Like many landlords, you may prefer to manage your own rental property to save money and have a more hands-on approach. This means you find the tenants, collect the rent, deal with maintenance and keep control of everything.
However, as the demands from your property or portfolio grows, that control can quickly become a second job, and that’s when you may need immediate help from a reputable property management company. One that can eliminate the added stress, risk, and work from your life.
Click here, call 0113 230 55 52, or email info@redbrickproperties.co.uk to get in touch with our award-winning team at Redbrick Properties, where we provide property management services to ensure our clients get the help they need.
You Are Spending Too Much Time Managing Property
Arguably, the first reason to consider professional property management is the amount of time you spend managing your rental property.
Finding tenants, arranging viewings, dealing with tenant communication, organising property inspections, collecting rent and responding to maintenance requests all take time. Time you may not even have if you have a full-time job, making your role as a landlord more like a second job than a great source of passive income.
Maintenance and Repair Issues Are Becoming a Headache
Maintenance and repairs are all part of property management. The problem is that it can sometimes take over your entire life, eliminating any free time you have.
As a self-managing landlord, you are expected to:
- Deal with maintenance requests
- Arrange for repairs and maintenance coordination
- Find suitably qualified contractors
- Pay the contractors
- Communicate with tenants throughout
What’s worse is that this can be a massive issue if you have a full-time job already, and have to navigate a 40-hour work week along with your rental property. A property management company can handle absolutely everything on your behalf and coordinate it with your tenants, which is so much more convenient for landlords.
You Are Struggling With Tenant Communication
Good tenant relations are essential to successfully managing a rental property. In most cases, tenant communication can become difficult when you are trying to balance managing your property with work, family and other personal circumstances.
It’s not your fault or theirs, but the circumstances dictate that tenants need clear answers when they have questions about their tenancy agreements, rent payments or maintenance issues. If communication becomes inconsistent, it can lead to a breakdown in trust, making the tenancy untenable.
This is why professional management of your property can provide a reliable point of contact, ensuring you do not lose a valued tenant.
Rent Collection Is Becoming Stressful
Unfortunately, in many cases, rent collection ends up causing stress. Missed or late rent payments can quickly create cash flow problems. Having to constantly chase tenants for payment, check standing orders or deal with arrears can be frustrating and time-consuming.
A property manager can oversee rent collection, monitor payments and communicate with tenants when payments are late. This can help protect your rental income while reducing the amount of time you spend dealing with rent.
You Are Unsure About Legal Compliance
A major risk for landlords trying to self-manage, especially if you haven’t done it before, is keeping in line with the legal requirements.
These include, but aren’t limited to:
- Tenancy agreements
- Safety checks
- Correct certificates
- Property maintenance
- Tenant rights
One of the biggest challenges when it comes to legal compliance is the ever changing nature of rental property laws, such as the Renters’ Rights Act, meaning landlords need to keep up with new requirements.
A professional property management company can help landlords understand their responsibilities and manage properties in line with current requirements, avoiding legal disputes.
You Are Struggling to Find the Right Tenants
The moment you start to struggle to find tenants, or the tenants you are finding turn out to be unreliable, it’s time to consider property management services.
Finding the right tenants is all about a good tenant screening process. A process that a trusted property management company would have in place.
In addition, the company can access a larger pool of tenants to choose from, which is likely to be bigger than a property under the control of a landlord who opted for self management.
Your Portfolio Is Getting Bigger
The more properties you add to your portfolio, the more it requires from you.
With each added property, you increase the number of:
- Tenants
- Maintenance requests
- Rent payments
- Inspections
- Legal responsibilities
Professional management can provide the systems and resources needed to manage a larger portfolio effectively. More importantly, by managing your rental properties, it’ll ensure that your rental property income remains passive.
You Are Dealing With Legal Disputes
One of the biggest signs that pushes landlords to stop managing their own rental property is when the number of disagreements with tenants increase and repeated disputes become a common occurrence.
Whether the issue involves rent, repairs, tenancy agreements or property maintenance, handling legal disputes without professional support can be stressful and potentially costly.
A professional managing agent can communicate with tenants, maintain appropriate records and help ensure the correct procedures are followed.
Is Professional Property Management Right for You?
We want to stress that self-managing is not necessarily wrong. There are many success stories where landlords successfully manage their own properties, particularly when they have the time, experience and knowledge required.
However, the moment that it all gets a little too much, less passive, or tough to maintain legal compliance, it is vital that as a landlord you seek professional help immediately.
A property management company can:
- Deal with finding tenants
- Tenant screening
- Rent collection
- Maintenance
- Property inspections
- Tenant communication and compliance
- Keeping records
- Chasing missed payments
- Resolving legal disputes
The aim is simple: protect your investment while making your life easier. So, if your rental property is taking more time than you expected, you do not have to manage everything yourself.
At Redbrick Properties, our professional property management services can help landlords deal with the practical and legal responsibilities involved in managing a rental property.
Click here, call 0113 230 55 52, or email info@redbrickproperties.co.uk to contact Redbrick Properties.
