Gears and Mentoring Mechanism

10 Reasons Why You Need a Property Mentor in 2021

For me, starting my own company back in 2003 was a tremendously scary time. I was only 23, very inexperienced in almost every aspect of business.

I had little confidence in developing the right skills needed to run a company, and I did not know how to obtain these essential skills.

I knew I wanted to work for myself.,  I was very good at my JOB. However, that’s where my business plan started and finished, unfortunately.

I knew without question that if I was to succeed with my vision, I needed to enlist help. I contacted the Prince’s Trust, who had helped me with a grant application, and they put me in touch with a business mentor.

This was, up until 2016/2017, the best decision I ever made in my business life. It also happened to be one of the first decisions I ever made. Talk about peaking early!

I can say without hesitation that the help and support received in those early days was instrumental to my success. I learned things from my mentor that proved to be pivotal to my development as a businessman. In fact, I still implement many of his teachings today.

Personally, a mentor was someone who helped me overcome my initial fear, helped with my education and crucially awareness, which gave me the confidence to take the appropriate action to drive my business forward.  

Today, this is principally what I use to run my mentorships. I know from experience that fear, lack of confidence and confusion is the biggest inhibitor to taking action.


Before we get to our top 10 reasons of WHY, we need to answer a couple of questions…

Firstly, What?

What is a Mentor? A mentor can be paid or unpaid. A mentor is someone you should want to emulate. They are someone ahead of you but are usually on the same journey you. They are someone who not only has the knowledge to help you but have the proven experience too. They should be able to educate you, motivate you, raise your confidence, open doors for you, observe and offer perspective. They can help you obtain clarity by answering questions honestly and ethically. Often you’d struggle to get a straight answer elsewhere.  

So, Where?

One of the trickiest things about mentoring is that it’s often an informal approach, at least initially. This can make it challenging to find an entry point and determine how best a mentor fits into your life situation.

It not a question of ‘if’ a mentor will fit into your life and help you but more so ‘where’ they fit into your life. Consider much of the value and experience a mentor can give you ripples into all aspects of your life. I’ve helped many mentees throughout my career. Encouraging them to go after goals they never thought were achievable to them. Today, they are successful individuals.

All it took from my side was a little bit of guidance, push, faith, and to foresee the potential they had. Regardless of their geographical location, stage of development and experience.

Think about what you’ll learn from this? What behaviours, skills and influences will you pay forward and use with others. Peers, family, friends, even your kids will benefit. A mentor can teach you the little tricks of life that put you on the fast lane to success.

Finding an outstanding mentor is not a mere stroke of luck; it should be a part of your life strategy. And the relationships you build in your life. If you want to be more successful in life, it’s time that you get yourself a real mentor.

How?

How does a mentor work? A mentorship works much like an agreement. To be effective, there should be no hierarchy but rather a firm understanding that they are there to help you as you progress. A mentor should be adaptable to the mentees requirements and, as such, be flexible throughout the relationship, altering their approach as the mentees needs grow or change accordingly.

The level of formality will depend on your desires and should be established early on in the relationship. A mentor should educate you continually, but it’s essential to understand that they are there to show you the path. It is up to you to walk down it. They are not employees but rather a guiding hand. 

Why?

Why should I not just go it alone? Ok, this one is easy to answer. Being a property Investor these days is no longer about simply buying a property and renting it out. It’s far more complex than that. The rules have changed so much in the last ten years that, although it still can be a passively run business long term, it is still fundamentally a business and, as such, needs a great deal of respect and effort if it’s to be successful.

Simply put, if it’s done right, it can create excellent passive income and freedom from both financial and time constraints. However, done wrong can create a very time consuming and stressful JOB. As far as we are aware, no one gets into property as a job; they get into it for freedom.

If we could get a JOB, take an apprenticeship or complete a degree in property investing, then we may be half-way there without a mentor. However, let me ask you this? Would you start any other business without the skills, education and experience needed to succeed in your chosen field?

Many businesses require little to no money to get off the ground, but with the exception of a couple of strategies, property investing requires tens of thousands of pounds of your own money. So ask yourself, how will you establish the required skills, education and experience needed to be successful without this guidance?

Well, here’s ten reasons why we think YOU NEED A PROPERTY MENTOR       

1. Education

Remember, your education does not have an expiration date. This is something that will stay with you and can be applied for many years to come.

Increasing your education has countless advantages, but perhaps the most significant advantage of all is that it will open your mind to understanding an entire industry, rather than a small part of it. Remember, most of what you don’t know at the minute will remain unknown for many years to come, and once you learn what it is you don’t currently know, you’ll wish you knew it long before you did.

Make sense?

2. Accountability

A good mentor applies accountability as they help you to grow and develop. It’s what every mentor learns immediately; it’s mentoring 101. In fact, some mentorship programmes are sold on this trait alone.

But what most people don’t understand is that accountability is a two-way thing and, as such, has a compound effect. They keep you accountable by questioning, encouraging and challenging. You create accountability by asking questions and ensuring that your mentor offers what it is they said they would. This, in turn, creates a self-perpetuating cycle of accountability.

However, there is a third, and some would argue a fourth wheel.

Not only do you keep each other accountable, but you create your own accountability since you are now financially obligated to yourself to make the most of your investment. Not only that, but you may then have a conscience-based obligation to make the most of your investment for your partners or families sake. Whatever the reason is, it’s a plus since accountability is now driven at you from all angles.

This is a win, win scenario for anyone involved.  

3. Confidence

A lack of confidence is one of the biggest inhibitors to action. Action is pivotal to momentum, and momentum creates growth. A lack of confidence is a serious issue in any business and especially dangerous in property investing. It’s like expecting a tree to grow without planting the seed.

It all comes back to confidence, and Increasing your confidence in your ability through your education and your understanding of an action-based mindset is vital to your success. Without confidence, you are destined to stay where you are, afraid and falling way short of your potential.

A mentor offers confidence on a multi-level platform. They build your confidence by, as in point one, increasing your education which builds confidence as a by-product. They build confidence because you know that you are no longer alone. You no longer have no one to turn to when you face a new challenge.

When we go it alone, accountability for our actions stops with us. When we have support from a mentor, we can share this load. This, on its own, is worth your investment. However, we’re also now, because of this, more confident with our decision making, enabling us to truly move forward with our dreams and visions.

4. Clarity 

Who else can you ask that tricky question? Who has no other agenda except that of your success?

Because mentors play a neutral role in your life, they can give unbiased opinions on important life-changing questions. If you were to ask your friends, family, the internet, an unpaid coach or a so-called expert on social media the same question, they would all give different answers based on how emotionally involved they were, how they could benefit financially, socially or even just offer some form of confirmation bias.

A mentor has one single aim, and that is to help you unconditionally achieve your vision. There is no hidden agenda, no muddy water and no emotional response. They will give you the most direct answer offering clarity to the question at hand. This brings us nicely to point

5. Efficiency

Most people think of success as a steady line on a graph, a gentle incline up an X-axis until we reach our vision. That is not exactly accurate. The reality is that it’s more like a polygraph with a mass of peaks and troughs with some strategically placed obstacles to through you off course from time to time. This means our journey ends up being far longer than we anticipated.

Now lets then throw in our learning curve, the time taken to develop our education, build our systems and create our tools and resources essential for success. Remember, though, these are all based on our current knowledge, so there is a good chance that they may just possibly suffice for now but will almost certainly need developing further at a later date.

Now let’s imagine this is all set up for us, waiting to go, and what’s more, we’re going to get trained on this all too. The question here is, which one will make your journey more efficient? This, of course, provides a more direct route, saving time, allowing you to focus on development and helping with decision making too.

What’s more, carrying out the proper due diligence is more likely because you now have the correct tools and resources to do so. You know where to look, how to look and what to look for. Again this is multi-layered since doing things correctly from the start is more efficient because time will be saved from chasing your tail and correcting avoidable mistakes.

Fundamentally, being efficient saves your money in the long term.

6. Experience

Your mentor has the experience you crave so much. They say knowledge is power, but in the property world, experience is power. Knowledge emphasises theory, whereas experience emphasises practice.

Your mentor is more than an open book for you to gain knowledge from. They will have experienced all the same challenges, fears, thoughts, and desires you have and will face in the future. They not only have the experience in investing, but they have the experience on how to deal with the emotional side of the business, how to mitigate those and crucially, how to turn them into strengths.

Your mentor has a wealth of experience across a broad spectrum. You will find that your mentor will help you in more aspects of your life that they are employed to.     

7. Protection

How we all love to listen to the hype, the dream-selling, the get rich quick schemes that sound so good, too good to be true. We all know deep down that anything worth having means hard work, but still, we all want to believe. This is because we are hard-wired to believe what we want to believe. We actively seek out what we believe in, a thing called confirmation bias.

This is how the likes of googles, facebooks, amazons & YouTubes algorithm works. It gives you exactly what you seek, even if you don’t know you’re seeking it. A mentor will keep you grounded, they will stop you from making rash emotional decisions, from jumping on the bandwagon and making the kind of mistakes that will rock the very foundations of your property business.

If this wasn’t enough, they can protect you from the sharks that naturally circle anyone who has any kind of disposable capital. They will protect you from bad deals and investments and can even protect you from rogue tenants. Need we say more?

8. Direction

If we don’t know where we are going, how do we expect to get there? Direction is the answer. Direction helps us create goals and objectives, which allows us to create a coherent strategy. One of the primary roles of a good mentor is to establish direction.

They do this by mapping out the route to achieve your vision, working back, assessing your current position, Identifying your strengths, weaknesses and opportunities to mitigate any threats. Only once this is established can direction can be created. Once you have direction, you increase your chance of success exponentially.   

9. Perspective

Let’s face it, none of us are perfect, right?

We may all want to believe we are, we know we can clearly see failings in others, we’re very good at that, but can we see our own?

Having a mentor offers a new perspective on our learning, our methods, and even our belief systems. We are all somewhat restricted with our beliefs because our perspective is limited. Once we are presented with an alternative perspective based on experience, confidence, and knowledge from someone whose opinion we value, we may be able to alter our own beliefs.

Once the boundaries of our belief system are widened, the possibilities are endless. Having a different perspective presented to us or by adopting a new one as a by-product of someone else’s helps us see things a little clearer.

Couple that with our mentor’s observations, evaluations and constructive criticisms, which are all there to help us improve our thought process, and we can expand on our existing beliefs.

10. Creates a hedge against procrastination

What if I was to tell you that procrastination can be ok?  Would this shock you?

We know this goes against all the self-help articles you’ve read, the gurus ideologies of progression and destroys a measurable chunk of a multi-billion-pound industry. However, before you stop what you’re doing and head to your phone to watch endless videos on TikTok, please note there is a caveat.

Procrastination CAN be ok once you have identified that it is an issue. We all procrastinate in one form or another on a scale from a short term ‘I’ll do it later’, delay to a ‘once I have X, I will start’ longer-term delay.

However, we need to understand that there are two forms of procrastination. The first is contained procrastination. This is the kind of procrastination we have when we know we have a job to do with a deadline. The second type is long term procrastination. It’s this long-term procrastination with no time boundary or deadline that can often be the source of our unhappiness.

This is the procrastination that will prevent us from living our life the way we want too, from chasing our dreams and achieving our goals. This is the procrastination type that having a mentor mitigates since it turns long term procrastination into contained procrastination. It’s then the job of a good and experienced mentor to limit the damage of the contained procrastination.

In Summary

How long have you been thinking of becoming a property investor? How long have you thought about starting to build the kind of life you want? One that enables you to live on your own terms and not those that are handed to you by sources beyond your control?

If any of the highlighted points above are preventing you from achieving your vision of a successful life, then ask yourself this question, would this be money well spent? Would I benefit from a mentor?         

So we have answered the what, the where, the how and exhausted why. So, the next logical step is the WHEN!

Well, the best time to plant a tree was 20 years ago. The second best time is NOW!

We will not get anywhere of our thoughts, ideas, dreams or fantasies. Only acting on them allows us to achieve what it is we want. 

END?

To watch a short, fun video on procrastination theory from author and Tedx speaker, Tim Urban, click the link https://www.youtube.com/watch?v=arj7oStGLkU

Property pets cat dog

What could the Pets Bill mean for tenants & landlords?

If you’re an adult and you live in Britain then there’s a 50% chance you own a pet or at least know someone who does. And if your aged somewhere between 35-45 you’re three times as likely to rent a house today compared to this time 20 years ago. If this is the case, you’ll need a home you can share with your furry friend.

Renting a home with a pet has traditionally always been frowned upon somewhat with landlords and letting agents reluctant to allow tenants to keep pets in their properties. You can’t blame them to be honest, given the cost of upkeep of their investment and a portfolio to keep afloat it’s just another unnecessary aspect to factor in.

But today we have a new issue with this. Covid-19. Not only is the virus bad enough on its own it’s brought new problems to the table. Animal shelters and charities have reported a huge surge in demand for puppies and kittens during lockdown and with an estimate reaching around 9 million dogs and 10 million cats in Britain it’s now crucial to find long term shelter for humans and their little (or big) furry friends.

The government recently introduced a new model standard tenancy agreement and laws that will make it easier for tenants to move with their pets.

What has the government introduced?

On the 28th of January 2021 the dogs and domestic animals (Accommodation and Protection) bill was brought forward by MP Andrew Rosindell. It’s a welcome change for lonely renters but is it a welcome from landlords?

The Bill has been placed to establish tenants rights to keep dogs and other animals in domestic accommodation under conditional terms.

This is to both protect the landlord’s property and the welfare of animals and that of their owners. Coronavirus has been a pivotal turning point in this change of bill over the last several months. As most people are now working from home, mental health struggles have become a real issue. We can’t ignore the benefits of pets with helping ease anxiety and stress and to provide real companionship at a time when it is most needed.

Why the rules have changed? Is there any benefit?

Pet campaigners claim the private rental market is discriminatory against tenants with four-legged friends. New conditional rules mean landlords will no longer be able to issue a blanket ban on pets. By ‘conditional’ it does however mean tenants don’t have an unconditional right to keep pets in their rental property but it does give a little wiggle room for those stuck for a place to live. There are pros and cons to this however…

Some of the benefits may include:

> Companionship (especially during lockdown)
> Improvement’s in mental health & immunity
> Reduced pressure on the NHS
> Improved and increased pet adoption rates
> General improvements in wellbeing (For pet and owner) 

The flipside of this however may paint a different picture and you have to ask is it worth it?

Some of the drawbacks may be:

> Landlords inflate rent prices
> No real consensus of guidelines for tenants who want to get a pet after they move in, how can they prove it’s well behaved if they don’t yet own the pet?

This could be a real sticking point as it’s highly subjective topic up to a point. And if a landlord doesn’t like pets to begin with, you have a potential problem there. It may be that over-time there exists standardised tests for pet behaviour but that’s whole different discussion for another day.

>There may be increased vetinary charges for certificates to cover indemnity costs.
>Will the bill cover flats? Or houses without gardens etc?

So, what are the new rules exactly?

Before looking at the new we must consider the old – currently and following a recent legislative change in June 2019 a landlord can only charge a deposit of 5 weeks rent preventing them from adding additional charges to a tenant’s deposit.

In most other places in the UK landlords can however request a deposit for pets in addition to a security deposit to cover any potential damages caused from a pet. However very few landlords advertise their property as suitable for pets. In these cases, they most likely included pet clauses in their rental contracts to allow for pets.

So, for over 90 percent of landlords that means, a blanket ban on pets of any kind was included in their contract. If a tenancy agreement included a ban on pets, getting one was reasonable grounds for eviction. This has, in reality, torn families apart, and some have even had to leave their beloved pets behind.

The new rules specify that a tenant can move a pet into a property if it is ‘well-behaved’ (This is a problem right from the get go – because what does ‘well-behaved’ mean what does it look like in the pet world vs the property world? In simpler terms it’s too subjective.)

The government’s aim of removing no-pet clauses from its model tenancy agreement is the focus but it doesn’t seem to go far enough. For a start it’s a voluntary but recommended guideline for landlords to follow it requires pet owners looking to rent to pass a ‘responsible owner ship test’ before they can move in their pet:

This would include:

>Proof of vaccination
>Microchipping the pet
>De-worming and defleaing

And ensuring the pet responds to basic commands – again this is subjective as to what justifies a ‘well behaved pet’ and really opens a can of worms as to the type of pet, age, trainability and so on and for those who want to get a pet after they have moved in where does it leave them?

The bottom line here is tenants won’t have unconditional rights but there is a glimmer of hope for those looking for a home for themselves and their pet.

How will it affect landlords and tenants?

For landlords the drawbacks may continue further; concern over property damages will be the main cause for concern and with this may bring forth a process in which a landlord can object to the pet.

This means more management work and the need to write an objection with 28 days from a pet tenant request. This does leave the landlord in a situation where they will need to give a reason.

The landlord gives an objective reason on a subjective matter, it’s difficult to justify in this case. (Such reasons could be the size of the property isn’t suitable, or that the vicinity of the property isn’t suitable or just the simple fact it’s impractical (think, noise complaints, no garden, high rise flat for example)

So far, the checklist of potential extra work for landlords and letting agents includes:

>Asking for a vet’s written confirmation that a pet has been microchipped and that the animal is registered on a national database
>Checking the tenant has a vet’s confirmation that the pet is vaccinated, spayed/neutered, free of parasites and responsive to basic training commands (in the case of dogs)
>Asking to see proof that a tenant is a ‘responsible owner’
>Assessment of the property to ensure it is suitable for a pet

If the new rules are passed in full for landlord’s it could mean quicker deterioration of their properties and furnishings. It may be a case landlords rethink their layouts or that they don’t provide furnishings at all. For example, fur might cover the property, smells can seep into the carpets and furniture, and scratches may appear on sofas.

In summary

We’ve heard the claim from pet campaigners that the private rental market is discriminatory against tenants with four-legged friends however this has not been the case it was just never required as policy by law so it was always at the discretion of the landlords and we’ll within their rights.

The new rules have changed this and mean landlords will no longer be able to issue a blanket ban on pets.

If as a landlord you object to a tenant having a pet, that rejection should only be made where there is good reason, such as in smaller properties or flats where owning a pet could be impractical. Yes, this may require some additional work and checks on your end but not all hope is lost and if we flip it on its head its actually a good thing.

If we consider the value of more extensive checks, and quality of tenants with pets (generally tend to be more responsible) not to mention the requirements that landlords are protected as tenants will continue to have a legal duty to repair or cover the cost of any damage to the property.

It’s been years in the making but from 28th January 2021 we see the bill in place for the foreseeable future – letting agents and landlords are now compelled by law to accept tenants with pets but as mentioned this isn’t a bad thing. It’s just a change.

 

Davids Comments:

This may come as bad news to some Landlords but let’s not get bogged down with things that are beyond our control. Instead, we should look at the positives of this. We want our properties to become homes for our tenants since this creates longevity in a tenancy. Statistics show that historically, tenancies that allow pets have a longer lifespan.

Besides this new piece of legislation is something us as landlords know about, 90% of tenants won’t know this has been introduced and should they cotton on to the fact, it certainly doesn’t mean they are going to rush out and buy a Long-haired German Shepherd any time soon.  

house chains

Possession: A Quick Guide

An Overview of Possession – service notice on a tenant.

OK, guys, we will apologise in advance, this isn’t going to be anywhere near entertaining.

Nevertheless, it needs writing, we are going to, for the sake of continuation get straight to the point, avoid our usual satiric approach and simply get down to business!

Shall I, shan’t I?

So, after much deliberation and consideration, you have decided that you would like to take back control of your property.  There could be a multitude of reasons for this; but whether the tenants’ departure is benign or not, the strategy considerations will be broadly the same.

In the next few paragraphs, the intention is to run through strategic choices, touching on the legal procedures.  As ever, if you have any detailed or specific questions, you may need to consult a lawyer.

Carrot or stick?

The best option to get possession of your property is to find a solution agreeable with your tenants.  If you manage to do this, then make sure that you get the agreement in writing as soon as possible. This is normally with either a ‘notice to quit’ or a deed of surrender.

The difference between them is that a ‘Notice to Quit’ is a unilateral notice from the tenant informing you that they intend to leave whereas the Deed of Surrender is an agreement by the landlord and the tenant to terminate the tenancy, so it can be as flexible as you are.

The main practical differences then are that the Deed of Surrender should be used if the tenancy is still in the fixed term and it can include financial considerations. The Notice to Quit should be aligned with the terms in the tenancy agreement so in theory is less flexible. With either form, once signed the tenant is committed to leaving on the agreed date unless the landlord agrees to a change.

If the tenant makes it known that they intend to be problematic about leaving, then the landlord will need to serve notices and could ultimately require court action and bring in the bailiffs.  These tools should be avoided if possible because they are time-consuming and expensive.

However, if the tenant won’t sign the paperwork then is clear that they do not intend to make possession easy. At this point it is worth mentioning that there are only two legal weighs to end a tenancy, the first mentioned above, voluntary surrender; the second is to obtain a possession order from a court.

What about abandonment? Yes, I know, new rules are in play but we’ll save that for a different article.

Help, I don’t know where to start?

First, you need to understand the difference between Section 21 and Section 8 notices.

A Section 21 notice is the no-fault route. It is designed for scenarios in which the landlord would like to take possession – it could be to move back in, to sell the property etc.  Therefore, it follows the tenancy agreement clauses closely, i.e. two months (periods) notice, it cannot be served to expire within the fixed term, and there is no recovery of monies – other than pro rata rent.  So long as your procedure is correct, the judgement is guaranteed.

Section 8, on the other hand, stipulates failures (called the grounds for possession) by the tenant to stick to the clauses of the tenancy.  There are currently 17 grounds you can use, be careful some are not mandatory so they will be at the discretion of the judge as to whether you get possession.  It also differs from the Section 21 because you can include monies in the judgement to recover the arrears.

Both routes have a standard form that you need to use, a Form 3 for a Section 8 and a Form 6a for the Section 21.  There are grandfather rules for these forms, so you need to check that you don’t fall foul of them if you are dealing with an old tenancy.  You need to be up to speed with how the notices should be served.

You can serve both notices and then choose which path to follow at a later date.  However, if you need to go to court, you will need to decide which notice to use and make this extremely clear to the tenant so that they don’t use confusion as a ‘get out of jail free’ card.

However, before you start completing any forms, it is worth checking that you have set up the tenancy correctly, meeting all the legal requirements.

You should have supplied the following paperwork;  

  • A written Assured Shorthold Tenancy Agreement
  • The up to date ‘How to Rent’ leaflet.
  • The Deposit Prescribed Information – in the correct format.
  • The property ‘Energy Performance Certificate’.
  • The Gas Safety certificate.
  • Moreover, that you have protected any deposit taken in an approved scheme, if you haven’t done any of these things it would be worth ‘playing catch up’ as soon as possible, the implications for not doing these things is a collapsed court case – expensive, time consuming and avoidable!.

It may be worth mentioning that when you serve notice, it’s a good idea to include the most recent ‘how to rent’ leaflet as it may differ from the one issued at the start of the tenancy. You can download the latest version here

The notice has expired, but nothing has happened?

If the notice has expired, then you will need to initiate court action.  You complete the paperwork (or do it online) and enclose the evidence.  The court issues you with a date at which you should get a possession judgement granted.

But the tenants won’t leave?

Then you will need to get the bailiffs to evict them. This requires more paperwork (and money) to book them through the county court.

You should now have possession of your property.

Final thought.

The best way to protect yourself starts at the beginning of the tenancy.

Get the right tenants and set up the tenancy right.

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GDPR – What’s All The Fuss?

So, what is GDPR?

The analytical department of WOPT has deduced with great scientific and complete conjectural accuracy that 97.42% of all emails currently received are from companies that you purchased a candle from 12-years ago asking you to stay in touch with them.

This is because In the past when you looked online at something like a lightbulb all relevant and often irrelevant companies were informed through data sharing. The outcome was random emails or pop-ups from ‘Lightbulbs ‘R’ Us’, ‘We buy any old lightbulb.com’ and the life and times of Thomas Eddison. 

Great news for us, GDPR is designed to stop this

GDPR stands for ‘General Data Protection Regulations’, and in a nutshell, it’s the new European wide rules that will ultimately govern what information or data an organisation or individual can hold on other people and how they can ultimately use such information. It prevents companies or individuals from sharing and selling your personal data and browsing preferences.

What does it change for us?

Not much really for our community (landlords and property managers).

You will need to be a little bit more thorough and robust with your data handling, have a think through where and how you store others’ data and what you do with it.

If you are just using the information to run your property empire, then there shouldn’t be any change.  There are five reasons (shown here on our free ‘privacy statement’ template) why you can hold and process data, and they apply to you broadly as follows.

You will receive ‘consent’ to hold and process data on your application forms.

If the applicant is successful, you have a ‘legitimate interest’ to hold and process data about them and their tenancy.

That’s great, but what do I need to do?

Well, like we have just mentioned, you’ll need a privacy policy so it’s not a bad idea to work through our free template here and as you write yours it will show what is needed. 

To make it simple, think about the information you hold and what you do with it.  The RLA has produced an excellent article if you want to get right into the detail.  CLICK HERE

Although you should already be registered, it is important that, if not you now register with the ICO

How does it affect the information I hold?

You will need to be clear about exactly what you are holding, how you are protecting it and how long you keep it for.

The first bit, what you are holding, is fairly straightforward but you may get asked by a client or tenant about what you hold on them.  You have a time limit on getting back to them with this info. Currently this is 30 days.

You then need to make sure you are holding it in GDPR compliant repositories. 

We use cloud data storage, property management software and a referencing company.  All have declared GDPR compliance.

There are also time limits as to how long you hold the data for so have a plan to have a good clear out every now and again.

So thats it! That’s what all the fuss is about?

Well yes and no, our article only covers how the changes will affect us as landlords or property managers, it is far more complicated for larger organisations, but that’s none of our concern here.

We suggest, like we always do at WOPT, to do your due diligence and if you are in any doubt seek further advice. The rules are new and whizzy so no doubt the ‘no-win no-fee’ brigades are looking for an angle.

Be thorough with your business administration – see our article about systemising your business for more ideas. 

Just one final piece of mitigation before we leave you

If you decide to pass on your tenants info to a far eastern prince, who emailed you out of the blue, because he needs this information to get a large ‘tax-free’ cash sum out of his country and into your bank account then we can only wish you the very best of luck, not even the careful guidance of WOPT can save you here!!