Our Weymouth Property Lettings Service Offer Value For Money.
If you are looking to hire a professional to provide you with a service, there is a need to ensure that they provide you good value for money. If you are a landlord looking to maximise the return you receive from your property and investment, you may find that the cost of hiring a property management service is prohibitive. After all, if you can do these roles and tasks yourself, you will save money, which will give you a greater return for your money.
Of course, there is often a lot to be said for calling on the services of a professional, and many landlords find that hiring a property management service provider offers good value for money. At Austin Property Services, the leading Weymouth estate agent, we offer a dependable property management service and we believe we can help you maximise your return while minimising the stress and hassle of acting as a landlord.
While many people are enticed by the thought of making a profit on a monthly basis, a lot of people are unaware of the wide range of tasks a landlord has to undertake. Here are some of the most pressing and important issues a landlord has to contend with:
- The promotion and marketing or the property
- Undertaking viewings of the property
- The vetting of tenants
- Collecting rental fees every month
- Maintaining the property and carrying out repair work
- Communicating with tenants
- Dealing with tenant complaints
- Ensuring the property complies with all rules and regulations
- All administrative work associated with the property
These are all important jobs that a landlord has to carry out and even if you are skilled and confident in these roles, you will find that being a landlord can be a time-consuming role. If you are weighing up whether a service provides value for money or not, there are a number of things that you have to take on board, including:
- How long would you need to complete a job or study a particular topic?
- The risks, danger and difficulties associated with a particular job
- What are the potential consequences of making a mistake in the role?
- How comfortable you are in dealing with people and collecting money?
These are important factors to consider and it is important that each individual landlord thinks about these matters with respect to their own standing and capabilities. For some people, the length of time associated with being a landlord is enough to make them feel that hiring a professional to care for their property and tenants makes sense.
While there are many different factors involved with a successful tenancy, the standard of the tenant is a huge factor. If you find a tenant who pays their bills on time, in full and doesn’t cause you any hassle, you will find that being a landlord is an enjoyable process. Conversely, if your tenant disrupts your property, doesn’t pay on time and causes you a lot of hassle, being a landlord can be a difficult task.
It is not possible to be 100% certain about what a tenant will be like but by vetting the tenant, you can make an informed decision. Factors to consider when vetting tenants include their credit score, their employment status and past reviews or testimonials from landlords. A potential tenant who scores highly on these matters will be more likely to care for your home and pay on time, so it is worthwhile vetting your tenants. This is a task that many people would feel uncomfortable with doing so calling on a property management service provider to carry out this task is often all the justification you need to employ a property management service.
You need to be on top of rules and regulations as a landlord
It is also important to note that there are many rules and regulations regarding the provision of a buy to let property. Landlords have to ensure the tenant has the right to rent in the UK, the property must be up to certain standards, the property must have the requisite gas and electrical safety certificates and there is even a need for landlords to hold the tenant’s deposit in a Government approved scheme. When you also consider that these rules and regulations are continually being updated, keeping in touch with these rules is almost a full-time role in itself. Given that a failure to comply with these regulations can see a landlord fined or even be stripped of their licence to act as a landlord, many people decide that the peace of mind that comes with hiring a property management service provider is well worth the cost.
When you add in the fact that some landlords will prefer to avoid conflict or will feel nervous in dealing with financial matters, you can see why a lot of landlords feel more confident in hiring a professional to carry out this work. You also have the fact that a property management service provider is more likely to have a team of professionals like joiners, plumbers and electricians they work with regularly, which mean that all repair work can be carried out quickly and to a high standard.
Acting as a landlord can be lucrative and the demand for rental property indicates that this is a market that will be in place for many years to come. However, it is essential that potential landlords and investors know how difficult the role can be. There are many different things a landlord has to offer in the role and this is why many people decide that hiring the services of a property management service provider makes sense. If you’re looking for a dependable property management service provider in Dorset, please get in touch with Austin Property Services.