One of the most Common questions that I am asked here at Belvoir Lettings Agency in Sheffield is what differentiates those landlords who can successfully manage their properties without the support of a professional lettings agent such as Belvoir, from those who need that support and guidance.
Over the last week I have been putting some real thought into this conundrum and I have devised a definitive list of things that need to be considered when opting for DIY property management. In doing this I have devised a series of two blog posts that in essence capture what separates those who need the support of a professional from those who can successfully manage a property portfolio independently.
1. Distance From The Property
If you live close to your rental property, you may be able to make the regular visits required for maintenance, inspections, and collections. Bear in mind that the further the distance, the higher your expenses will be, and there may be a temptation to make your visits less regular, which can turn out to be a recipe for disaster.
2. The Stress Factor
We all like to think of ourselves as level-headed and even-keeled individuals, but it takes a special kind of person to deal with the the perils of property management. Tenants who refuse to pay, damage to your property and disputes can all push landlords to their limits, in which case a reputable letting agent such as Belvoir Sheffield could be your best answer.
3. Are You Overwhelmed With Properties?
Managing rental properties can become overwhelming, even for the most experienced property investors. Many landlords underestimate how much time managing just one property takes and manage to overload themselves. Hiring a letting agent such as Belvoir Sheffield can provide an opportunity to regain control and restore stability to both your property portfolio and personal life.
4. Responsibility Check
Do you know what your rights and responsibilities are as a landlord? and are you fully aware of the rights and responsibilities of the tenant? If you answer no to either of these questions, it is essential to seek the advice and guidance of a professional lettings agent such as Belvoir. If you are not up to date with your legal position or what is expected of you as a landlord, you could find yourself in not only a serious dispute but with a huge fine for your efforts.
5. Are You A DIY Whizz Kid?
If you can’t do it yourself, do you know who to call if the toilet breaks or there is a leak? Finding reliable handymen and contractors can take a while and in the mean time you may unknowingly hire people that are unethical, uninsured, do poor quality work or even over charge you. Hiring a lettings agent in Sheffield such as Belvoir will take this out of your hands and will ensure that maintenance and repairs are carried out by reputable tradesmen.
Rick will give a further insight into this issue in part two of this blog coming soon……
Belvoir Lettings Agency Sheffield is the One Stop Specialists for Lettings including Property Management, Tenant Find, Investment and Wealth Management Advice, Fit-outs and Renovations, Furniture Packs and Investment Property Insurances.
