landlord has often made a career out of property or at the least a second income stream from owning property specifically purchased for the purpose of renting out. They may have arrived at their current position by starting as a Personal Landlord, but either way as a ‘Professional Landlord’ they’re fairly switched onto the rental market. More than likely they own more than one property and have no emotional attachments to them. Their properties are simply an investment on which they expect a return.

Tabern act as an agent for many such individuals, nationally here at home and abroad, our specialist knowledge in tax affairs and our ability to provide a one-stop shop maintenance service makes us an invaluable advantage to Landlords who as a Professional are looking for an equally professional service.

We offer a ‘search service’ for the Professional Landlord actively engaged in wanting to grow his portfolio of property. This service tailored to the individual investor includes advice on location and likely ‘REALISTIC’ rental income. We emphasise realistic, because we have had so many Professional Landlords come to us in desperation after purchasing property and not being able to achieve the rental income they were told the property could. I’m afraid there is little we can do about the onerous advice they were given to encourage purchase, but we can asses and achieve the best possible rent for them as soon as possible and get the property producing a return. We can also provide advice and practical help on how to restructure the mortgage/finance on the property should this be appropriate. At Tabern we have access to all of the very latest and best mortgage products available and can provide this service to any Professional Landlord.