Whether you’re a new landlord or a seasoned one with a sizable property portfolio, you’ll know that finding the right tenants is critical to ensuring healthy revenue streams and that the house or flat is not destroyed. You’ll also know that carrying out regular maintenance and repairs and resolving other issues related to the property is important.
But handling all this yourself can be difficult, especially if you’re a part-time landlord and have a full-time job or other business interests that you need to focus on. That’s why many people hand over their landlord responsibilities to a property agency that will carry out maintenance and other services on their behalf, and help to ensure they comply with the frequently changing legislation that covers the sector.
So what exactly do you get from landlord maintenance services if you’re buying a rental property?
Here’s what to expect from an agency managing your property:
Finding You the Ideal Tenants
When you’re letting out a flat or house, you don’t want just anyone in it.
You want honest and reliable tenants that will not only pay their rent on time but also look after the property as though it was their own — not causing any damage to it that could be costly to repair or even lower its value.
A good estate agent that has landlord services will be able to find the right people for your property and vet them before they view it.
It works for you and the prospective tenants because, during the vetting process, the agent will be able to advise them about the area, providing them with local knowledge so they can decide if it’s a good area for them or not.
Undertaking Your Landlord Responsibilities
Under the law, landlords have multiple responsibilities that they must carry out to ensure the property is up to standard and meets the requirements set out in legislation.
These include checking if the prospective tenants have the legal right to rent the property and making sure the property is a safe place to live with no hazards that could pose a risk to the occupants’ health. Gas and other electrical installations must be fitted properly, and they must be regularly maintained so that they’re not a potential hazard — you have to get an Energy Performance Certificate for the house or flat.
Carrying Out Maintenance
Just like in any house or flat, things that break and go wrong have to be fixed immediately, and it’s even more urgent if you have residents that are paying for a certain standard of property.
Keeping them happy and ensuring your property is in top condition at all times is an essential part of being a landlord, and using an estate agent to handle your maintenance takes a lot of the hassle out of the job. They’ll know who to call when something goes wrong and dispatch them straight away to carry out repairs and bring a smile to your tenants’ faces.
Ensuring Solid Revenue Streams
Minimal disruption is what you want when renting out a property and changing tenants. You certainly don’t want long periods between one tenant leaving and securing a new lease with another.
This is another instance where a landlord property service becomes invaluable, helping to ensure that new tenants are lined up and ready to move into the property shortly after the previous ones have moved out.
This ensures a high level of revenue and helps to protect your property investment. You can also expect to have detailed financial reports compiled for you, outlining your rental income and expenditure on the property.
As for how much all of this costs, for an estate agent to do the work for you in carrying out your landlord responsibilities, look for one that has no up-front fees and takes a percentage of your rental income when it’s paid.