Management agent versus self managedTopics
As a landlord deciding whether you want to manage your own rental property, or hand it over to a letting agent, is one of the most important decisions you will make about your property.
When deciding how to manage your rental property, your happiness, free time and stress levels need to be considered.
The cost of a full management service may seem significant, but if it allows peace of mind, safe in the knowledge that your tenants and property are being properly taken care of, then it will be well worth the money.
Letting agent service
The alternative to managing your own property is to use a letting agent to do it for you. Letting agents will typically offer two levels of service: full management or let only.
The full management service is an attractive option for many landlords, especially if they don’t live near the property they are renting out. It is a much comprehensive service and will take responsibility off your hands.
With a full management service the agent will:
- photograph and market the property,
- handle enquiries and conduct viewings,
- screen potential tenants and carry out referencing,
- provide an Short Assured Tenancy Agreement,
- take the rental payment and handle deposit protection,
- carry out inventory checks and handover,
- issue the relevant certificates,
- carry out safety checks,
- manage communications with the tenants throughout the tenancy.
The let-only service is where the agent will find tenants and successfully let out the property for the landlord, but will not be involved any further in the on-going management of the tenancy.
The self-managed option
All self-managing landlords should treat being a landlord as running a business; otherwise they are putting themselves at risk of serious issues further down the line if they need to evict tenants, or challenge an inventory document, or rely on documentation that has not been properly completed.
You will have to commit time and effort to learning the ropes and doing some research to make sure you know your rights and responsibilities.
Managing your own rental property is not complex, however it will take up a fair chunk of your time and you will need to think carefully about whether or not you are prepared to sacrifice that time.
Contact us to find out more.