There are many things to consider when choosing to buy your new investment property. We believe there are many benefits of using a managing agent for all property related queries not just ‘collecting the rent’, weather you are just starting out as a landlord or you are adding to an already established portfolio. Along with many other aspects deciding on who will ‘look after’ your investment including managing your time and making sure the venture runs like a business, can be a difficult decision to make.
If you decide against using a managing agent and oversee the property yourself you should be aware that your tenants may call you at any stage and may need you to take urgent action. If a tenant contacts you on a Friday evening because their hot water isn’t working, you will have to respond immediately to find someone who can investigate the problem within a reasonable time. When deciding what a “reasonable” time frame is, you should consider the effect that loss of this amenity is likely to have on the tenant.
If you work full time or spend a lot of time travelling, it may be more useful for you to hire an agent to look after the management of the property. Research your options carefully when choosing an agent and remember that, even if you have appointed an agent, by law you must still provide your tenants with your name, address and telephone number. By choosing an agent who is a member of The Property Ombudsman scheme, you can be assured that the agent promises to adhere to a code of guidance and have a form of redress if you, or your tenant, is unhappy with the service provided. Here at Clearhaven we are able to offer a wide range of services from purely marketing a property to let, to running a full management service, the choice is entirely yours !
So… What are some of the benefits ?
Higher quality tenants –
All tenants who go through us here at Clearhaven are subject to our referencing scheme, a thorough screening process results in reliable tenants that:
- Pay on time
- Rent longer
- Put less wear and tear on the unit
- Generally cause less problems
Fewer costly and time consuming legal problems –
Experienced landlords know it only takes one troublesome tenant to cause significant legal and financial headaches. A good managing agent is armed with the knowledge of the latest landlord-tenant laws and will ensure that you are not leaving yourself vulnerable to a potential law suit. Each state and municipality have their own laws, these plus federal law cover a number of areas including but not limited to:
- Tenant screening
- Safety and property conditions of the property
- Lease addendums
- Terminating leases
- Handling security deposits
- Rent collection
Better tenant retention –
While its easy to see the effects of lost rent, there are other equally serious problems with a high tenant turnover rate. The turnover process involves a thorough cleaning, changing the locks, painting the walls and possibly new carpet or small repairs, not to mention all the effort associated with marketing, showing , screening and settling in a new tenant. This is a time-consuming and expensive process that can often be averted by keeping tenants happy and well cared for.
A good property managing agent will have a time-tested tenant retention policy that ensures happy tenants with lengthy stays in your properties. These kinds of programs require a consistent, systematic approach, which is where a good property management company will shine.
If you would like to discuss any aspect of our services or need any guidance when it comes to buying a property for the rental market, please do not hesitate to contact one of the team 01206 323164