Almost three-quarters of portfolio landlords say managing their rental properties has become harder over the past three years, according to research from Rushbrook.
The residential property management specialist surveyed landlords who manage their own portfolios to assess the pressures associated with day-to-day management and the impact of changes to rental regulation.
Of those surveyed, 62% own six or more rental properties, while 36% have portfolios of 11 or more.
REGULATION ADDS TO MANAGEMENT PRESSURES
Rushbrook found that 74% of self-managing landlords believe managing their portfolios has become harder during the past three years.
More than half, at 57%, said recent changes to rental market regulation had caused them to reconsider whether they wanted to continue managing their properties themselves.
Compliance and legislation was identified as the biggest source of stress by 41% of respondents, ahead of maintenance and repairs at 20%, managing changes between tenancies at 11% and tenant communication at 10%.
The findings come as landlords adjust to changes introduced through the Renters’ Rights Act and a broader increase in regulatory requirements across the private rented sector.
MAINTENANCE TAKES UP LANDLORDS’ TIME
While compliance was regarded as the greatest source of stress, maintenance and repairs were the most time-consuming part of managing a portfolio, cited by 52% of landlords.
Some 68% said they spend 31 hours or more each month managing their rental properties, while a further 17% spend between 21 and 30 hours.
The research also found that 77% regularly delay dealing with non-urgent maintenance issues because they do not have enough time to arrange the work.
When asked what would most likely prompt them to use a professional property manager, 26% cited keeping on top of legislation and compliance. Saving time was cited by 21%, followed by reducing stress at 15%, dealing with tenants at 11% and managing maintenance and repairs at 9%.
Roma Sharma, managing director of Rushbrook, commented: “Managing a rental portfolio has always required time and expertise, but the legislative landscape has become considerably more demanding and the Renters’ Rights Act has only increased the focus on getting things right.
“What’s interesting is that landlords aren’t simply telling us regulation is stressful; for many it’s making them reconsider whether self-management remains the right approach. When you’re juggling multiple properties, keeping on top of compliance alongside maintenance, tenants and the day-to-day running of a portfolio is a substantial undertaking.
“Professional management isn’t about landlords relinquishing control of their investments. It’s about having the expertise and infrastructure around them to ensure their portfolios continue to be managed properly as the demands placed on them evolve.”
