Date Published 31 October 2023
Work Smarter, Not Harder: Why Let-Only Landlords Convert To Fully Managed.
The UK average of fully managed properties is only 18%
Yet 51% of our rental properties are fully managed. (Savvy landlords head this way it seems)☺️
So, if you're still let only, why aren't you utilising the expertise and skills of a qualified and experienced agency?
BUT WHAT ARE THE BENEFITS?
You may feel the only reason you need an agent is to market your properties, find tenants and complete references and contracts. And you could even be forgiven for thinking that this is the hardest part done – especially if you're new to letting out properties.
TIME AND EFFORT
As agents, we understand that tasks like inspections, carrying out routine maintenance and handling tenant enquiries can take up time and effort.
But let's start with talking about the personal risk that let only landlords are taking by self-managing. Do you have an in-depth knowledge of the law and the competence to challenge risks such as breaching regulations, banning orders, fines, or even criminal prosecution? These risks arise through lack of knowledge and ignorance of the law itself.
ALL THAT IS NECESSARY
Apart from the risks, time it takes them to do all that is necessary means allocating time each week to managing each property.
Having a well-maintained property with respectful tenants in place can help things run smoothly but you can never mitigate the chance of emergencies, extreme weather, or the simple fact that things sometimes break.
Landlords can obviously manage their own property if they want to – but that doesn't mean it's desirable, especially with over 170 pieces of legislation to fall foul of.
If you work or run another business alongside being a landlord, can you afford to take time off to sort out an urgent maintenance issue? If you've got a family, do you want to miss out on weekends and evenings because you're too busy inspecting your properties?
STRONG MANAGEMENT
If you object to spending extra for a fully managed service, it's likely that you don't believe in the value of a fully managed service.
But think about this. The cost of a solicitor sending one letter, or the fact that evictions are now taking 12 months and longer to secure, there's a real risk of loss of rent during that time plus legal fees – all of which can be prevented by good, strong proactive property management.
Imagine how much how much extra time you would gain each week if you didn't have to have to handle incoming calls and emails from tenants, or how you wouldn't even need to think about maintenance and inspections.
IN SUMMARY
When time is money, can you afford to waste yours? Don't risk mismanaging your investment, speak to the professionals who can help your property portfolio grow.
