There are essentially 2 ways to oversee the management of your property. One is to be a DIY landlord, and essentially do it all yourself. The other is to enlist a lettings agent to help.
Which one do you prefer? Keep reading to find out what solution suits your situations better.
If you are an experienced landlord, or perhaps only have a couple of properties, the former may work better. If you enjoy liaising with tenants, and being more hands on with maintenance, then this is for you.
Some landlords, however, prefer to be less involved while reaping the benefits of being a landlord. Perhaps you have a portfolio of properties and don’t have the time to give them all the attention they deserve. Or perhaps you’re new to being a landlord and just want some help with ensuring your properties are compliant.
If the latter sounds like you, it may be worth investing into a letting agent, whose property manager will be able to take the burden of being a landlord off your shoulders. This will give you peace of mind and enable you to reap the rewards of your job, without any of the stress.
What Are the Types of Property Management?
Different letting agents will have different services, but the main two are:
- Let only – where the letting agent finds, references, and collects the deposit and first month’s rent from the tenant. Everything after that (including maintenance) is left to the landlord.
- Fully managed – this is where the property manager will take over all aspects of renting, from finding tenants to maintenance, collecting rent, and ensuring the property is compliant and in line with the law.
What Does a Property Manager do?
A property manager will oversee and organise maintenance work, from small call outs and upkeep to larger renovation works.
They will take the weight off your shoulders and oversee the running of your property/properties to leave you stress free. They will organise viewings, collect rent, chase arrears, organise maintenance, and ensure your property is compliant and legal.
Why is a Professional Property Management so Important?
Property management is important as it means that the property is being kept in the best condition possible. This then means that the property’s value will be higher, and thus rent will be higher as a result.
A well maintained property will also result in happier tenants who treat the property like a home, meaning the property will be handed back in good condition for the next tenants.
What are the Benefits of Property Management Services?
There are many benefits to property management. As previously mentioned, landlords opting for this service will not only be less stressed but will also have more time to do the things they enjoy. Whether that’s jetting off to explore parts of the world, or simply spending time with the people that matter is up to you.