Buy to let investors in UK have traditionally have two choices when it comes to managing their properties and finding tenants. The two choices are to hire a managing flat agent or manage the property themselves. One very important decision that you will have to make if you own property is whether to manage the flat on your own or hire a flat managing agents to manage it for you. Using an agent will cost you approximately 7-10% of your total rental income every month. However the services that the agent will provide are invaluable and can be worth far more than the fee. In this article we are going to give you reasons why you should hire the services of flat managing agents.
- They provide buffer between you and the tenants.
One of the main reasons why you should hire the services of flat managing agent is because they have specialised in property management and as a result, they help to provide buffer between you and your tenants. This means that if there is any problem such as late payment of rent or property damage, the agent will handle the issue thus helping you to avoid unpleasant confrontations.
- Advertise and market your property
Another responsibility of the agent will be to advertise and market your property. No matter how good your property may look, getting tenants is not an easy task. When you hire the services of an agent, one of his main responsibilities will be to market your property to ensure that no single house remain vacant. He will use both media and word of mouth to lure potential tenants to reside in your property. If your property does not have a vacant house, it means that you will earn more money.
- Sourcing and screening potential tenants
The agent will not only source tenants, he will also screen potential tenets to ensure that only serious people get to rent a house on your property. Although it is quite simple to source tenant, screening them is not an easy task as many property owners think. A flat managing agent has the right skill that enables him to easily detect genuine tenant and those who are not reliable. If you use the services of an agent, you will never be called to come and solve cases because of tenants fighting or damage to property.
- Inspecting your property of regular basis.
The agents will also be inspecting your property on a regular basis so as to know if there is any problem that needs to be fixed. Detecting a problem early is good because it will help solve the problem without incurring so much cost. However, if some problems are not detected early, it can grow to become a very serious problem that will cost you so much money to fix. The work of flat agents is to conduct regular inspection just to ensure that everything is in place.
- Managing your financial accounts.
The flat managing agents will manage all your account thus saving you from the stress that comes with rent collection. They are very punctual in collecting and they always deposit money in your account as agreed.