Some landlords choose to manage their properties themselves because they see it as the cheaper option, and a way to get a better ROI from their property. Unfortunately, the reality can be quite different, and many landlords find paying expert lettings agents to manage their properties saves a lot of stress, and can even be cheaper in the long run.
Here’s why you should choose the fully-managed option:
Fees are tax-deductible.
Whatever taxable income you make, you can subtract the cost of the fees to your letting agent for managing your property. This means that many landlords are actually better off choosing the fully-managed option than they think they are.
It’s always the plumbing!
Plumbing, water, heating and appliances make up a significant proportion of the problems tenants report. As you probably know, good plumbers who don’t cost the earth are like gold dust and, unless you’re one yourself, there’s no guarantee you’ll be able to find one before the flat’s flooded. Lettings agents are in a much stronger position with tradesmen, often commanding discounts through the number and frequency of jobs – discounts we can pass on to landlords.
Managing properties correctly.
If you manage your own property, you’ll probably only hear from your tenants once in a blue moon, and it will probably throw you into a panic. You invested in property because it’s a straightforward way of increasing your income, but you probably didn’t sign up to stress and unhappy tenants. Could you get someone to mend a washing machine just as you’re going into a meeting? Could you relax and enjoy your weekend, knowing your investment had a leaky roof?
Fiona Davidson, Senior Lettings Manager from Henry Wiltshire’s Nine Elms office says, “Typically, a good quality agent will inspect the property twice in a 12 month tenancy. Henry Wiltshire, for example, ensures that the property is inspected at least twice and we offer ad-hoc inspections at the landlord’s request.”
A lettings agent is quite used to dealing with tenants reporting problems and we can deal with all of them calmly, promptly and professionally – surely the better option for landlords and tenants alike.
You want to keep your tenants.
Nothing throws your business plan off like your investment property standing empty, and, in general, the best tenants are the ones who stay put. If you didn’t fix the shower for ages and they were sharing bath-water for a month (nice), they’ll be moving on when the contract’s up. However, if the lettings agent got the shower fixed within a few days, the tenants won’t even remember there was a problem.
Fiona Davidson says, “When looking for a letting and management service it is important to research the agent and ensure that they have extensive industry experience and positive reviews. Here at Henry Wiltshire our let and management team have between them over 50 years experience in addition to 5 star ratings on many estates agent review websites.”
Choosing the fully-managed option with Henry Wiltshire is great for both you and your tenants – it’ll save you a lot of stress and will probably be the most cost effective solution. Whether you’re letting a property in Nine Elms, Kensington or Canary Wharf, it deserves a reliable team behind it to keep everything running smoothly.
Visit our Property Management Service page to find out more.