Landlords who live remotely from a property they let out may have little choice but to retain the services of a property management company to look after their asset. However, for landlords living close to their rental properties the decision is less cut and dried. Time-poor landlords may opt to pay for a full property management service to avoid the hassle of having to deal with any problems and maintenance issues during the tenancy when they inevitably occur.
Significant reasons to consider full property management
Apart from ‘hassle avoidance’, there are a number of significant reasons why landlords should consider a full property management service rather going it alone or opting for a ‘let only’ or ‘rent collection’ service.
Since the buy-to-let boom took off in the early 1990s, changes to regulations in the lettings industry have been rife. For example, landlords now need to check the immigration status of new tenants, they must obtain an Energy Performance Certificate for each property they rent out, they are legally required to obtain a Gas Safety Certificate, and in some areas they may require a licence to rent out their property. Keeping on top of all the constantly changing regulations can be daunting to say the least.
Landlords dealing with the letting and management of a property themselves take on the full responsibility of compliance. Landlords that appoint a professional property management company and opt for full property management will be guided through the process to ensure all bases are covered and they’re letting their properties legally.
Choosing an agent to manage your property
When choosing a property management company, make sure they have a good local reputation. This means their staff will be properly trained and kept up to date with the latest legislation, as well as being properly insured and able to act on your behalf in the case of a dispute. Naturally, at Peter Clarke | Winkworth, we are.
Tenants prefer properties managed by an agent
‘Hassle avoidance’ and compliance aren’t the only reasons astute landlords are increasingly favouring full property management over ‘let only’ services. As Michael Scott points out,
“Rents in Warwickshire have risen dramatically in recent years and today’s tenants are forced to pay a sizeable proportion of their salaries on rent and expect a certain level of service as a result. If there’s a leak in their rental property, they don’t want to have to wait two weeks for their landlord to come back from holiday before it gets fixed. They expect problems to be dealt with quickly and efficiently.”
At Peter Clarke | Winkworth, we’re increasingly finding that when deciding between two similar properties, prospective tenants always opt for the property that is fully managed, safe in the knowledge that any problems will be sorted out straight away. One of the perks of being a tenant is not having to deal with property maintenance issues, and a full property management service definitely gives a landlord the edge when it comes to attracting and retaining tenants and minimising void periods between tenancies.
Maintenance issues resolved
Some agents have a reputation for over-charging for repairs, but landlords will be pleasantly surprised to hear that Peter Clarke | Winkworth can often resolve maintenance issues cheaper than the landlord could themselves. “Firstly we find out what the problem is and whether a contractor visit is needed, and then we obtain extremely competitive quotes via our network of preferred contractors in the area,” says Michael. “Our competitive pricing is one of the reasons why landlords using our property management service choose to renew each year.”
Contact us
Please contact us to find out more about Peter Clarke | Winkworth’s thorough and transparent property management service.
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