Managing properties as a successful landlord is not easy, and there are many different ideas to consider. Perhaps one of the most pertinent questions, however, is whether to manage things yourself or use a Letting Agent or third-party management team.
At a glance, the increased control and reduce expense make the DIY option seem like the perfect solution. Nonetheless, when you scratch beneath the surface, the prospect of using a professional Letting Agent service becomes far more attractive. Here’s why:
In your role as a landlord, there may be several aspirations on your agenda. Ultimately, though, the bottom line of business is that you want to make money. This means finding respectable tenants that will also pay on time.
Sifting through applicants to find the best candidates isn’t always easy, but an experienced property management team can do this with far greater efficiency. This inevitably means fewer issues regarding revenue while it may also reduce the amount of ongoing maintenance that’s required.
Furthermore, being protected by the RICS Money Protection scheme ensures that your financial situation is in safe hands, even in unlikely scenarios where funds are misappropriated by the firm in question.
If you only manage the single property, it’s almost certain that you have a career to focus on. Conversely, landlords that have invested in several buy-to-let homes probably don’t have the hours to manage them all, particularly if they are spread out over several cities.
A Letting Agent takes care of all the hard work, ranging from managing contracts and payments to handling issues relating to maintenance. This allows you, the investor, to simply focus on making money. In turn, this can enable you to look at additional properties or outside investments.
Besides, it’s always nice to have the reassurance gained from having a group of property managers behind you. If nothing else, it will save you the hours of research when you’re worried about various letting-related issues.
As a landlord, you are legally obliged to keep tenants safe. Those rulings can be far stricter than they would be within your own home. Sadly, this makes it very easy to forget those essential tasks such as annual gas safety certificates.
When you use a Letting Agent to manage the property, those concerns are passed over to them. In the rare event that the property managers fail to take care of those items on your behalf, the contract with them will have you covered.
Nevertheless, the far better solution is to find reputable property managers that can be left to take care of the situation with minimal input on your behalf. The fact that they’ll also handle renewals, deposit returns, and rent increases ensures those benefits last for years.
The Final Word
Most landlords will find that for the sake of a small fee, letting agents are a worthy investment that can unlock greater Return on Investments while saving time in the process. Mallard can provide full management as well as a reduced ‘let only’ service. If you wish to finally unlock the full potential of your investment property, give us a call to discuss those options today.