Should you self-manage your rental properties?

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Written by Carly Fallon

Carly is a qualified solicitor with experience in regional and national law firms. She has a background in commercial property work and heads up LandlordSolicitors.com business development team.

April 16, 2021

Finally! You’ve painted your accent walls and rolled out the grey carpet in your rental property. So, what’s next? No doubt you’ll be keen to fill your Netflix-ready rooms with tenants.

But hold on a second…the thought of changing leaky taps or dealing with late-night calls from tenants fills you with dread! Home renovations and managing trades is one thing but handling tenants is a push too far. Sound familiar? It may be time to connect with a lettings agent to take care of that for you.

On the other hand, tenant check-ins and quarterly inspections may have you jangling your house keys with delight. Besides, why should you part with a sizeable chunk of your hard-earned rental income, when you can manage yourself?

So, to manage or not to manage? Well, this all boils down to personal preference. (See how we sat on the fence there?)

As landlords ourselves, we have experience of both. We have managed properties in our local area and we have paid agents for those properties further afield.

There’s also a third option, of having a tenant find only service. This is pretty self-explanatory but it’s where you pay a fee for an agent advertise and prepare the tenancy for you. Assured Shorthold Tenancy (AST) paperwork is signed, inventories conducted, and tenant referencing is also done.

You take over from this point and get to keep 100% of the rental income (minus expenses, of course) This is a happy middle ground for many.

Where you are paying for someone to manage your property, especially at a distance, we have some handy tips:

  • Be sure to insist on quarterly or six-monthly inspections. Don’t assume that the agent will visit the property. Diarise and follow up on agreed inspections.
  • Ask for photographs of the visit to ensure that you are happy with the property condition.
  • Photographs or a video walk-round will enable you to spot any damage, maintenance issues or even additional people living at the property.

Whatever option you choose, be sure to do your research, as not all agents are created equally. Ask for personal recommendations and do some background research.

Whether you self-manage or work with an agent, landlord and tenant disputes often arise. This is where we step in. Landlord Solicitors are here to advise on significant rent delays, breaches with tenancy agreements, and debt recovery. We have a solution for you. Give us a call today for your free consultation.

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