When you own a buy-to-let property there are a few important decisions that you have to make. One of them is whether you intend to manage the property and your tenants on your own, or if you will choose to employ a lettings management company to work on your behalf. There is no shame in admitting that you need help to manage a property that has tenants, and here we take a look at the benefits of utilising the professional services of a lettings management company.
A property management company will deal directly with prospective tenants and existing tenants on your behalf. They will undertake duties relating to:
Finding New Tenants – This will involve creating a suitable listing for your property and getting the word out there to the correct, and most desirable, potential tenants on the market place. Ensuring your property is seen by the right people and maintains a presence even if it has been vacant for a short while is important to minimise a loss of rental income.
Creating the Perfect Show Home – Your lettings agency can sometimes offer a service where they stage your property. This entails the maintenance and sprucing up of a property to showcase its best features for appointments with prospective tenants or open houses. It’s incredible what a lick of paint and some carefully placed plants and ornaments can do to entice a prospective tenant.
Drawing up Rental Agreements – You’ll have given your direction as to what you expect to receive in rent, but your lettings management company will put that into practice. They will have a professional understanding of both the industry and the local market, putting rent at a fair level that will make you money and attract tenants.
Managing a Property – They will undertake regular dialogue with your tenants and they will be the point of call on your behalf. This includes collecting rent on a weekly or monthly basis for the duration of the lease. The management team will also be responsible for handling all maintenance and repair issues and resolving any tenant complaints.
Dealing with Late Payers – Sometimes a relationship with a tenant can turn ugly through no fault of your own. Having a professional property management company deal with tenants provides you with peace of mind that the rent is being collected regularly (and chased where necessary), and that if eviction is required you do not have to deal with the problem directly, with a legal buffer between you and the evicted tenant.
A property management company is the perfect solution for those buy-to-let property owners that has several properties to manage at one time, doesn’t live near the rental property, has a busy schedule with little time to manage properties and build a relationship with tenants, or just doesn’t have the desire to be hands on with tenants and manage everything that comes with a rental property. Ensure that you conduct thorough research that leads you to a lettings management company that looks after your best interests and leaves you to sleep peacefully at night knowing your tenants and property are being looked after.