It is a dilemma that many landlords face once an investment property has been purchased. Do you take on the full responsibility that being a landlord can bring and self-manage your income property? Or do you take a backseat and let a letting agency take over? Fresh Air Property Management wants to help you towards making the right decision for you and your tenants, starting with this blog post.
When you decide to go it alone and self-manage your property, you should treat it as you would any other business. Being a landlord can quickly become a full-time job. It is important that you take the time to know what your responsibilities are and the legal requirements that come with owning a rental property. Do your research and be confident in your role. If you have the time to dedicate to self-managing, it can be an exciting experience, and one that can help build a close relationship between you and your tenants.
You will manage the running of your home from start to finish, from viewings, to drawing up contracts and dealing with your tenants needs on a day to day basis. This involvement will ensure that your investment is being looked after and run in the way you want it to be.
However, self-management is not for the faint hearted. It is challenging work and will take time and effort to make sure everything is done properly. Filling out paperwork correctly is essential, with tenancy agreements and tax returns all part of full time landlord life. You need to be clued up on all things legal when it comes to renting out a home, as the blame ultimately falls on you.
Deciding to use a letting agency is a route that many landlords take. It is especially useful for those who do not live close to their investment home and do not have the time to cater to all their tenants’ needs.
Hiring a letting agency to deal with the running of your home not only gives you freedom to carry on with a daily job but can keep stress levels down. You will not have to deal with the constant worries of your tenants, and you will have peace of mind that both your tenants and home are being looked after.
Letting agency services do come at a price, so this is something you need to weigh up. Make sure that the letting agent you choose will look after your interests as landlord, as well as keeping tenants happy.
Fresh Air Property Management offers full service management from liaising with guests and handling check-ins, through to cleaning, laundry and more. Get in touch to find out how we can help you rent out your property stress-free.
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