WHY should you fork out cash to let someone else manage your property?
Surely it can’t be so difficult. After all, don’t you just stick a tenant in, collect the rent and help out with the odd bit of maintenance?
This has never been the case. Certainly not 20 years ago and definitely not now.
There’s a reason we manage more than 300 properties (and it isn’t just our exceptional service).
But I can do it myself and save the cash.
Managing your own rental property isn't something that you can dip into whenever you have a spare minute; it quite literally is a full time job. After you have finished investing your time, effort and hard earned cash into inspections, paperwork and everything else involved in letting your own property, you are looking at making about £1.50 a day.
Our management fee is just 10% of the monthly rental figure which, at a rent of £450 PCM, equates to £45 per month or £1.50 a day.
And while you make barely enough cash to buy yourself a Costa coffee, you will be contending with the sleepless nights too.
It's only rent collection, I could do that
Put yourself in the worst case situation - your tenant stops paying rent, and stops answering your calls. What will you do? Do you know which notice to serve, where you can get a copy, the dates you can serve this from and how long this takes to run?
So your notice has expired and it's ready to go to court. Do you know what paperwork to compile, and the fees involved? Are you prepared to sit in front of the Judge and your tenant in a court room and fight your side alone? Even after the possession is awarded and you've arranged for the bailiffs to attend, are you prepared to throw someone out?
Once your tenant leaves, how will you chase your lost cash? Do you know how to find your tenant's new address and the legal rights you have in regards to chasing the money they owe to you? If they don't reply - which is very likely - do you know where to go from there, and who to enlist for help?
We do. From the day the tenant stops paying to the day we find their new address, we are 100% aware of the process of chasing lost rent and the quickest - and cheapest - routes of doing so.
Surely there's not much else to do though?
Because property management isn’t just time consuming, it can also be dangerous. You wouldn’t pilot a plane without any training or experience; so why would you take on everything being a landlord encompasses without knowing the ins and outs?
There’s health and safety inspections; having the correct insurance; having EPCs and gas safety tests in place, checking for Legionella, making sure your tenancy agreement is up to date.
Did you know if a tenant dies at your property and you haven’t had the proper property tests carried out on time, or it is deemed you are liable, you could be charged and imprisoned for manslaughter?
Suddenly that ten per cent per month we charge doesn’t sound so bad.
I still think I can handle it.
Do you know what GDPR is? Are you aware of the de-regulation act that came into force in 2015? Are you aware of the right to rent checks you are legally obliged to carry out on any new applicants and tenants, or the Government paperwork you must issue to new tenants when they move in? Are you aware that if you don't register your tenant's deposit in time, you can face paying up to 3x the deposit plus the deposit itself plus interest PLUS court costs back to the tenant within 14 days of the compensation being granted by the courts?
The legal implications in renting a property are astronomical, and constantly changing. We receive weekly updates from our legal team in regards to changes coming into place from the smallest things to those that could affect your tenancy greatly. Are you 100% confident you can keep up with them all, and what you need to do when they come in?
I know I can find my own tenant a lot quicker
Advertising your home is a lot harder than you imagine. Rightmove is the biggest online property portal with over 130 million visits every month, leading to over 4 million enquiries to agents. 77% of the time spent on the top 4 property websites is on Rightmove and so it's safe to say it's the best option for a quick turn-around in renting your home. But as a private landlord, you can't advertise on there; you must be an estate agent, lettings agent, or a new homes developer and you have to meet certain criteria (not to mention the cost in being a Rightmove member).
So where are you going to advertise - your local paper? How many young people and families do you know that would realistically pick up the local paper to look for a new home, when they can do this on their phone in a fraction of the time for 100% less cost.
Say your home achieves a rental figure of £500 PCM and your home is empty for just one extra month by advertising yourself, and not having that all important online presence. For the £50 management you would be saving, is it really worth losing so much rent over?
I'm moving friends/family in, I don't need a third party
We have heard some real horror stories from landlords who have rented property themselves and shockingly, the worst ones have come from those renting to friends and family.
Unfortunately in most cases, there has been a very relaxed set up between the owner and the tenant that has turned sour as there is a very thin line between them being your friend/relative and them being your tenant. We have experienced major rent delays and arrears, damage within the home and in some cases, even theft from the house. Say your friend or relative loses their job and cannot pay the rent, and they ask you for more time to pay but your mortgage is due that next week - can you tell them no? Do you feel comfortable in evicting someone you know so closely?
That's where we step in. With no personal ties to the tenant, we can handle any issues that may arise between you both without you having to get involved or look like the bad cop.
By letting us handle all of the above, all you have to do is enjoy the extra monthly income. Gone is the worry and hassle of paperwork, problems and potential mistakes.
Let us take the wheel. All you have to do is give us permission (and a small cut) to drive the car.
Call us now on 0845 838 2890.