Many landlords tend to take on every aspect of their property management – whether they own just one property or have a portfolio of many. The problem with this is often that you can burn out through doing too much – especially those who have other business interests or who work full time as well as letting out property. The stress and strain of this can cause mistakes to be made and corners to be cut – which can all make for very difficult circumstances further down the line.
You might have considered property management before – but do you really know what it entails and how it could work for you? Learn how property management services are essential for all landlords here with our quick guide.
What does property management involve?
Property management is a broad term used to describe the running and control of one or more properties either for your own portfolio, or on behalf of someone else. Many landlords find themselves without the time or the resources to do everything themselves – or at least to do things properly and in line with the law. When you choose to work with a property management company, you aren’t just purchasing a service – you are also buying into that person’s extensive knowledge and expertise. This is one of the main reasons that property management really is worth investing in – especially when you have multiple properties – as the cost of something going wrong due to negligence or improper practice can be astronomical.
Is there such a thing as partial property management?
Yes. The beauty of the services lettings agents offer is that you can invest in as much or as little help as you require – as and when you need it. For instance, you might like to have your rent collected and deposited in your account for you each week or month, but as you are a qualified handyman you prefer to take on the physical maintenance of the property yourself. You can pick and choose from a variety of single services or packages – tailoring them to you. As you circumstances change, so can your support – for instance, you may go from five properties to fifteen meaning you need to hand over more responsibility to your lettings agent. Conversely, you may find you decide to wind down your activity on the property market and therefore you can take away some of the services you once needed accordingly.
What’s the cost?
The cost of property management, depending on how much you ask the lettings agent to carry out on your behalf, is often absorbed by the profit you gain but also by time. Your time is money – so take a minute to think about what your hourly rate is on average. Then multiply that by the hours you spend sorting out tenancy issues, fixing maintenance problems and filling out forms. When you actually sit down and calculate the cost of your time alone, you can clearly see how money spent on a lettings agent is well-invested.
Want to learn more about how property management can offer you more time and less hassle for a very small fee? Take a look at our services here: https://www.thepropertyman.co.uk/.