What Are Different Rental Property Management Options To Consider?
When you rent out a property, you may think that managing this property and all the things that come with being a landlord will be relatively straightforward.
Sure, property investment can be an easier way to make money regularly, but that isn’t to say that there are plenty of hurdles and surprises that can come up along the way when it comes to managing rental properties (or should that be managing tenants?).
The good news is that if you are a landlord and you are looking for investment property management, there are various options for you to consider when it comes to letting and property management.
Self-managed
One option for landlords is to self-manage their properties. This may seem like a good idea (because you have control and don’t have to pay any associated fees). Still, it does mean that you are in charge of every issue and query that can come in about the rental property (and believe us when we say that there is a good chance that there will be plenty of these along the way).
Not only do you need to take charge of the running of the rental property, but you also need to manage rent payments (or lack of them) and be responsible for promoting the property to appeal to a new tenant.
Letting and property
management agencies (partial
management)
Many landlords decide that they want to hand over some of (or all of) the management of their rental property to an outside agency. The idea is that they take over some of the main tasks, and the landlord doesn’t have to worry about this side of things.
Partial management usually only applies to the letting side of things. The main aspects of letting and property management-partial management includes:
• Marketing the property
• Advising on the rental price
• Finding a tenant
• Carrying out reference checks
• Drafting a tenancy agreement
• Managing the moving-in process
Once this part of the process has been completed, the letting agent has finished it, and it is down to you to manage the property from there on.
Full management
Compared to partial management, full management is when a letting agent takes control of many aspects of managing the property for the landlord.
They complete all the steps that partial management will complete, and once the tenants have moved in, they will also manage the property.
They will collect the rental income from the tenants, and they will also manage any repairs that come up with the property along the course of the tenancy. This is an excellent solution for many landlords, especially those new to being a landlord and trying to figure out what they are supposed to do.
However, if you decide to opt-in for total management, you will need to pay a monthly fee to the agent. This is to cover all the work the agent does on your behalf.
It is down to you to decide what option will be right for you. However, if you can manage things for yourself, you may choose to do it alone. That said, if you want to make managing a rental property as easy as possible, it is always a good idea to have an expert support you through the process.
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