I have created this property management checklist to document the tasks you will already be doing if you are managing your buy to let properties effectively:-
- Visiting your property, taking particulars.
- Setting up a system to store your documentation securely, preferably online so that it can be accessed at any time wherever you are
- Advertising your property on the major property portals, Rightmove, Zoopla etc.
- Organising block viewings
- Referencing tenants and guarantors
- Getting an inventory and schedule of condition prepared by an AIIC or APIP qualified inventory professional
- Using the correct Tenancy and Guarantor Agreements
- Taking meter readings on check in and check out and informing utility companies of tenancy change over
- Protecting deposits and serving prescribed information and tenancy deposit certificates within 30 days of the commencement of each new tenancy
- Arranging annual Gas Safety Certificates
- Checking rental payments are received on the due date and taking appropriate action if they are not
- Issuing the correct notices at the correct time and in the correct way as necessary
- Responding to and dealing with maintenance issues quickly
- Performing periodic inspections of your properties
- Organising Rent Guarantee insurance
- Check Out at the end of the tenancy
- Timely return of tenants deposit
- Negotiating with tenants and dealing with ADR (Alternative Dispute Resolution) or Court cases if necessary
Some of this costs money, all of this takes time.
Just suppose that ALL of the above could be outsourced?
LettingSupermarket.com charge just 5% for full management (6% for properties inside the M25)
Letting costs are £100 per tenant (£150 inside the M25). There are no fees payable by tenants and there is no additional charge at all for tenancy renewal.
For an additional £10 a month plus VAT per tenant (guarantors are not charged) rent guarantee and legal protection insurance is also included. With this additional protection, if your tenant falls into arrears the insurance will pay your rent until the tenant is evicted. The insurance will also cover all costs associated with eviction.
Is it really worth the hassle of letting and managing a property yourself for that price?
I found out about this service late 2012 and wrote an article about it here at Property118. LettingSupermarket.com is ARLA bonded for client money protection and also has professional indemnity insurance. You will not find them on the High Street but they do have agents in virtually every major town and city in the UK.
I immediately started to refer landlords to the company and the feedback I’ve had has been exceptional. By May of 2013 my business partners realised that the company offering this service was about to take off so a deal was done to acquire 26% of the shares.
There were several doubting Thomas’s but the business has been a fantastic success and 100’s of Property118 members have told us that they are delighted with the services provided.
If you are already doing everything in the above list and you enjoy doing it then by all means stick to that. However, if your time is worth more to you and you would prefer to ousource everything to a agent who you would have recourse to in the event of a mistake then you really ought to get in touch with LettingSupermarket.com.
One final point, if an agent who handles clients money has no Client Money Protection stay well clear. Always ask to see a copy of their Professional Indemnity Insurance and Client Money Protection policy documentation.