The number of UK households renting from private landlords is at a 30-year high. If you are one of those landlords, you’ll know that it’s a challenging job with a considerable level of responsibility. We asked property expert Lucie White to explain why using a property manager is sometimes better than struggling on alone.
For some, being a landlord is a chosen path; a career entered into with eyes wide open and the appropriate amount of energy and enthusiasm. For others, it’s a role they have fallen into almost by accident – perhaps as the result of holding onto a previous residence or as part of retirement planning. Often it is something that is undertaken alongside the ‘day job’, or juggled with raising a family and looking after a main home.
What many accidental landlords don’t realise is that managing a rental property is similar to running a small business, with all the practical and legal responsibilities that entails. From the moment a property is advertised for rent until the day the keys are given to a tenant, there are 145 pieces of UK legislation that apply – this is not a process to enter into without proper thought!
Employing a property manager can be a great way to ensure that your responsibilities as a landlord are carried out and your investment is properly cared for. Here are some key reasons why handing over the reins might be a good move:
- You live too far away from the property to get there quickly if you’re needed.
- Your job, family or other commitments take up much of your time.
- You’re not confident or experienced in managing a property or tenants.
- You have more properties than you can handle.
Contrary to popular belief, property management needn’t be expensive; most of our clients pay no more than they would for their daily cappuccino. For that, their investment is looked after by someone who has the right knowledge and experience, who can devote the necessary time and attention and who can send someone to fix a leaky tap at the drop of a hat. If you’d like to find out how our property management services could work for you, get in touch for a free, no-obligation chat.
Lucie White is the owner and founder of Lucie White & Company, offering property services and advice to private landlords across South West London and Surrey. Visit firstname.lastname@example.org or call 020 8549 8064.