Whether to switch from a professionally managed service to self-managed is, unsurprisingly, a que...
Whether to switch from a professionally managed service to self-managed is, unsurprisingly, a question that I’m often asked, but most landlords remain “managed” when they realise the huge amount of work that has to be undertaken.
There is only one main benefit to landlords managing the property themselves and that is that it will cost them less… at least on paper! However, in reality there are many reasons to have your property professionally managed and I would therefore advise landlords that:
The property is probably going to be looked after better if professionally managed. We visit it at least every six months. This is not only beneficial to you, the tenant and the property, it also puts you in a stronger position with any dispute as the Independent Arbitrator looks more favourably at the landlord’s/agent’s point-of-view if the property has been visited regularly.
Rent and legal insurance is often cheaper if it’s managed.
Tenants prefer to rent properties managed by agents, as they feel that they’re in more responsible hands.
There’s so much legislation surrounding renting your property including what you need to do and maintain:
- Gas safety checks
- Electrical checks
- CO and smoke detector checks
- Legionella checks
Your rent passes through us and we deduct our fees and any charges to the property. HMRC like that and therefore off-setting tax is easier.
The deposit protection scheme ensures deposits are protected, which can be expensive for landlords and complicated, should you not be familiar with the process.
The serving of a Section 21 Notice to obtain vacant possession and issuing the accompanying documents has become more complex, getting it wrong could invalidate the Notice.
Belvoir successfully chase about 5% of our unpaid rents every month, most of which landlords will never hear about.
Belvoir can stand back and be objective and where necessary be firm with tenants; not quite so easy when they are close to you. We also understand the difference between “gentle persuasion” and “harassment”.
Belvoir keep abreast of the ever-changing legislation, which could come back to bite you, should you not adhere to it.
Belvoir have tradesmen to cover every eventuality, who are very competitively priced and who work swiftly and also, as we are a large customer, preferentially.
If the tenancy goes wrong at the end, we’re experienced in compiling a report to the Deposit Protection Scheme to obtain the deposit. So far we have been 100% successful.
Belvoir also have PI Insurance for those very few occasions when we may have made a mistake and compensation may be due.
Some mortgage providers will only lend to buy-to-let landlords who let their properties through an agent.
Please do contact me if you would like any further advice, by phoning 01743 242000 or e-mail me by clicking here
Paul Wallace-Tarry - Director, Belvoir Shrewsbury