Landlords: 5 Reasons a Full Management Service Is For You
As a landlord you’ll be aware that there are lots of things to consider when renting out a property, especially with so much legislation affecting lettings. As a landlord it is your responsibility to ensure your tenants are well cared for and safe. When you are a self managing landlord, it can be hard to tell if you are falling short of your obligations or breaching what is required of you by law. Let us talk you through the five reasons that a full management service is for you.
Honest Professional Opinions
What sort of rental yield should your property be achieving? Does that magenta feature wall look good in the hallway? Do tenants find this style of furniture appealing? Should I think about upgrading my bathroom, and how would this affect my rental yield? Questions, lots of them. For a lot of landlords, their rental home was once their family home. This can sometimes mean that your true first impressions of your property are blurred. Or, if it is an investment property, it can be hard to tell which upgrades would be the most attractive.
When an agent steps into your property, they will automatically be able to tell you areas which could be improved and how this could maximise your rental yield. They will also be able to tell you what you should be expecting to achieve in rent, based on comparisons in the local area.
Every landlord wants good quality long term tenants. With an agent who has an honest, knowledgeable & professional opinion, you are a lot closer to achieving that. This can save you a lot of time & money in the long run.
Hands Off & Stress Free Process
Self management- it might sound easy, but when something needs fixing or the tenant has locked themselves out, typically it will happen when you cannot deal with it. You might even be on holiday and don’t see their message at all- yikes!
As a landlord, you have a duty to keep the property in working order with repairs being addressed in a timely manner. Even if a tenant request seems to be being unreasonable or unnecessary, it should be replied to in a professional and non-emotional way. This is where professional property management becomes critical and can completely cut you out of the process. Think of it as your own team of people who will negotiate requests, hold a key (and be able to utilise this where necessary) & manage situations professionally. It could be as easy as 1,2,3.
Happy tenants are much more likely to result in longer tenancies. It is a fact that tenants are attracted to properties that are managed by a professional company & tend to stay longer because of this. You can be sure that no matter what the nature of the enquiry, there will always be a polite & efficient response for your tenants.
Should a serious issue arise, experienced property professionals have likely dealt with this 10 times over, so they know the process. As a result of this, tenants' worries can often be put to rest as they have a reassuring point of contact to guide them through, no matter how big or small the issue is.
Complying with Regulation & Safety Checks
Compliance & regulation is taking over the private rental sector. With every new year we see more and more regulation coming in to play. It is essential for landlords to have an agent that knows their regulation inside out to ensure you are covered. When we speak to new landlords one thing is apparent- compliance is overwhelming. This is where it is crucial that you instruct an agent that can guide you through these changes stress-free.
For example, just some of the safety requirements are:
A gas safety certificate- This must be obtained for your rental property every 12 months to show that the gas appliances are safe to use. Councils can request this be produced within seven days of demand, so make sure you have a record of all historic checks, and a valid certificate at all times.
Fire alarms- These should be installed on every level, and carbon monoxide detectors must be installed in any room with a fuel burning appliance i.e. gas. Test these at the start of every tenancy, and on every inspection to ensure they stay in working order.
HMO- If you have a House in Multiple Occupation you may need to install mains-wired smoke alarms, heat sensors and a CO alarm in any room with a gas burning appliance i.e. a boiler or gas fire. Electrics should be checked by conducting two types of tests. The first, a Portable Appliance (PAT) test, is to check that anything with a plug is safe to use. This is best done at the start of every tenancy. The second is an Electrical Installation Condition Report (EICR) by a NICEIC qualified electrician and this is valid for 5 years. New regulation has just come into fruition where it is mandatory for all private rental sector landlords to have these checks done.
Energy Performance Certificate (EPC)- This must be valid. This needs to be maintained too, and these last for up to ten years. The rating needs to be a minimum of band E – if your property does not reach this minimum rating then you may need to make upgrades, or see if you can get a registered exemption.
The above are just some of the checks and compliance that you must follow as a landlord to ensure you are fully covered. We can all agree that without professional help in this area, it is hard to navigate through the ever changing regulation of the private rental sector. Compliance is key and at the forefront of changes to the sector, so you will need an agent that is hot on this. At baseps, all of our managed landlords are well taken care of & advised accordingly through every step. We take on the pressure of deadlines, stress & ensuring your property is fully indemnified so that you don’t have to.
It’s a myth that tenants only look for a new property just before their move date. Many look online before giving notice on their current rental, so getting your property on the market at the right time is important. Students, especially international students, often plan even further ahead, so you don’t want to delay when it comes to remarketing and organising the best time to hit the market. Voids are costly and one of the issues that self managing landlords face going alone.
An agent will be able to advise you of the best time to go to market, at the right price with the right marketing materials. On the flip side, marketing too early could also be costly, so having an agent that knows the ‘sweet spot’ is crucial. As we have seen through the COVID-19 pandemic, tech is now at the forefront of allowing business to continue as usual even without human contact. At baseps, we have professional shots, floor plan & walk through virtual tours of all of our properties. This has been something we have been passionate about for many years, however, it truly showed its worth to us and our landlords throughout recent times.
If you are a landlord looking for full management services, please feel free to contact us and speak to one of our friendly team members here.