But Why Pay an Agent to Do What I Feel I Can Do Myself?
The recent slow-down in the stock market and the ready availability of affordable, accessible 'buy to let' mortgages has brought about a rise in the number of investors who quite correctly have recognised that property is the ideal vehicle for medium to long term wealth creation and/or provision for their pension.
This has caused many a new landlord to ask themselves the question, "Why pay an agent to do what I feel I can do myself?" Well, in answering that, allow us to pose a couple of questions of our own in response, "If you had a problem with your new car, or if your central heating stopped working, would you dust off that old tool box at the back of your garage and attempt to repair it yourself? Or alternatively if you had a toothache, would you make an attempt at DIY dentistry?" The answers to those questions are, "Of course not!" Which then begs the question, "Why do so many landlords not instruct a professional to take care of their most valuable asset?"
Many landlords do not realise that there is a great deal more to property letting and management than placing an advert in the paper, showing applicants around the property, buying an "off the shelf" tenancy agreement, moving the tenants in and then waiting for the rent to roll in. Without wishing to scaremonger, are you aware that if you do not comply with certain notice requirements that rent is not lawfully due on the property and the tenant could claim back all of their rent from you after living at the property for many months or even years? Or if you do not comply exactly with the procedure for serving a different notice, that it may take at the very least an extra 3 months to gain possession of your property if the tenant stops paying rent and will not leave at the end of a tenancy? Or that if you are in dispute with your tenant, approaching them in the wrong way could mean you are committing a criminal offence? Unfortunately, since the beginning of the 'buy to let' boom we are seeing many more examples of just these types of simple mistakes being made by landlords, who have then come to us in order to solve the problem after the event. In each instance, mistakes that are so easily avoidable, yet so easily made have cost them many thousands of pounds in lost rent and legal expenses. We have also heard of one particularly horrifying instance where the landlord's property was repossessed by the Building Society as a result.
As specialists in the often legally baffling and constantly changing business of lettings and management we are in the best possible position to keep our finger on the pulse of the fluid and dynamic letting market in order to maximise the income from your biggest asset. There is so much more to letting your property than finding a tenant and signing a tenancy agreement. We appreciate this and due to our experience, on-going training and the number of properties we have been looking after on behalf of our clients over the past 9 years, we have become experts in negotiation, mediation, dispute resolution, housing/contract law and property maintenance. We have succeeded in maintaining a friendly, business-like and mutually beneficial relationship with both our tenants and landlords.
So what have you got to lose? If you take advantage of our "6 months free property management" trial, you will have the opportunity of being able to sample our professionalism and expertise, relaxing in the knowledge that your prized possession is in capable hands. Yet if you do decide that you would like to go back to being a more 'hands on' landlord again, you are quite free to cancel the free trial, with no fees or hidden charges.
Contact the office: i@simonclarkeresidential.co.uk