We're often asked why landlords would use a property management service. After all, once an agent has found a tenant, the hard work’s done, right? In a similar way that once an agent has found a buyer for a home, all the hard work is done? Sadly, this is hardly ever the case.
Let’s start by looking at the variety of reasons why people become landlords. Some are investors and own a portfolio of properties. Some became what’s called in the industry, accidental landlords, where their letting circumstances weren’t prompted by a buy-to-let purchase. This might be due to moving in with their partners and deciding to rent their property out rather than sell it. Or where someone has inherited a property and decides to retain ownership of it.
Investors with large portfolios may not have time to look after all those property issues as they arise. And they do arise. From the simple “I’m locked out” calls to the “heating has stopped working”. Equally, an accidental landlord may not have the resources or the contacts to handle those issues.
Landlords may not live near the property so those property issues are now potentially a much bigger issue. With just under 50% of landlords living more than 50 miles away and a third living more than 40 miles from a property, you can imagine how having someone local to deal with issues would be a huge advantage.
If you’re a landlord reading this and wondering why you should talk to us about having your property managed, here's why.
Top 10 benefits of having property management
1. All contact from your tenants would come through us, saving you valuable time dealing with their property issues.
2. We will manage non-payments of rent and chase bad debts for you.
3. You won’t have to handle any awkward conversations at renewal stage about rental price increases. We will deal with all renewal letting contracts on an annual basis with your tenants and negotiate your increased rents in line with the current market values.
4. Your property will be inspected every 6 months to ensure your tenants are maintaining it in the required standard. You’ll receive a detailed report with photographs and our feedback.
5. When your tenants vacate your property, we’ll handle your claims against their deposit, should any arise.
6. You’ll receive quarterly and annual statements that as a landlord, you now require to add as part of completing your self-assessment tax form.
7. Should you wish to remove a tenant, we’ll ensure the correct legal notices are served when you wish to regain possession of your property so you have complied with the law and aren’t faced with expensive delays.
8. Your tenants can make use of our 24/7 emergency call out service.
9. We have a database of reliable contractors to carry out every type of work that might be needed at your property. All our trades people are vetted to ensure they have the correct insurances and accreditations in place.
10. The legalities associated with letting change on a regular basis with more and more regulation coming into place. Our knowledgeable team will ensure all your legal requirements are not only in place but are kept up-to-date annually or as required.
Find out more about our Property Management service or contact our team today.