Self Managing – do you need qualifications?

I have been a LL for 22 years. I became an NRLA accredited LL about 12 years ago. I was also a qualified block manager with Institute of Property Management qualifications ( IRPM). The NRLA do a letting agents online module which you have to pay for and takes about 8-10 hours. It is quite useful.

In 2012 I stopped using letting agents and let my own properties. Very soon other LLs asked me to do the same for them. I became an
" accidential letting agent" for ten years, building up a business of around 50 managed properties. I retired in 2022.

At present you do not need specific qualifications to be a letting agent. But you do need:

1. A client money account. Very difficult to get now;
2. Client Money Indemnity Insurance.Around £600 a year is the cheapest;
3. Professional Indemnity Insurance. Around £200;
4. Property Redress Scheme Membership. Again about £200.

If you don't have these you are trading illegally and can be fined £30,000.

In addition you will need:

5. A portal to advertise. On The Market or Zoopla will cost you £200 a month;

6. Lettings software. Ten- Ninety is very good and costs about £120 a month.

Self-managing landlords do not need any qualifications. They do however, need to abide by the law and comply with the multitude of rules and regulations bestowed on the private rentals market.

Many landlords do courses and claim to know more than (or be better than) those that haven’t completed a course. Just like passing a driving test doesn’t make one a great driver (look how many accidents happen every day), passing (or, more accurately, paying for) a course doesn’t make someone a great landlord.

Millions of perfectly legal and compliant private tenancies have been executed in the U.K. and around the world.

Am I the only one who will not be surprised if HMG makes all landlords to have to get a state sponsored, ( ludicrously priced), qualification. It would seem to be a logical next step in the persistent pressure to drive small landlords out of the market.

Its the legal stuff you need to know. One-off courses are good to build that knowledge initially, but you then need to stay in touch with the changes. For example the Renters Reform Bill is going to turn everything on its head.

I'm also an NRLA accredited landlord, but I never stop reading their website and others such as Landlordlawblog, Nearly Legal etc.

Reply to the comment left by David at 18/12/2023 - 12:02
I’m not a member of any organisation but I do read an awful lot of things to do with being a compliant landlord. I’d happily pay for an HMG test to prove my landlord credibility. I’m not so keen on paying to join a business that markets itself as an association.

Reply to the comment left by Easy rider at 18/12/2023 - 12:14
Fair enough. I'm aware that there is a lot of discontent with NRLA at the moment and I share some of it. Luckily there are plenty of good sources of information for landlords on the web.

The list given by Fed Up Landlord covers the core elements you would need in order to legally manage for others.

David, Easy Rider, there are other organisations who also offer accreditation training for landlords, including iHowz, who are not for profit.

https://ihowz.uk/landlord-accreditation/

In Wales
If you are self managing your own.property you need a.landlord licence , if you are managing a property that isn't on your name (including family members) you need an agents licence.
The owner.of the property then needs to ensure your licence is recorded against their property and you need to ensure it appears on your agents list also

I have completed and gained both the stated NFoPP level 3 qualifications. I have also completed the old NLA accreditation course and also the accreditation course that used to be run by Bristol Council. I rate the Level 3 courses as far superior to any of the accreditation courses and getting them will permit automatic accreditation with NRLA. The Bristol Council accreditation was better than the NLA accreditation course. It's a shame it no longer exists. I think you will find that all agents will shortly be required to have the level 3 qualification as a minimum. To be quite honest, the level 3 qualification would benefit any landlord, whether self managing or using an agent. Landlords must manage their agents and to do this effectively you need to know what your doing or expecting from an agent. Excellent courses, get your level 3, trust me you will learn, irrespective of how long you've managed your own. Good luck!

If you are in Wales, you need to be licensed to self-manage. But as people have said here, not if you are in England.

My Landlord Law site was set up over 20 years ago specifically to help landlords self-manage and covers, in particular, legal issues (I am a solicitor). We also provide documentation, including tenancy agreements, notices, various receipts and forms for recording details and draft letters.

Many landlords have self-managed their properties for years with our help. If you want legal support, you may want to try it. Membership starts at £25 pcm and you can cancel at any time. https://landlordlaw.co.uk/