Should you manage your own rental property?

26th December 2022

You’ve made an investment in the rental market and want to let it out to generate a reliable monthly income, but then you’re certainly wondering the same thing many new landlords do: should I manage my own properties or should I choose a rental property management service?

We advise considering the following questions before selecting whether to hire a property management for your rental.

• Are you able to be a successful landlord? If not, are you motivated to learn?

Property management is not an easy undertaking and should not be attempted without thorough research. Self-management might not be a problem if you are knowledgeable about your obligations as a landlord and are familiar with the residential property market.

Nevertheless, the work can be a little intimidating for individuals who are new or perhaps not as informed in the market. Current laws, finding tenants, collecting rent on a regular basis, and worst-case scenarios like evictions are time-consuming and frequently difficult issues.

For this reason, before you start renting out a house, we advise doing extensive study into what you need to know, what you need to do, and the amount of time and effort has to be put into becoming a landlord. Bearing in mind the different housing legislation in each UK nation. For example, if you have a property in Wales you would need to obtain a license and undergo training if you were to self-manage.

The best choice for you may be property management services if you feel this is too much work or you lack the time. You may sit back and relax while specialists in property management handle every detail for you and make changes as laws and regulations in the property industry change. Some examples of services that cover your needs can be found here.

• Do you have the time and patience necessary to keep up with everything?

Self-managing can be perfect if you’re detail-oriented and willing to invest a lot of time and energy into a new job as a landlord. You can have complete control over every aspect, be nearer to the daily operations, and maintain personal contact with your tenants.

Keeping track of everything and ensuring that ostensibly minor details don’t get missed are the risks of maintaining your own property, though. For instance, the rules and laws governing rental properties are constantly changing. Property management businesses continuously monitor this aspect of the rental market, through inspections to compliance certification and HMO requirements.

In addition to laws and regulations, full management services assist in taking care of the minor details that may end up saving you a lot of money over time. Even while documents like a thorough property inventory may appear insignificant for you, they are essential under law in Wale. 

• How far are you located from your rental property? 

Self-management can be very challenging if your rental property is located in a different part of the country or in another country altogether. When managing a rental property, being familiar with the neighbourhood and what’s available can be a major advantage. Finding tenants and handling maintenance issues are both made considerably simpler by it and will know who to call if a problem arises. Unfortunately, if you’re not local, you might have to rely on speculation and a some Google searches. You can never be certain of the worth and degree of the work you will obtain in this situation. All facets of rental management become easier to manage when working with organisations like ours in Cardiff because you’ll have access to a vast network of reliable contacts and market expertise. You may be able to save a lot of money by finding and screening prospective tenants, handling repairs, and resolving any problems swiftly and effectively.

These are just a few of the queries we advise new and potential landlords to think about before starting the renting process. We  want to relieve you of the stress and burden of managing your rental property because it may not be the best option for everyone.

Visit our Landlords website to learn more about how we can manage your property, find trustworthy tenants, and generally make your life easier. Alternatively, you can register your home on our dedicated lettings and sales website so that we can conduct a FREE property valuation and contact us for more information.

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