Managing your own Buy to Let Properties

Managing your own Buy to Let Properties

10:27 AM, 21st March 2015, About 8 years ago 1

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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. Managing your own Buy to Let Properties 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. 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.

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Carol Thomas

13:51 PM, 7th May 2015, About 8 years ago

As a few of you may be aware, I moved my properties to Lettingsupermarket nearly a year ago. I did all of the above ie, self-managing, agency did tenant find, dealing with tenants' problems etc. I did an inventory on a sheet of paper, used a computer program to work out finances and phoned all utilites upon arrival/departure. The only thing I outsourced was my accountant, but even there I worked out all the figures and sent them to him to submit to the tax man. I was organised but it was getting altogether too much, especially deposit protection paperwork.
I decided, after much thought, to try Lettingsupermarket and I have never looked back. They have managed my properties in an extremely efficient manner and have also taught me not to be quite so involved (I was a bit of a micro-manager). I have just received their annual statement and my sole involvement is to send it to my accountant.
I can't speak highly enough of Lettingsupermarket and if any of my fellow landlords wish to contact me, I will be happy to talk about my experience and how it could help them. Please feel free to ring me on 07974 931314.

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