Landlords have faced high levels of uncertainty and stress with events in recent years proving particularly difficult: Covid, an energy crisis following international tensions, high inflation, higher interest rates, and now the Renters (Reform) Bill .
All-in-all these are causing significant changes in the sector and so, looking after your mental health has become even more challenging. It was no surprise during the pandemic that NRLA research revealed that 40% of landlords felt the pandemic had a “negative or very negative” impact on their mental health and these other issues that have followed just add to that stress.
“Having been a landlord for many years, I can honestly say that the last year was, and continues to be, one of the most difficult I have ever faced, I struggled with my personal wellbeing at the start of the pandemic – the sense of the unknown made me question everything that had once seemed so normal and as a landlord myself, I felt worried and concerned over the extraordinary situation we all found ourselves in.” – Landlord Action Founder and CCO of HFIS, Paul Shamplina
Every May, as we approach Mental Health Awareness week, we shine a light on how stress can impact a landlord’s mental health and share information on where they can turn during difficult moments.
So, what can landlords do to prioritise their mental health as we meet inevitable new challenges in the future? And how can you protect your mental health as a landlord?
“As a landlord, there are of course going to be natural concerns about how your tenants are coping. Have they been furloughed? Are they struggling with rental payments? There are many questions wrapped up with your own worries for yourself as a landlord, especially when you’re responsible for maintenance and mortgage payments.” – Landlord Action Founder and CCO of Hamilton Fraser, Paul Shamplina
Ben Beadle, chief executive of the NRLA, agrees that the COVID crisis has placed immense pressure on the sector. We have seen first-hand through the significant increase in calls to our advice line, that measures have taken their toll on members’ wellbeing.
So what can landlords do to prioritise their mental health?
According to the NHS, ‘stress causes physical changes in the body that are designed to help you take on threats or difficulties.’ Stress can be related to a range of factors but a common feature is that it can often result in a feeling that you are not in control of events within your life.
It’s not difficult to see how this feeling of being unable to control events is likely to be a significant contributor to stress. Symptoms of stress affect how you feel emotionally, physically and mentally and also have an impact on the behaviours you exhibit.
Stress can manifest in a multitude of different ways, including physically through headaches, muscle tension, dizziness, and changes to how you eat and/or sleep. Emotionally you may feel overwhelmed, anxious/fearful and irritable, while mentally you may also experience constant worrying, difficulty making decisions and/or concentrating and racing thoughts.
It’s important to prioritise your mental health in times of great turmoil, and not just to push through and hope for the best. If you are experiencing extreme stress over your current situation, you should seek professional advice from the NHS. You can check out their information on recommended self-help therapies to also try to alleviate your stress.
As a busy landlord, it can be difficult to find time to eat well and regularly, take purposeful breaks and slip in some exercise. But creating a routine that incorporates these will boost your health all-round. Why not try and walk between properties where possible? Organise your meetings to make sure you have a real lunch break? Simple steps will make a big difference.
While it’s easy to constantly look forward to the next big goal for your buy to let business, it’s also important to accept where you are now. This can also apply to your own personal development. Taking a moment to appreciate how far you’ve come may help you feel more positive when dealing with the stresses of day-to-day property management.
Suffering in silence is never a good idea, particularly given the solitary nature of the landlord profession. Having someone there to listen to your problems can make a huge difference. For Paul, this means talking to his peers and sharing the load.
“I always pick up the phone to landlords and tenants to help them through situations they are finding challenging, but I can honestly say it helps me too – perhaps more than those on the end of the phone will ever realise. Everyone can benefit from having someone to share their problems or concerns with, and it is quite likely that you will find other landlords who have also experienced the same trials and tribulations.” – Landlord Action Founder and CCO of Total Property, Paul Shamplina
Paul also seeks out some landlord property support groups on social media such as All About Property and the UK Landlord Support Group, as well as the LandlordZONE forum and landlord associations such as the NRLA. These groups provide a wealth of knowledge and support from like-minded landlords offering practical advice and an understanding ear.
“For landlords who are struggling within the sector and/or need a support network, I would really recommend joining a group such as these as well as seeking out a professional landlord advice line for more specific support, such as the one provided by the NLRA. And obviously, the NHS is also there to help if things begin to escalate. We will continue to help members navigate the changes that lie ahead when it comes to managing their homes, members should also keep in mind that our advice team is at hand to support them with issues that may be causing them concern or worry.” – Ben Beadle, chief executive of the NRLA
While recent years with their numerous legislative shifts and pandemic panics have had a demonstrable effect on landlords, let’s not forget that it’s always been a stressful job. There are, however, measures and practical steps you can put in place to mitigate many of these worries and protect your peace of mind.
Adequate landlord insurance cover is an obvious consideration, as regular home insurance is not comprehensive enough for most landlords. It’s only through residential landlord insurance that you’ll be covered in the event of malicious or accident-prone tenants and having this cover in place will certainly help put your mind at ease.
As for preventative measures, meanwhile, thorough tenant referencing is the best way to siphon out any problem tenants. This can be carried out by professional tenant referencing companies such as TenantVERIFY. It is also a good idea to meet the tenant in person, if possible, to gauge their character. And if all else fails, don’t be afraid to follow your gut if something feels off.
Of course, property damage is comfortably the most common cause of landlord stress and is almost certainly something all landlords will have to deal with at some point. Regular inspections are one way to put your mind at ease and identify problems before they escalate.
Ultimately, COVID will be remembered as a very difficult period that didn’t cause landlords to lapse into despair, and subsequent events are almost as testing. But instead these events made landlords pull closer together and realise what a strong community lies at the heart of the rental world.
““I couldn’t be prouder of how the landlord community responded during the pandemic. Never before have I seen such understanding, compassion and collaboration between landlords and their tenants in supporting one another. The communication between landlords and tenants at this time was a positive reminder that the buy to let sector is as supportive and resilient as ever.” – Landlord Action Founder and CCO of Total Property, Paul Shamplina
“It has been [and still is] an incredibly challenging time for everyone, not least those involved in the housing sector – but despite the difficulties, we believe our landlords have done a fantastic job at showing compassion for their tenants and shown tremendous resilience in the face of adversity.” – Ben Beadle, Chief Executive of the NRLA
Paul’s final words of wisdom are simple: “Keep talking, engaging and networking with like-minded landlords and associations who can support you no matter the circumstances we face.”
There are plenty of places landlords can turn when struggling with their mental health. For further reading, in his article ‘How to reduce the stress of being a landlord’ Founder of LandlordZONE, Tom Entwistle, offers practical tips based on his own extensive experience. And the following welcoming and non-judgemental organisations are poised to offer advice and assistance.
Samaritans
Telephone: 116 123 (24 hours a day, free to call)
Email: jo@samaritans.org
Website: www.samaritans.org/
Telephone: 0800 088 66 86 (24 hours a day, free to call)
Website: www.rehab-recovery.co.uk
Telephone: 0300 123 3393 (9am-6pm Monday to Friday) or text 86463
Email: info@mind.org.uk
Website: www.mind.org.uk/information-support/helplines
Telephone: 0300 5000 927 (9.30am – 4pm Monday to Friday)
Email: advice@rethink.org
Website: http://www.rethink.org/about-us/our-mental-health-advice
Telephone: 0300 304 7000 (4:30pm-10:30pm)
Website: www.sane.org.uk/what_we_do/support/helpline
