We had a number of Landlords who initially just wanted to instruct us on a let only basis so that they can ‘manage’ the property themselves. As much as this is great and seeing it as a money saver by avoiding the cost of a managed service, you must ask yourself, with the increased level of legislation out there, the banning orders, the compensation, environmental health and safety systems, rating issues etc, as a Landlord / property investor, is that really what you want to be exposed to? Not to mention the 1am phone calls because the boiler has stopped working.
It’s crazy. At mi homes, we are firm believers that property investors and developers should focus all of their time on being just that, sourcing and finding the next deal.
When I am told that, ‘my mum lives down the road and she can look after the property’, having knowledge of all of the risks and penalties of ineffective property management, it isn’t right to give that responsibility to your mother, father or anyone else who isn’t adequately trained.
Every bit of work carried out on a gas item must be noted and logged, the Gas Safe registration number of the person who carried out the work too. It’s also about making sure that in relation to the property, that the Tenant is actually safe and the property is compliant, know what you can and can’t do. Has your ‘mum’ been on any training on how to handle Tenancies? It’s really important that she knows exactly what happens if an item of maintenance is called on? I could go on…
I am sure you get the gist. Don’t expose yourself un-necessarily and look at the bigger picture. A managed service may cost you that bit more, but in the long run it is value for money. Statistically, a property that is effectively managed, those Tenants feel valued and looked after, usually stay for longer. How much can a 1 month void period cost? Your yearly management fee will be less than a 3 week void period!
At mi homes we have the option for our Landlords to benefit from access to their own bespoke portal which includes everything about their property / portfolio from Tenancy agreements, to invoices and inspection reports. Your portfolio can travel with you anywhere in the world, as long as you have access to the internet.
For further information on our management services and our new VIP service which includes rent protection insurance, please feel free to email me at Nicholas@mi-homes.co.uk or call the office on 020 7323 9574, either myself or one of our property consultants will be delighted to assist.