Don’t think that, by getting involved in every part of the letting process, your property will let any faster. Remember, you are not a property manager –it’s not your job to drop off keys, conduct viewings, or run around finding tradesmen to fix leaky taps, or worse, doing it yourself.
You are the investor, and your property is meant to enhance your lifestyle, not take it over. The sooner you realise this, the sooner you’ll get on the track to the better managing of your lettings!
I like to keep things simple, which is why I encourage my clients to do what I do and use professional lettings agents to fully manage their properties. I call it my ‘Full Management Strategy.’ Sure, these days I won the Rental and Managing Agents but that’s beside the point. Whether it’s evicting a tenant who hasn’t paid rent, or arranging extra sets of keys, I hand it over to the professionals to deal with, and then I go on enjoying the lifestyle that my properties give me.
Now, if cost is the only thing stopping you from taking the fully managed approach, think about it. Is the time and hassle you save worth the money? In my opinion it is. If you disagree, that’s fine, but I suspect you will reconsider that view after a 2am phone call from your tenant over a broken boiler, or a plumber that charges you a 4 hour call out for something that took just 15 minutes.
I don’t invest in property to get involved in the day to day issues. I invest to give myself the financial freedom to do what I want, when I want, and know that my future is taken care of.
If you do decide to take the fully managed road, then there are some things that you need to know. As much as full management is a lifestyle decision, you can’t expect to sit back and have your agent put in 100% all the time – you need to manage your lettings agents.
Would you hire a new member of staff and let them go off and do their own thing from day one? No. The same goes for lettings agents. They are there to find you a tenant, and you want them to do it in the minimum amount of time at the maximum rental – so you manage them to make sure that it happens this way!
Of course if you are using Ezytrac Property Management then you haven’t a worry. Call the team on +44 (0)1522 503 717.
The team at Ezytrac