Being a successful landlord has always been about playing the long game. The better you care for your investment, the more likely you are to see a healthy return.
But your property is worth much more than the amount of rent it currently brings in. If you ever decide to sell your property, you’ll want to make sure you get the best price possible for it in a short time-frame.
High-quality property management provides landlords with the greatest opportunity to do this.
Even if you aren’t planning on selling your property any time soon, you can’t afford to let your high standards drop. Not only would that leave your tenants unhappy, but it would prevent you from making a quick, profitable sale if you ever need access to funds sooner rather than later.
In this blog, we’re going to share with you our thoughts on how high-quality property management will make renting and selling your property easier in the future.
What Is High-Quality Property Management?
It’s fair to say most landlords look after their properties. After all, there’s no reason in owning a house or flat and letting it fall into a state of disrepair (especially if your properties are tenanted).
High-quality property management, though, is about staying on top of any issues that come to light and resolving them as quickly and soundly as possible. In many cases, it means spotting problems before they have a chance to spiral out of control.
Naturally, this means a significant amount of time will be spent inspecting your property. If you don’t have time to spare, you should seek the services of a lettings agents who will manage your property for you.
Now that we have defined what high-quality property management is, it’s time to look at what goes into keeping houses and flats in excellent condition.
All properties, no matter how well built they are, will have maintenance issues from time to time. To keep yours in top shape, you’ll need to address problems as soon as possible.
Issues are much easier to repair and pay for if you get to them while they are still minor. Allowing the problem to fester could land you with a huge repair bill. Worse than that, it could make your property uninhabitable.
It’s worth remembering that the Homes and Habitations Act means you could be issued with fines if your property isn’t safe to live in. Councils are taking huge steps to make sure properties are fit for purpose, and tenants are more aware than ever before on their rights to make a complaint.
Inspecting your property on a regular basis and writing up thorough reports makes it much easier to keep an eye on the condition of your property. By acting promptly on any issues raised in the report, you can stop problems from growing and becoming more expensive. If you’re unsure of what you need to be looking out for, an experienced lettings agent will be able to help.
Use Vetted Contractors
If you’re not DIY-handy, it would be wise to put the hammer and crow-bar down, and call in professionals if your property needs any work doing to it.
However, not everyone with a fancy ad on Facebook or in the local paper can be trusted to fix up your property. This is why it pays to use contractors who can back up their credentials.
Finding workmen who are trustworthy and complete jobs for a fair price can be difficult, especially if you don’t have the time to speak to them yourself. Seeking the services of a lettings agent can take away a lot of the stress and burden that comes with this, as agents will have a list of reliable contacts.
This goes double if you need a tradesman in the event of an emergency, such as a burst pipe. A lettings agent local to your area will have a list of vetted contractors who are credible, have the correct qualifications to carry the work out and are insured. This ensures jobs will be done to a high standard and the professionals will be accountable for their work.
In turn, this will keep your property in a saleable condition if you decide the investment is no longer for you or if you plan on renting it out again.
Complete Check-In and Check-Out Inspections
Before your tenants moved into your rental property, you most likely presented them with an inventory and completed a check-in inspection detailing the condition of the property. When they’re about to move out, it’s important to go through the check-in report and compare it to the check-out report with your tenants to see if the condition of the property has changed for the worse.
You need to make sure the final inspection is thorough so you can take swift action to get the deposit back. Your tenants may dispute your claim, in which case having the aid of a lettings agent will help you raise your point to the relevant Deposit Protection Scheme (DPS).
Get Help From a Professional
The job of a lettings agent is to help landlords make the right decisions. After all, we know there is a lot to think about when it comes to being a landlord, especially if you rent out properties alongside having a full-time job. With expert knowledge of the local property scene, a lettings agent will provide you with all the help you need to keep your rental running like clockwork.
A lettings agent should be seen as your trusted property advisor. We give guidance on maintenance issues, rental figures and whether or not you should sell the property if it isn’t performing well. And if you want to build or reduce the size of your portfolio, lettings agent are ideally placed to assist you in making quicker and healthier returns on your investments.
Who Provides High-Quality Property Management Services?
Many lettings agencies do a fine job of looking after their clients’ rental properties, but we at Philip Ellis strive to do the best job possible.
We have built an excellent reputation for both our sales and lettings services acrossPrestwich and Whitefield, and we’re always around to provide the best advice.
Whether you’re looking to rent your property out or sell on, we will provide you with a free property valuation first so you can get the guidance you need.
Till next time,