Anonymous 1 needed this 'Off the Record'

What characteristics would you use to define a Professional Landlord?

Some commentators may argue that making their living from letting properties makes them a professional landlord. Personally I don't think that this is enough. To my mind, there is nothing professional about someone who has several high loan to value properties who's rent just covers the bare-bone basics (I believe this is widespread and the sorry state of many rental properties is the symptom of this). These are the get quick-rich landlords of the Property Ladder era.

So how would you define a professional landlord? A landlord (or acting agent) that will outlast the rough and tumble from recessions to burglaries and burst pipes. I would suggest the following parameters:

Average equity across all their properties: 40%.
Rental cover: 4 months each for 1-2 houses, 3 months for 3-4, 2 months for 5 or more.
Resolution of maintenance: Max. 2 working weeks from notification to close (i.e. washing machine repair)
Emergency repair fund: 2% of property portfolio

I believe someone set up in a manner like this would be worthy of being treated like a business. Any other parameters people want to add? Somekind of mechanism to protect from interest rate spikes would also be good. Can we all come to a definition of professional landlord I wonder??

All comments welcome!

Anonymous 1 needed this 'Off the Record'

Agreed with the sentiment in the second paragraph. I've found it is generally the letting agent who gives terrible service but as long as they pass on the rent on time, I don't think the landlords care.

As indicated above, I don't think we see eye to eye on what constitutes a professional. I suppose you could argue we have professional road sweepers and toilet cleaners but I don't think that would be generally accepted in the public imagination!