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As a landlord, you need to be aware that your responsibilities go beyond just collecting rent. Properties need to be well-managed in order to keep them at their full potential, and this often requires a lot of work and know-how. If you have plenty of time on your hands and are interested in property management, then managing your own properties may be an option for you.
Your job is to look after the property and ensure it’s well maintained. On top of this, landlords are faced with a sea of regulations and paperwork that must be managed to comply with the law. However, for those who are new, or perhaps not as educated in the industry, the job can be a little daunting. Current regulations, tenant sourcing, monthly rent collection and worst-case scenarios such as evictions are time-consuming and often complex matters.
However while keeping you in direct control, there are problems that could arise that are far beyond your control. For example, tenants in arrears, anti-social behaviour, property damage and more. If managing your property is causing undue stress in your life, you may want to consider hiring a property manager.
Private Managed Property
If you’re a do-it-yourself type and you have both the time and the desire to take on all the details of landlord responsibilities, private management (also known as self-management) may be for you.
The benefit being, that you have full control of your property and can also are in direct contact with your tenants. You might already have trusted workers to do the repairs and just prefer things done yourself. At least that way, you can be assured necessary things are done because you have done them yourself.
The difficulty of managing your own property is that the laws and regulations behind rental properties are always changing. From electrical testing to compliance certification and HMO guidelines, property management companies are continually monitoring this side of the rental market. This means using such services help you to avoid unintentionally breaking any laws and allow you to have peace of mind knowing you’re always covered.
Company Managed Property
If you’re a busy person and lack the time or inclination to stay on top of maintenance issues and other details, then hiring a property manager or management firm might be the better choice.
A common route for landlords with a rental property in an area that you don’t know well, self-managing can be much more difficult. It involves knowing the local estate agents and tradespeople, your local council and planning department, and understanding the local area so that you can find suitable tenants for your property. You also need to ensure that any maintenance issues are dealt with quickly and efficiently as they arise.
A full-service property management company will handle everything from finding tenants to dealing with maintenance issues. And as they tend to be local (a benefit in itself if you live far from the property), they can communicate with landlords, tenants and 3rd parties to get any issues resolved quickly. A more limited-service company may only provide the primary responsibility of a property managing agent is rent collection. Every month, through direct debit or standing order, we ensure that rent is paid and sent to you without delay.
Property management is an extremely important part of the rental process, from matching tenants with properties and screening them, to ensuring that rent is collected and sent on time, property management companies can be your partner in helping you find the right tenant and manage your property.
If you are a landlord and would like to know more about our property management services, please do contact us - our friendly team are always here ready to help.