When Should You Consider Hiring a Residential Property Manager?
Owning an investment property is one of the safest and most lucrative long-term investments you can make. For many, property investment is the new retirement vehicle. However, it can also be extremely stressful and time-consuming. Not everyone who invests in property wants to deal with the day-to-day headaches of residential property management.
Hiring a residential property management company is a welcome solution for many landlords. Here are six circumstances in which hiring a residential property management company could be the right fit for you.
1. You Are an Overseas or Distant Landlord
If you don’t live near your investment property, hiring a residential property manager can drastically reduce your stress. If you live far from your buy-to-let property, hiring a property manager means you no longer need to make frequent trips to check up on your buy-to-let property.
It also removes the constant worrying about the state of your property, as you can trust a local company to take care of it and keep on top of maintenance.
2. You Are a Newbie Landlord and Lack Experience
Being a landlord is not as simple as many people think. There are numerous landlord laws in place to protect both tenant and landlord rights in the UK – and these are constantly changing. Landlords take on a lot of responsibility to make sure their property is safe and habitable for tenants, and a residential property management company can help you keep your property up to scratch.
They can also take on the responsibility of finding and vetting tenants, and get your property let quicker, and to the best tenants.
3. You’re a Portfolio Landlord
If you have multiple buy-to-let properties, trying to manage them all can become a nightmare. Owning more than two or three rentals can quickly become a full-time job. Keeping on top of maintenance issues alone can be stressful, never mind chasing tenants for rent.
A good residential property management company will assign you a single manager to take care of all your properties – wherever they are. Void periods will be kept to a minimum, and tenants will be vetted comprehensively.
4. You’re Not a People Person
Not everyone enjoys customer contact. However, this doesn’t mean that you can’t reap the rewards of investing in the buy-to-let market. If you’re not a people person, then a residential property management company will relieve you of the difficult task of dealing with tenants and tradesmen.
5. You Don’t Want the Hassle
Being a landlord can turn into full-time work, creating stress and hassle like any other job. Taking calls early in the morning or late at night because of problems at the property; arranging for tradesmen to come over and do maintenance; finding new tenants; showing the property to prospective tenants – all these tasks can eat away at your personal time.
If you work in a full-time role or have other responsibilities in your life that mean you could do without the hassle of managing your property, handing those responsibilities over to a residential property manager is a great fix.
6. Not Enough Time to Take on All of a Landlords Responsibilities
As a landlord, it’s your responsibility to ensure that your buy-to-let property is properly maintained. If you don’t have the time to take care of it properly, perhaps it’s time to hire a residential property management company.
Cutting corners and not going through the proper procedures when it comes to managing your property can cost you in the long run. For example, not vetting tenants correctly can lead to dire consequences. You could get a tenant from hell – one who will cause a heap of damage and not pay their rent.
Hiring someone to take on your landlord responsibilities will give you peace of mind. You don’t need any of the hassles of managing your property. You deserve to live your life and focus on making your next investment – not on fixing taps and chasing late rental payments.
Yours in Effortless Property Management,