Have you found yourself wondering whether you should be managing your own rental property? If so; ask yourself the following questions. Are you exceptionally well-versed in the responsibilities involved? Do you have an outstanding and in-depth knowledge of the property industry? Are you 100% up to date on all legislation? Do you have plenty of capital behind you? Do you have a lot of time on your hands? Are you prepared to spend that time on managing? Can you handle dealing with problematic tenants? Are you prepared to go to court where necessary? Are you in close proximity to your property? If you answered ‘yes’ to all the above, then managing your own rental property could be a feasible option. If you found there were a lot of ‘no’s; you probably shouldn’t be.
Managing your own rental property: Taking the DIY route
There’s nothing wrong, of course, with wanting to have full control over your rental property. You might want to remain closer to the daily activities and stay in touch with your tenants personally. There are certain advantages to this. There are also disadvantages (being constantly bothered by your tenants for the slightest thing, for example). Perhaps you have had bad experiences with agents and just feel you could do a better job. You’d probably be right in some cases, as there are plenty of terrible ones.
It all depends on how serious you are about making money. You’ll often find that managing your own property will cost you more than the rent you receive. Void periods are the primary reason for this. But don’t forget, time is money. Wouldn’t you rather spend your time on doing something more useful, whilst a team of experts did it for you?
Keep in mind also that legislation is becoming increasingly weighted in favour of the tenants. So, expect an increase in crackdowns, hefty fines, and drawn-out eviction processes.
Paying a higher fee for a quality agent will save you time and money in the long run. It will also save you a great deal of stress.
“Managing your own rental property is a bit like servicing your own boiler, except riskier and more complicated” ~ Simon Shinerock
Choosing Choices as your managing agent
Choices Estate agents are one of the most well-established and trusted agents in the Uk. We also operate a Nationwide service, which means that wherever you are; you can benefit from our first-class property management.
Unlike the other top-end agents though, there is one big difference with us. We offer all our landlords the option of taking their guaranteed full-market rent, paid a year upfront, in one lump sum. We collect the money back monthly from the tenant. The Advanced Rent Option is unique to the market and comes at no extra cost. Calculate what you could get here.
Our landlord rent guarantee
Is managing your own rental property starting to sound less attractive? Do you like the sound of a year’s rent upfront? You might be interested to know that we also offer a rent guarantee that guarantees to pay the rent even when your tenant doesn’t. It also covers up to £5000 of legal costs. We go to court on your behalf – and you don’t have to have any contact with your tenant. And all without the need to take out insurance.
Here to help you make the right choices
We pride ourselves on providing benefits to both landlords and tenants that goes above and beyond the conventional approach. Having been in business since the 80’s; we know that managing your own rental property is rarely the right decision. Let us take care of your properties and save you from future disaster. You’ll be glad you did.