Life as a private landlord can be hard. As well as the day to day issues with keeping tenants happy, dealing with repairs and maintenance obligations, you must also keep on top of what appears to be a never-ending amount of new legislation in everything from tax to Legionella. Many landlords opt to self-manage their rental properties, in theory, saving a monthly management fee and therefore getting to keep more of the rent for themselves. There are however, many benefits to handing over the management of rental property to an agent such as Seddons. Here are our top 5 for starters!
As managing agents, we offer a maintenance reporting link on our website so that tenants can get in touch with issues at a time to suit them. We also have, over the years, built up a substantial bank of trusted contractors who we trust to deal with maintenance and repairs quickly and efficiently. Attending to repairs quickly helps with maintaining a good relationship with tenants which is always preferable for a trouble-free tenancy.
A bad tenant is every landlords worst nightmare. Anyone involved in the industry will be able to recount many ‘tenants from hell’ horror stories of unpaid rent, antisocial behaviour and damage to property. Prospective tenants can often appear to be extremely honest and trustworthy, but these first impressions can be very deceptive.
A property management company will be able to check references and provide a full credit check for all potential tenants including address verification. This can help to uncover any past issues regarding rent arrears or poor credit which may not come to light otherwise. Sometimes, just knowing that these checks are going to be carried out is enough to dissuade a tenant for applying for a tenancy via an agent, particularly if they know they have some undesirable history.
Legal problems with your property can cause all sorts of difficulties. Getting things wrong can make it difficult to get possession of your property or risk a substantial fine. Recent rules, for example, mean that landlords now must ensure that their tenants have the right to live in the UK. If you don’t perform these checks, you could be liable to a substantial fine. A management company can ensure you’re complying with all of your landlords obligations and make sure you are aware of any upcoming changes to law which will affect your property.
Using the services of a professional property management company can help you maximise the return from your rented property. There are a number of ways we can do this, including using our expertise and market knowledge to ensure your property is always marketed at the optimum rent. We have mechanisms in place to address late and slow payments by tenants rapidly and can handle rent reviews when required. Another advantage of using an agent comes when your property needs to be re-let. We can start marketing your property the instant that a tenant gives notice which usually means that void periods are reduced. We are also able to carry out viewings during the day when it may be difficult for private landlords to be available.
Being a landlord can be a stressful business – whether you are worrying about finding a tenant, recovering unpaid rent, or keeping on top of your legal obligations. Handing the management of your rental portfolio over to a managing agent is a sure way of reducing that stress, leaving you confident that your interests are being looked after, your property is being well maintained and your tenants are happy, and if you are ever curious about the current value of your investment, we are here to help.