Unfortunately I was only there for the first day but the atmosphere was electric, and it was lovely to meet Mary Latham & a whole host of friendly & interesting landlord characters – who took a keen interest in our stand.
I learned a great deal in just a day, and was also lucky enough to observe The Great Landlord’s Brainstorm, hosted by Vanessa Warwick & Nick Tadd of PropertyTribes.
The GBL was inspired by Vanessa’s recent blogs; The Tenant Of The Future & The Landlord of The Future.
The idea of The GBL centered around a panel of Landlord experts, who were:
who answered and discussed questions, suggestions & ideas put forward to them by the landlords and agents who attended.
Amongst a number of passionate topics that came up throughout the brainstorm, which I shall be blogging about later this week, the one that Landlords & Agents seemed to be most worried about is the increasing chance of private tenants becoming LHA tenants; in these times of redundancies, housing shortages, economic crisis, etc…
Although it was a relatively small gathering of landlords and agents, the general consensus seemed to be a little stereotypical and slightly unfair, with the main worries being:
- LHA tenants are more likely to get into rent arrears
- LHA tenants are more likely to damage property
In reality, there are just as many bad tenants out there who are NOT LHA tenants; who get into rent arrears and/or damage property – which, as a company, we can confirm; as we have hundreds of Tenant Uploads a day, with more than half of our members NOT accepting LHA tenants. (Our Tenant Database currently stands at just over 200,000).
If you look at it another way, the landlord & letting agent of today is getting a very bad press and reputation in the mainstream media at the moment – with all these stories from tenants coming out about their “rogue landlord”, etc.
Now does that mean that EVERY landlord and letting agent is corrupt throughout the UK?…!
At the end of the day it is purely your choice whether to take on LHA tenants or not, but what it boils down to is if you don’t move with the times and don’t think about the tenant of the future then I truly believe you will not survive for long as a landlord of the future.
As long as you are aware of the tools that are available to you and are vigilant and responsible in the way that you go about being a landlord/agent you shouldn’t go wrong; e.g:
- The Internet(!!!)
- Tenant Referencing
- Landlord Forums
- Landlord Associations
- Direct Debit Rent Collection Facilities
- Tenant Eviction Companies
I’d like to invite you to comment on this topic, below.
- Do you have a horrific story to tell about an LHA tenant-from-hell /
OR a happy story to tell about your good LHA tenants?
- Do you have a horrific story to tell about a working tenant-from-hell /
OR a happy story to tell about your good working tenants?
- Do you disagree with any of my points?
- OR do you just want to have your say?
Further reading: My Property Investor Show 2011 … #propshow … By Vanessa Warwick of Propertytribes.