How should I manage my property?

How should I manage my property?

How should I manage my property?

Many people are trying to find that business venture that carries little risk and will guarantee an income. With unemployment increasing, people are looking into self employment as it will give them greater control over their income. A popular choice of self employment with a proven amount of success is property rental. In the current financial state when people are struggling to save deposits and have mortgage applications approved, renting a house has never been more appealing and the interest in properties to rent is on the rise . Once the decision is taken to rent property as a source of income, the key decision that is still to be made is should the landlord manage the property himself or work with a letting agent to manage the property on his behalf?

There are a number of benefits for each option but the overall decision must be taken regarding how much involvement the landlord would like to have in the renting of the property and just how much knowledge and time they possess. If a landlord has other business interests and the rental property is purely a secondary income, it might be advisable to select a letting agent to look after the management of the property this may remove the need for the landlord to be involved in the day to day aspects of property rental. However, if letting the property is more than simply a source of income and the landlord has great interest or passion for the business, perhaps self-management is a more appealing option.

However there are a number of risks involved with self management. Some points to consider are;

Are you currently up to date with current legislation?

How are you registering deposits?

Landlords should routinely inspect their property, but how often?

How will you ensure that the tenants are paying the bills that they are liable for?

What do you do if your tenant calls you at nighttime over the weekend and requires help?

You will have to make sure to renew the annual gas certificate.

Are you able to trust the contractors you use, have they got public liability insurance, how will you check the standard of the work?

Are you properly insured and at the correct price for the correct cover?

How will you handle any potential disputes with tenants renting your property?

Are you going to know what action you can take in case your rent is not paid?

Of course by using a letting agent the landlord forfeits a proportion of the rent from the tenants as agreed with the letting agent. Contained in the fee will be the administration involved with the commencement of a new rental agreement and also the termination and the return of deposits at the end of the tenancy. Moreover, the letting agent will promote the property to the best of their ability to make sure that the property is occupied for the greatest proportion of time possible. It is in the letting agent's best interest to ensure that the property is occupied with reputable tenants. From a tenant's viewpoint they may favour properties which are managed with a professional letting agent, as a letting agent will also take care of their interests. Plus, rents achieved on Managed properties are often higher than for Tenant Finds, plus tenants are invariably found quicker saving money by reducing void periods.

Having an agent is not as expensive as you may think and certainly for many people it's the preferred option

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