Why You Shouldn’t Manage Your Property Yourself | UK Property Management

Thinking Of Managing Your Property Yourself?

Are you thinking of buying a property to rent out?  You might have just bought your first buy-to-let property or you already own properties and you are planning on letting them out.  The thought of managing your property yourself sounds appealing to you and you have thought about how much you could save from all the managing fees.

Have you thought about the complicated task of owning & managing your property?

If you are currently managing your own property, ask yourself this question; Are you tired of screening potential clients, dealing with bounce checks, late rent payments, Tedious calls to unreliable subcontractors, maintenance calls in the middle of the night?

You might think managing your own property will save you a lot of money but the low monthly fee paid to property managers could save you a lot of money in a long run; say if you harassed a tenant without knowing your role as a landlord, you could be taken to court – if you failed to do your safety checks before tenancy and an accident happened, you will end up in prison.

If you wrongly handled tenants’ deposit, they will be entitled to more than 3 times of the original deposit. Some landlords are reluctant to getting themselves a property management company and later on realize that their job as a property manager is a lot more than they thought it’d be. So here we have listed some tasks that involves in Full Property Management service.

  • Cleaning and staging your property
  • Interviewing applicants
  • Settling the right tenant into your property,
  • Handling the deposit and the collection of rent,
  • Value the rental of your property
  • Carrying out regular inspections of the property,
  • Handling any maintenance issues the tenant has,
  • Handling the departure of a tenant at the end of the lease
  • Tenant Finding & Property Marketing (Marketing your property through various media – including letting, web (online portals) and citylets)
  • Obtaining Reference
  • Inventory Management
  • Pre-tenancy cleaning
  • Liaising with utility suppliers
  • Carrying out minor repairs and maintenance (Maintaining your property with reliable professionals)
  • Carrying out major refurbishment projects
  • Production of safety reports and relevant certificates (Carrying out gas and electrical safety certificates)
  • Payment of outgoings
  • Regular property inspections and reports
  • Protection of deposits in line with legislation
  • Handling deposit negotiations at the end of the tenancy
  • Visual checks
  • Negotiating renewals
  • Dealing with rent arrears and evictions ( serving Section 21 and 8 )

This list goes on and on and on. Managing properties is one of the most stressful tasks and its even worse when you have terrible tenants. Tenants these days know their rights and if you wrongly evict them or harass them in anyway you could be fined a hefty fine or end up in prison.

If the required safety checks are not done before the beginning of tenancy, you may end up in prison if an accident such as an explosion or fire was to occur.

You might be thinking of letting your property that hasn’t be mortgaged as a buy-to-let because of this, you do not want a professional property management company to manage it, so you are doing it yourself. If you are caught you’ll face repossession and your tenants will be evicted exposing you to a possible lawsuit.

So spending a couple of hundred pounds a month to manage your property will be money well spent because not only do you put little effort in the management of your property, you, your property and tenant will be in safe hands of professionals who knows how to deal with the everyday tasks or managing properties.

There are different levels of Property Management & Letting Service. They are Tenant Finding, Tenant Finding & Rent collection, Full Property Management (Includes all the above)

Boateng Homes Property Managers are very well resourced. They have access to trusted mortgage brokers, contractors, lawyers, accountants and discount on big building stores like Wickes & B&Q. This will save you time, money and stress in finding these trades.

Boateng Homes have greatly studied the market and they are here to better the relationship between landlords and property management companies. They charge from as little as 5% per month to fully manage your property. They are landlords themselves and understand the difficulties landlords face with tenants. With their patients and knowledge, your job as a landlord will be a walk in the park.

Boateng Homes Offers a Free no-obligation Valuation. At this valuation, they will tell you of any risk that your property might have, the potential tenants suited for the property, the best value and how your could reach it, and sort out inventories etc. Your needs will also be discussed and put first. We will listen to how you want your property marketed and how regularly you want the visits to your property and develop a strategic way of managing your property.

 

www.BoatengHomes.co.uk

0208-123-3039

Info@BoatengHomes.co.uk

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