What are landlord associations?

Introduction

There are a good number of landlord associations in the UK. Some of these focus on specific things to do with being a landlord whereas others are more general. Either way, this article will go into detail on these associations.

From what a landlord association is, to the benefits of joining one, all will be revealed so you will be able to know whether joining an association is the right thing you should do. Read on to have your questions answered. For some landlords, joining an association may greatly improve their property business yet for others it may not be worth it.

What is a landlord association?

Landlord associations are bodies set up by those who are looking for advice and looking to network, staying up to date with new updates and legislation surrounding the subject of being a landlord. Think of them as community groups or support groups for those who own property. Usually, the associations are set up for every region in the UK or they can also be set up nationally.

To keep up to date with the groups, some associations have social media groups such as Facebook groups and others have local meetings so landlords can meet each other too. Commonly, the groups are run voluntarily, however, some groups may charge a membership fee for landlords to join and have a more organised structure.

Do landlords have to join associations by law?

No, the landlord does not have to join an association by law. A lot of landlords just see the benefit in joining which is why they do it. As a result, landlords often gain a lot more they can give from the time to volunteer and the money they have to pay for membership.

It may be the case that certain professionals only like to work with landlords who have joined an association. So it wouldn’t be the case that it is required by law but instead company policy that you sign up to a landlords association in some cases.

As an example, if there is a letting agency that is looking for new clients, they may start their search in a landlord association because they trust the people they perceive accredited landlords as generally more professional. They may avoid small mistakes that upset their clients such as asking tenants to pay for cleaning or a landlord entering a property without permission.

Do landlords who join associations become accredited?

While there are associations specifically for accredited landlords, it is not the case that every landlord who joins an association is an accredited landlord. In order to be accredited you have to have completed a development course and agree to the code of conduct of the UK Landlord Accreditation Partnership (UKLAP). 

For a full list of what this code of conduct is if you’re serious about becoming an accredited landlord click here. Once you have done this, the benefits of becoming accredited include you being able to gain access to associations, receive professional training and gain access to tools that benefit a rental property business.

In this sense, the accreditation of a landlord can benefit you in the same way as joining an association would. So if associations appeal to you, chances are you would like the appeal of becoming an accredited landlord too.

Why should you join a landlords association?

There are a lot of benefits to joining a landlords association as you gain access to the community. Below are some of the benefits, however it is fair to say that the amount of benefit will strictly depend on the landlord association as they all differ from each other.

Gain a reputation in the industry

When landlords are hiring for services or perhaps looking for tenants to move into the properties they own, the lack of receipts to show they are a credible company may impact the business. As a result, if a landlord can join an association, this may be a good way to network and gain a reputation.

It is common for other property professionals outside of landlords to join property groups such as letting agents, property managers as well as landlords who own different types of property such as commercial property or even freeholders. This is useful for private landlords without letting agents to still benefit from letting agent advice.

These are professionals that are good to meet to see who has a good reputation and share the good reputation you have with others. Sometimes, there is the need to have a 

Reach out to a network to resolve issues

Have you ever had a problem you couldn’t solve yourself? And when you reached out to someone with the knowledge to solve it they were able to help you a lot quicker using methods you didn’t know existed? This is another benefit of a landlord association.

The chances are, if you have a problem, someone else has had that problem themself too. As a result, all it would take would be a quick phone call or message and you can gain access to people who would be more than willing to help you out. This is especially true for those associations that have online membership groups making it super easy to ask a question.

There may be dedicated people in the landlords association who are there to help you out or you may be able to just ask. They may advise you to start doing landlord references if you have troublesome tenants or they may advise you to get rid of your pets in a property if you are finding a property that keeps getting damaged. 

Stay on the right side of the law

If you have been in the property business for a while, you would know that the legislation surrounding the topic changes over the years. From knowing when the next stamp duty holiday is to know if there are any additional regulations around HMOs that a local authority has put in place, these are all things a landlord should be interested in knowing.

For example, legislation around data protection changed recently in 2018 in the data protection act. This impacted how data protection fees should be charged. Not knowing this could have meant you remind oblivious to these changes as a landlord and you could have faced a fine.

Gain access to industry insights and resources

While you may be consumed with the day-to-day outgoings of a property business, joining a landlords association could help you learn from those who are busy forecasting, making predictions and planning ahead.

Access exclusive training

Training could be provided when you sign up to a landlords association. On top of this, there may be helpful ideas or templates that other landlords have provided as a benefit of signing up.

When learning, it can only be a small nugget of information that completely transforms the way you do business and may be the difference between regaining access to a property you have been struggling to evict a tenant in. As a result, gaining access to this crucial information may be well worth it.

Network with members of the government

Sometimes, there are regulations that impact the property industry that are hard to find the right advice for and there is no better person to find advice from other than the people who enforce the rules.

For example, if there are specific HMO regulations in a borough and a landlord doesn’t know how to add these regulations to a property. Who better to speak to than a local MP or government housing official who may be part of an association?

Enjoy the social benefits of being a landlord

Being a landlord and running your own business can get lonely. As a result, you may want to join a landlords association purely for social benefits. You may be able to sign up to the events that go on in the association and you may also just generally make friends in your local area.

This can also be a great way to have fun whilst also learning as you connect with like-minded individuals.

Partner on deals

Whenever you run out of equity on a deal, or if you want to make the equity in a home last a bit longer, you may be able to network with those in an association to find more opportunities.

For example, if you have identified a good deal but you don’t have enough funding to apply for the mortgage on the property, you could advertise the deal in the landlord association and potentially agree on a split of the income. One member of the team finds, processes, manages and oversees the deal whereas the other member of the team takes a more passive role and uses their cash in a deal.

How do I join a landlords association?

The first thing to do if you decide to join a landlords association is to find out what association you’d want to join. You can join an association that is related to a company such as this one at iHowz. Or you could join a local group who have insights more specific to the property.

What is the cost of joining?

Typically, the cost of joining a landlord association is quite small and usually works out to between £5 and £25 per month, depending on the association of course.

This is affordable for most landlords because the value they get from the groups is negligible in comparison. What’s good is landlords who have registered their properties in a limited company can write off this cost under tax as an allowable expense.

A list of landlord associations in the UK

Below is a list of the top landlord associations in the UK. There are a lot more and you may be able to find a more relevant association for your local area. However, it is definitely worth reaching out to some of the associations you seem interested in so you can find one that suits you.

In conclusion

Landlord associations are there for the landlord who wants to benefit from the company of other landlords and a group of people who are all networking and sharing ideas. The association can be beneficial for a landlord who wants to accelerate their career and solve problems they have been having in their business. 

Or it could be beneficial for those who have not bought a house yet but are trying to find as much information about the property as they can before they take the first step into buying.