What is the easiest way to manage my property?

In the current economic climate people find it quite challenging to choose a business venture that is low risk in nature and therefore a guaranteed success. With an ever increasing surge in unemployment it is currently particularly appealing to be self-employed and have personal control over your income. A popular choice of self employment that has a proven degree of success is property rental. In the present financial state when individuals are struggling to save deposits and have mortgage applications approved, renting a house has never been more appealing and the interest in properties to rent is increasing fast . When the decision is taken to rent property as a source of income, the key decision that remains to be made is should the landlord manage the property himself or employ a letting agent to manage the property on his behalf?



Which option a landlord chooses will usually be dependant on their personal circumstances and whether or not they possess the knowledge and time to do the job . If the landlord purely views the property as a source of income and nothing more, perhaps choosing to employ a letting agent to manage the property is a wise course of action as all of the regular decisions and tenant interaction are handled by the letting agent leaving the landlord free to pursue other activities. However, if letting the property is more than simply a source of income and the landlord has great interest or passion for the business, perhaps self-management is a more appealing option.



However there are a number of risks involved with self management. Points to consider include;



How are you keeping up to date with changes to legislation?



Deposits must be registered with a deposit protection scheme.



How frequently will you inspect your property?



How can you ensure your tenants are paying their utility and council tax bills?



Are you prepared to handle a crisis if your tenant calls you in the middle of the night?



You will have to remember to renew the annual gas certificate.



Can you trust the contractors you use, have they got public liability insurance, how will you check the standard of the work?



Are you properly insured and at the correct price for the right cover?



How will you handle any potential disputes with tenants in your property?



Are you going to know what action you can take if the rent isn't paid?



The choice to use a letting agent will usually involve the landlord paying a percentage of the rent to the letting agency for their services. Included in the fee will be the administration associated with the commencement of a new rental agreement and also the termination as well as the return of deposits at the end of the tenancy. A letting agent will also have the resources to advertise your property to ensure you find tenants in the shortest timescale. The letting agent has a vested interest in making sure the property is occupied, along with extensive resources refined to promote property letting. From a tenant's perspective they might favour properties that are managed by a professional letting agent, as a letting agent will also take care of their interests. Plus, rents achieved on Managed properties are usually greater than for Tenant Finds, plus tenants are invariably found quicker saving money by reducing void periods.



Many landlords prefer to work with a letting agent to manage their rental property because it removes much of the administration and as the letting agent's fees are only a proportion of the rent they might not be as pricey as you think



This article was written on behalf of Belvoir Sheffield, Belvoir are the leading letting agents Sheffield specialsing in property management sheffield. For more information, please visit belvoirsheffield.co.uk