As a property investor, whether that is with one property or hundreds in your portfolio, the time it takes tosuccessfully and carefully manage your property investment portfolio can not only eat away your days, but take you away from your full time job or income generator.
Managing each property, from making sure you get the right tenants, through to cleaning up when they leave to make way for the new arrivals, takes not only money, but time, especially if you have to arrange everything, from vetting the tenants, through to organising all of the minor clean up jobs that will undoubtedly need to be completed before they can move in.
Put simply, the time you spend managing everything, especially if this is from a long distance, is not cost effective, which is why a lettings agent really can make your investment empire more successful.
And, just in case you need further proof, here is why:
The Right Tenants
Claim up to $26,000 per W2 Employee
- Billions of dollars in funding available
- Funds are available to U.S. Businesses NOW
- This is not a loan. These tax credits do not need to be repaid
Get the right tenant, the world is good, get the wrong tenant and the world starts to fall apart, especially if they decide to cause damage to the property and upset all of the people around them. The right tenant makes the property investment work from a buy to let point of view, as if you get someone in there that will stick around, treat the property well and take care of everything, it means you make more money long term as there is no need to continually re-invest in repairs. A letting agent can make sure you really do get the right person, couple or family, via a range of reference checks and credit checks to only present the right tenants.
From the leaking tap that the tenant thinks need to be fixed at 1am, to the serious boiler break downs that really do need to be taken care of, the agent does this for you, including using the right contractors and getting the right level of service across the board. Trying to find a tradesperson who you can trust and will attend quickly is half the battle, but the agent has a team in place to sort all of this. They will take care of your property and make sure it is inspected at intervals that you agree during the rental agreement process.
The Paper Work And Rent
Another advantage of using a letting agent is that they take care of all the paper work, from collecting the rent to making sure you have all the relevant safety certificates and legal administrational documents in place. Making sure your yearly checks are completed and that you are offering a safe and sound place to live for your tenants is vital, and rather than trying to keep on top of this and hoping you never forget, allowing the agent to take care of it just means you are always one step ahead of the game.
The Peace Of Mind
The final point about using a letting agent is that it just gives you peace of mind. As the above statements indicate, although you might pay the agent a percentage of the rent or a fixed fee, the money you pay will save you so much hassle, money, time and heartache later down the road, as they are in place to manage your property, your tenants and to give you the right level of service across all of your properties.
This article is based on an interview with Gloucester based Alex Clark Gloucester Lettings owner Vince Mitchell, having worked in the lettings industry for over 20 years in the Gloucestershire area.