One of the first decisions to make when you’re ready to get tenants into your rental property is whether or not to use a property manager (also known as a Lettings Agent).
A high street Lettings Agency can cost up too 15% of your total rental income each month, which is a factor that causes some landlords to question this option.
However, the services that a fantastic Property Manager provides can be worth far more than this fee. Renting a property requires a lot of work and a high level of commitment, which many landlords don’t have the time or the inclination to put in. A Property Manager will handle all the headaches and downsides of renting for you, making life potentially much easier.
Below are just a few of the many reasons Landlords use an experienced Property Manager:
Finding suitable tenants for your property
When you are first thinking about renting out your property, you may not have a full picture of the amount of work that can go into this. A Lettings Agent/Property Manager can help you find suitable tenants to help you avoid periods of vacancy and income loss.
They will be able to employ all the necessary marketing methods to ensure that your property is highly visible to potential tenants. The Agent can then show the home to prospective tenants with open inspections that showcase the property in the best possible light. In addition to showing your property to prospective tenants, agents can be involved with the professional screening of these tenants to make sure you choose reliable ones and have access to tenancy databases. They make regular inspections, to ensure that the tenants are keeping your property in proper working order. One of the major roles of a Property Manager is acting as the liaison between the landlord and the tenant. If any calls need to be made for repairs or if the tenant has any complaints, these can be handled by the property manager to make your life easier. They help make sure that both parties are able to relate appropriately to one another, clearing up misunderstandings and resolving issues.
To deal with Any issues
One of the first reasons to consider hiring a Agent that specialises in Property Management is that they help provide a buffer between you and your tenants.
If there are any problems with late payments or damaged property, the Agent deals with these issues so that you can avoid any unpleasant confrontations. Today’s top Property Managers are fully licensed agents. They know all the ins and outs of the laws that relate to rental properties, and can advise you about your landlord rights. A great agent does far more than just rent your home and collect your money for you. They also organise emergency repairs, organise maintenance and even handle the payment of various bills. The Property Manager helps provide a complete management service, to help you avoid wasting your own time and money. Some of the duties that you can expect from a great Property Manager include:
Advertising and marketing your property
Sourcing and screening potential tenants
Managing rental payments / arrears
Completing inspections on a consistent basis
Organising and sourcing tradespeople for repairs and maintenance
If you prefer to take care of some of these tasks yourself, you can write this into your contract. A Property Manager will give you as much or as little involvement with the daily management of your rental property as you like. They are specialists at multi-tasking and are highly qualified to prioritise and perform any or all of these duties.
There’s a remarkable amount of paperwork that can be involved with managing a rental property including property rules and regulations, lease agreements and contracts for repairs and maintenance, and more. Agents are able to keep these files well organised, ensuring that nothing slips through the cracks. Experienced Property Managers will also keep tabs on the latest council regulations, laws, property values, and landlord rights. They will watch rental prices for your region closely, staying up-to-date on the current market conditions in order to best advise you when it comes to your investment. With this attention to detail, they will help you decide if it’s time to raise the rent or make key repairs.
A great Property Manager/Agent is Proactive, Trustworthy and worth their weight in gold!
To excel at all of these tasks, an excellent Property Manager will be proactive and trustworthy. They will be willing to go the extra mile to ensure that both the tenant and the landlord are satisfied with their rental situation. Property managers will check in using various means, including phone interviews, regular inspections, and surveys. They are usually sociable, friendly, and cooperative people. This helps them diffuse tense situations and handle uncomfortable situations with ease. They will be the go-to person for both parties, resolving conflict positively. There are many benefits in choosing a local agent with a strong working knowledge of your area. With knowledge of the local market, your agent will be able to inform potential tenants of all of the relevant information they need regarding the house and the surrounding neighbourhood.
The percentage of your rental income that pays for a property manager will pay off because you can sit back and relax. The alternative is to risk lost income if your property sits vacant or if you have trouble with your tenants.
If you are considering renting out your property for the first time or would be interested in Bruce & Simpson managing your rental portfolios then please do not hesitate to get in touch
0114 349 8227
Thanks for reading
Our customer reviews
By chance we came across Sandie at Bruce Simpson, having always used “bigger” more well known companies before when needing to find tenants for our rental properties. Never again. The service far exceeded our expectations and went over and beyond, it was worth every penny of the more than reasonable fee payable. Sandie did everything Haybrooks did not. She achieved more in one week than they did in one month, keeping us posted in a kind and friendly way every step of the way. Bruce Simpson excels in providing a personal service, covering every aspect needed effortlessly. Thank you. 100% would recommend to landlords and tenants alike.
I have been working with Bruce & Simpson for nearly a year now. Great communication, fills rooms quickly and solves any problems that arise with tenants!
After feeling disgruntled by the treatment of the high street agent we were using to find new tenants and manage the properties, I was introduced to Sandie and was impressed by her passion and “thinking outside the box” attitude to marketing my properties. Nothing is too much trouble and any maintenance issues are dealt with straight away. Very happy