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A recent survey of landlords undertaken by the National Landlords Association (NLA) has revealed that 27 per cent of landlords who own and let a single property are barely covering their running expenses. In fact many are operating at a loss. It doesn’t get much better for landlords who have between two and four buy to let properties – 19 per cent of them are in the same position.
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Too Many Landlords are Struggling Says NLA
Carolyn Uphill, Chairman of the NLA said: “These findings point to a significant number of landlords who struggle to make ends meet, and show that for many, being a landlord isn’t just about watching rent money roll in. However, with proper planning and financial protection in place many could turn a failing business into a success and we’re urging landlords to explore the range of support the NLA can offer to help run a successful and profitable business.”
NLA Advice to Landlords
The NLA is advising that landlords need to take a professional approach to running their buy to let businesses. They point out that there is a wide range of different resources available that can provide support to landlords. Landlord support services and software packages can help landlords set up different tenancies, record communications with tenants, and keep a track of rent payments.
A buy to let property business is no different to any other business, so if you want to make a success of it, you need to streamline your management processes. That way you will be making a profit instead of recording a loss at year-end.
