Some landlords, especially those who are new to the experience, understandably wish to use a letting agent simply as a route to market in order to find a tenant. However, whilst a return on investment is one thing, sleeping well at night is quite another! A managed service is not just about chasing late rent, resolving disputes and inventory control.
When your property is professionally managed, it’s all about accountability. This means regular inspections to check that your tenant is treating your investment with the respect it deserves. During these inspections, well-trained staff are able to identify any areas that should be investigated in order to avoid or reduce costs later.
An example would be a blocked gutter. Normally, you would only hear about this when the tenant calls you to tell you that water is coming in, plaster has come away from the wall and there is mould on the ceiling. Call in the dehumidifier, plasterer, and painter – and you have a large bill and an unhappy tenant.
Many tenants also prefer to rent a property that is managed through a letting agent, possibly because they have had a negative experience with a previous landlord who may have not been aware of his/her responsibilities.
Additionally, no matter how compliant a tenant may seem at the outset, the last thing a landlord needs is someone phoning at all hours with some minor issue over a draft, dripping tap, clanking pipes, noisy neighbours, etc. All or these are part of a day’s work for a dedicated managing agent!
One of the most important considerations is that, as property managers, we get to know your tenants. We have a good understanding of their plans, often pre-empting a premature departure, so we can prepare and let the property in time to avoid it being empty – even for a day! So a managed service actually increases your yield, as well as providing the sleep-easy factor most landlords require from their investment.
If you don’t currently enjoy a managed service, why not put us to the test? You might be pleasantly surprised. Please feel free to call us on 01905 616330.