We are regularly asked by potential Landlords whether or not Self-Management of their property(s) is a good idea
In both cases our answer is ’not usually’ considering that we are talking about a substantial additional monthly income or in the longer term, the retirement & pension provisions of our clients.
For example, we know that an inexperienced response to a faulty thermostat in a boiler system or a water leak in an airing cupboard can either cost a Landlord £ 50 or hundreds of pounds.
Equally when we advise redecoration between or during lettings – it’s because they genuinely need doing if we are to meet rental expectations and to minimise vacant properties.
In short, Landlords don’t always have the robust administration systems, relationships with reputable tradesmen and experienced teams in place to carry out work in a timely manner, or to efficiently find and vet tenants…..
However some Landlords run their property investment as a secondary side-line alongside a full-time job, believing that they can successfully run their rental property empire by themselves and can save money by not employing a specialist Lettings agency.
We understand this point of view, but we also know from experience, that for some DIY Landlords, this can be a false economy.
Why? – Well many Landlords just don’t have the time to do the ‘day- job’, accommodate all their family commitments and then find the time to do tenant viewings (daytime/night time/weekdays), take emergency calls out of work hours and weekends, chase rental payments and deal with minor maintenance issues.
In addition, if they are not up to date with the most current and constantly changing legislation– they could find themselves facing a legal bill or even a fine for non-compliance.
Of course we are not the only letting agent in the area, but we are probably the most experienced in terms of longevity and as specialists in the letting market we are confident we can offer you a reliable service , supporting your property investment. Please do not hesitate to get in touch for a completely non obligation chat