Property investing involves making 101 decisions… sometime on the spot or ahead of time. One of those “ahead of time” decisions for those with an increasing property portfolio is whether or not you need a property manager. Property managers have many uses and fulfill many functions for those who have many properties to handle and wish to have a life away from their property investing business. A property manager can be your buffer, your Gate Keeper between your tenants and your family.
Tenant… love or hate affair?
The benefits of a good property manager are numerous. Firstly, you will find that they eliminate the need for tenants to have direct contact with you, therefore your phone number remains private. If you’ve lots of experience with rental properties before without the buffer of a property manager, then you are fully aware that it doesn’t matter what time of day or night… when things go wrong (at some point they do), you as Landlord / Property Investor are the first person your tenants call to fix those things. It’s no small task managing property, especially if your strategy is to buy or convert properties in to HMO’s (House of Multiple Occupation), consider the multiples of tenants as you purchase more properties. A few late night phone calls and many rental property owners are almost ready to get out of the business of renting properties.
Little Black Book
A good property manager often have a little black book of reliable qualified tradesmen to handle maintenance such as conduct gas certificates, PAT testing, painting and decorating. Good reliable and dependable tradesmen are worth their weight in Gold… when you become unstuck. If they do not know the tradesman you need, they can at least source them for you. It’s nice to know that you won’t be getting up bleary eyed in the morning calling around for a plumber on the first exceptionally cold day of winter. At least, it’s nice to know that someone else can deal with some of the negative aspects of owning rental properties.
Legalities and other bits and bobs
As of the 1st October 2014, anyone who engages in either Lettings Agency Work or Property Management Work must be a member of a redress scheme. This is now a legal requirement. The purpose of the scheme is to deal with complaint made by tenants or landlords. So you are covered from a legal standpoint.
They are also likely to be a member of a Property Association such as
- Residential Landlord Association
- National Landlord Association
- The Association of Residential Managing Agents
Therefore they should be up to date with the latest legal practices of the property industry, which you will benefit you first and foremost. The property industry is changing all the time, a property manager can ensure you are not foal of any new laws. They can assist in handling the legalities of taking care of tenants who cannot make the rent for months on end. This is after all a business and while you can relate to the circumstances that leave some people unable to pay their rent (sigh) you need the income from the property in order to make your bills. It’s much easier to leave some of the less pleasant tasks to someone else, especially if you are a softy for sob stories.
Ahhh a place in the sun
Property managers also handle the advertising for your property and the cleaning up and retouches that are necessary between tenants. They also allow you to take holidays and such filled with the knowledge that your properties and tenants are in good hands even when you aren’t there to oversee everything. Everyone needs to take a break sometimes it’s nice to know that with a reliable property manager you can actually sit back and relax while taking those breaks without worrying about all the particulars of the properties you own so far away.
I’m here to assist you, if you would like more information about our property management service, just call my mobile 07904 471 402 or email me directly firstname.lastname@example.org