Managing your own Buy to Let PropertiesMake Text Bigger
What can self-managing buy to let landlords do to improve efficiency and protect themselves …. and under what circumstances should they seriously consider outsourcing the letting and management of their properties?
I’m not a particularly well organised person when it comes to paperwork etc. probably because I don’t enjoy it. For that reason I choose to outsource the management of my properties and only get involved very occasionally when the personal touch is required. However, some people are more precious about retaining control and are very organised, I get that. What I don’t understand is people who make life hard for themselves by penny pinching and then moan when it all goes wrong.
The vast majority of problems we hear about from Property118 members (especially self managing landlords) are easily avoidable. For example, professional referencing, buying rent guarantee insurance and having a good quality inventory and check in/out procedure would solve around 70% of the most common issues in my humble opinion. You can probably add another 10% to that figure if you deal with informing utility companies for your tenants at changeover. Then of course there is deposit protection legislation …. if you don’t understand that then you have three choices 1) hope you get it right and face the consequences if you don’t, 2) don’t take deposits, 3) employ the services of a professional letting agent.
It never ceases to amaze me how many people think they can buy a tenancy agreement from WH Smith, do an inventory on the back of a fag packet and fall for everything prospective tenants tell them without doing any further checks …. then complain bitterly when things go horribly wrong.
It’s not expensive to do things right. LettingSupermarket.com charge 4% of rent to do everything, however, if you really prefer to have full control then OnboardPro makes life much easier to deal with the administration of tenancy agreements, inventories, referencing and utilities changeovers.
For details of a special offer for Property118 readers and an online video demo of OnBoard Pro software in action please complete the short form below.
Managing your own Buy to Let Properties – Self management or using an agent. What’s right for you? http://t.co/U1voTrrz4o
— Mark Alexander (@iAmALandlord) March 21, 2015
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