Should you self-manage your Market Harborough property?
There is a difference between an investor and a landlord. Some but-to-let investors have no interest in finding tenants, dealing with maintenance and coping with tricky tenants. These investors are simply not cut out for the role as landlord and, as such, are happy to pass this work to a letting agency.
A landlord needs to be on constant call for the tenants and this means weekends and evenings can soon be filled up sorting problems like a tenant’s boiler. This is the reason that so many are favouring paying a premium to have these tasks taken off their hands. A 2016 survey found that 61 per cent of landlords use a letting agent to manage their properties.
Is self-managing a property wise?
The idea of being a self-managing landlord can be daunting but it’s far from impossible. For those who are cost-conscious and have time on their hands, acting as the landlord can be advisable. Overseeing everything and being in charge of the property you own can be highly rewarding.
The biggest challenge comes for those who use their role as landlord alongside a full-time job. Finding the time in between the full-time job, family responsibilities and socialising is difficult and isn’t to be underestimated. Think about how much spare time you have available, how much maintenance you feel will be required (is it a new property?) and the distance you live from the property.
What does a letting agency do?
- Advertise and market the property
- Find and vet tenants
- Provide tenancy agreements and contracts
- Inventory checks
- Rent collection and arrears
- Manage and arrange any repairs
- Property inspections
- Ensure compliance with new legislation
No right or wrong
Most landlords appreciate that the small cost that comes with using an estate agent to manage the property is well worth the stress and time-saved. But the right answer varies from person to person.
A good letting agency will provide value and less hassle but if as an investor, you are looking to get your hands dirty and want a side-hobby, becoming an independent landlord is sure to keep you busy.
The biggest question you can ask yourself is: have you got time? If the answer to that is yes, try managing the property yourself for a few months and see if it’s something you’d like to continue. If the answer is no, it won’t be long before your tenants become frustrated that their problems are getting ignored so support in managing the property is advised.
Property management in Market Harborough
To help cut out the legwork when renting out your Market Harborough home, you can use a letting agent. With an unmatched knowledge of Harborough, many landlords use Naylors’ management service. This service includes the collection of rents, the arrangement of repairs, property inspections, assistance with tax returns, and management of utility companies.
As we said, we take out all of the legwork. For all of this, we charge 12% of the monthly rental price (inclusive of VAT). For more information about our tenant introduction and management service in Market Harborough, call us today on 01858 450 020.