When letting out your property, doing so on a fully managed basis is certainly the easiest option, and depending on circumstance, often the cheapest, too.
Bristol has established itself as one of the fastest growers in the property market. As an enticing market, you would struggle to find anything better, so for those looking to let and hand over full property management, Bristol is the destination of choice.
When letting out your property, you can chose to manage the building yourself, or leave it to the agent who found the tenants. When handing the management over to the agency, you free up yourself from having to make semi-regular trips to the property for even the smallest of things that need attention, saving you both the time, money and effort in doing so.
But what other advantages are there for handing over the management reins?
Firstly, it’s worth making sure you’ve not underestimated the sheer volume of work that in involved in letting out a property. It doesn’t end with the signing of the contracts; in fact it only just begins.
If something goes wrong with a property, the tenants have to make a phone call to report it. The call, of course, won’t be the most convivial affair as it could be to report they’ve no hot water or the fire alarm won’t stop ringing. The person on the other end of the line then has to find out exactly the source of the problem then go round to fix it or hire an appropriate contractor to do it for them.
Also, when considering contractors, letting agents will have a good database of contractors they know will do the job properly and inexpensively. In calling upon these, they can ensure that the best person for the job is going ahead to do it. If you don’t have such a database, you could be putting your own property and the safety of your tenants and their belongings in potentially unsafe hands.
There is also the issue of rent collection. If a tenant is short one month and cannot pay, the duty of going to collect the missing rent will not fall on you. There are no high pressure phone calls you have to make with someone clearly on hard times.
So, of course, giving the management over to the professionals will make your life easier by limiting your travelling time and costs, but for the reasons listed above, it could save you in many other places, too.