Navigating Property Management: Should You Go it Alone or Seek Professional Help?

Owning a rental property can be a lucrative opportunity, offering a steady stream of income and the potential for property value appreciation. For those fortunate enough to have an investment property, the rewards can be significant. So if you find yourself in this position, should you go alone, or seek professional property management help?

Look at it this way. There’s a reason why so many of the wealthiest and financially secure individuals have extensive property portfolios. This is largely because there is a consistent and growing need for residential and commercial properties for rent, driven by a demand that shows no signs of diminishing in the near future.

All of this feeds into and creates a market which is rife with opportunity. All landlords need to do is create a model through which they can successfully manage a property and the needs of their tenants, bridging requirements with convenience, and ensuring that tenants are comfortable and feel well supported throughout the duration of their agreement.

Suffice to say, there’s a lot to think about when navigating property management.

But is this something that you want to do and manage for yourself, or something that you can outsource to a professional property management team?

In this article, we’re considering the various touch-points of rental management and what it involves, before sharing the pros and cons of a self-let approach compared with a professional service.

Understanding the requirements of rental property management

It can be easy to look at property rental as a quick and easy source of income. After all, once you have a property that’s ready to let, the main bulk of the work is done – right?

In fact, renting a property out creates a constant stream of work which spans upkeep, rental admin, and of course ensuring that the property meets requirements that you might not think about in relation to a home you buy to live in.

As a landlord, you need to understand everything from lease agreements to maintenance schedules, and you need to be in a position to repair and fix anything that goes wrong in a timely manner. Some of the often overlooked aspects of property management and maintaining a rental property include deposit protection, regular energy performance certification checks, testing gas and electrical equipment, and minimising health hazards.

Another major thing to consider is the division of responsibility between you as a landlord and your tenants. Who is responsible for a broken window, and what happens with tenant actions cause a piece of machinery or an appliance to break? All of these are things you need to consider as a landlord, to protect your property and your business.

Let’s take a closer look at the benefits of self-letting versus professional support.

The benefits of self-letting for landlords

The most apparent advantage of self-letting is the potential reduction in costs. By managing the property yourself, you can avoid the fees associated with enlisting the support of a property management company. This can be particularly appealing for landlords who are keen to keep the initial costs associated with renting out a property down to a minimum.

For new landlords, self-managing can also provide valuable insights into the property rental business. It offers a firsthand experience of the challenges and rewards of property management, which can be beneficial for personal growth and future investment strategies.

Things to consider / the downsides of managing a rental property yourself

Managing a rental property can take up a significant amount of time – and is not something which is complete when the tenant moves in. When you become an active and involved landlord, you commit to checking in with and ensuring that tenants are comfortable all year round, organising regular maintenance checks and ensuring that you keep an eye on the rental market in terms of costa and whether rent needs to increase or decrease as per the market.

You also have to be on hand to deal with emergencies and must act as a middleman between your tenants and any supplier or service providers whenever work is needed in the property.

What’s more, while selecting your own tenants has its benefits, once again it is an often overlooked demand on your time as you screen and meet potential tenants – not to mention chasing payment if they are late with their monthly rent.

As mentioned above, one of the perceived benefits of self-letting a property is the potential to save money and make your rental property venture more profitable.

However, it’s important to note that these potential cost savings may not always translate into higher profits in the long run. Professional property management companies often bring efficiencies and expertise that can lead to cost savings in other areas, such as more effective rent collection, reduced vacancy periods, and lower maintenance and repair costs due to their established network and preventative care practices.

Additionally, their knowledge of legal compliance and experience in handling tenant issues can save landlords from costly legal disputes and operational headaches.

Why more landlords than ever are choosing a professional property management service

Before we dive into the benefits of a professional property management service, let’s look a little more closely at what these companies and agencies offer in the way of service.

A professional property management team like the one at Pat Robson & Co. will essentially take on the role of property manager on your behalf. Creating a new step between you as the landlord and both your tenants and other service providers, a property management team will take on the brunt of daily management – starting from the very early stages of marketing a rental property and moving into tenant screening, onboarding, and ongoing maintenance.

The benefits of this level of service are, for both single and multi-property landlords, unrivalled.

By taking on the groundwork of daily rental property management, ensuring that you onboard the right tenants and that all maintenance requirements are covered from day one, a professional management team will enable you to take a step back, safe in the knowledge that your property and your business is being well cared for.

Some of the top benefits heralded by existing clients of Pat Robson & Co.’s property management service in particular include:

  • Access to a team of professionals, who can help with everything from marketing the property to selecting the best price for the local market, managing ongoing maintenance and repairs, and more.
  • Taking care of tenant requests and needs on an ongoing basis, minimising disruption to the landlords daily routine
  • Performing rent reviews on a regular basis
  • Keeping on top of legislation and legal requirements to protect your business and reputation as a landlord
  • Handling emergencies and urgent requests from tenants
  • Sorting admin details like deposit protection on behalf of the tenant and landlord

And with Pat Robson & Co. offering all this and more as part of a free 6-month property management offer for new clients, there is no better time to explore the advantages of professional property management.

Finding the right team for you

So, how do you find the perfect property management team for you?

We think we’ve made a pretty good argument in the previous section for our own team here at Pat Robson & Co. (who can say no to 6 months free?!) but below are a few other things to look out for when identifying the right management team to support your property rental venture.

First thing’s first, you want to find a property management company that you can trust to act in your best interests as a landlord. They are representing you, and so need to conduct all discussions with the tenants in a professional but approachable manner.

You should also take the time to browse previous marketing campaigns that they have performed and see how they highlight and showcase the best bits of the different properties they manage.

Finally, it is important to take note of the fee structure and really get to grips with the service that is being offered and how much it costs. While we believe that the value of a professional property management company is well worth the fees connected with this service, make sure that you understand how the pricing works before committing.

For more advice on property management and to learn more about our services and the exclusive 6-month free offer for new landlord, don’t hesitate to reach out to the Pat Robson & Co. team.

Let us help you navigate the complexities of property management while maximising your investment potential.

Get in touch today on 0191 20 90 100, Option 5, or email us at [email protected] to arrange to take the first steps to having your property professionally managed.

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