Many landlords start out, and in fact, have had success managing their own property independently, especially if they already have a reliable network of people for repairs.
However, property management involves more than just handling repairs. It's a multifaceted role that includes tenant vetting, rent collection, legal compliance, and much more. While an independent approach may have worked well so far, you might find value in considering a managed service for the following reasons:
Time-Saving: Managing a property can be time-consuming. A letting agent can handle the day-to-day tasks, freeing you up to focus on other investments or personal matters.
Legal Compliance: Laws and regulations are constantly changing. A letting agent stays up-to-date on all legal requirements, from HMO licenses to safety regulations, to updating the How to Rent Guide, ensuring you're always in compliance.
Financial Management: From invoicing to chasing late payments and providing year-end financial statements, a letting agent can manage all financial aspects of your property.
Tenant Relations: A letting agent can serve as a neutral third party in disputes, often resolving issues more efficiently.
Peace of Mind: Knowing that a professional is managing your property 24/7 can offer a level of comfort and security that's hard to achieve when you're doing it all yourself.
Expertise: Letting agents have the tools and systems in place to manage properties efficiently, including specialised software for tracking maintenance issues, payments, and legal documents.
While you've got a good system in place, a letting agent like Property Genius can offer you the peace of mind that comes from knowing every aspect of your property is being managed professionally. We'd be happy to discuss our services in more detail if you're interested.