Being a hands-on landlord can be a stressful, time-consuming job. There’s the rent to collect, repairs to carry out, maintenance schedules to arrange, tenants to find, disputes to manage. Not to mention the ever-changing amount of legislation to understand and follow.
If you’re tempted to ditch the DIY approach, here are five compelling reasons why switching to a fully managed service could be the answer.
Read on to discover how partnering with accredited property management experts will help to maximise your investment.
Reduce hassle and stress
A landlord’s responsibilities are far-reaching. Even if you only have one property, you still need to manage the paperwork and ensure you’re legally compliant. A task that can easily become overwhelming, especially if you’re dealing with problem tenants.
An easy way to eradicate the stress is by opting for a full property management service. A comprehensive package offered by letting agents who take on the workload for you could include:
tenant search, reference checks and renewals
rent collection and protection
compliance and safety knowledge and updates
annual gas safety certificate
plumbing and electrical cover
legal eviction cover
property licence checks
monthly income statements
agency support helpline
document storage and sharing
One of the major pluses of choosing full property management services is you can be completely hands-off with tenants. When you hire the experts to do all these things for you, you get to relax, knowing your property is being taken care of.
And when it’s time to find a new tenant, they’ll do that too. Alongside the sourcing, they’ll also do the screening and be committed to finding the right one quickly. Then they’ll draft a thorough tenancy agreement to tick one more job off the list. Hassle? What hassle?
Free up more time
You can’t avoid investing cash into your property portfolio, but you can limit the amount of time you invest in it.
Choose a full property management service and you’ll no longer need to fit everything on the list above into your busy life. Your agent will take over the micro-management of your properties. They’ll be the one finding a plumber on a Sunday morning, organising maintenance visits and negotiating a rent increase.
Their fee will buy you time. Time to dedicate to your full-time job and to spend with friends and family.
Comply with the rules
As a landlord, your legal responsibilities have never been more complex. And with the recent publication of the Renters’ Reform Bill, legislation is changing radically in the near future.
Not being aware of these obligations leaves you vulnerable to fines and legal action which could quickly wipe out your profit. And, of course, cause untold hassle and stress.
With a full property management package, you can rely on your agent to know the law and ensure you’re complying with all the parts which apply to you. If you avoid just one lawsuit thanks to your agent’s expertise, then you’ll have saved significantly more than the fees paid.
Receive rent reliably
You’ve chosen to be a landlord to make a profit. And this relies on receiving rent regularly and reliably. Work with a letting agent and they’ll collect rent on your behalf, as well as deal with any late fees or arrears.
Less time-consuming admin for you, as well as consistent cashflow and expert support if you have to begin eviction proceedings.
Maximise your investment
When you choose full property management, you’ll be working alongside a team with insider knowledge about the market. They’ll have access to professional rental rate tools and all the latest data to help them understand what’s happening in your area, what tenants are searching for and how to ensure you’re getting the optimum amount for your property.
They’ll also have tenants lined up to move into your property, reducing the chances of costly void periods. And they can manage negotiating any rent increase with your tenant, relieving you of yet another potentially tricky task.
And of course they’ll market your property effectively, writing well-targeted ads to reach as many ideal tenants as possible and using their sales skills to close the deal with the right one.
For around 10-15% of your monthly rental fee, you’ll enjoy a host of benefits by signing up to a full property management service. And don’t forget the cost is an allowable expense when submitting your tax return.
A wise investment to reduce stress, save time and deliver ultimate peace of mind.
The result? Happy tenants who trust you – via your agent - to deal with any concerns quickly and efficiently. And a well-maintained property that will better hold its value.
Learn more about MakeUrMove’s fully managed property packages.