Letting property in East London? Save time and money with a fully managed service
I’ve been letting property in East London for over twenty years – I’ve offered management services to countless landlords, and also watched many struggle on with their own property management. In truth, trying to manage your rental property yourself is usually false economy. Full property management services appear to cost more when you’re doing your sums for your first buy-to-let, but in the long run, it usually works out cheaper. Not only that, but there are more factors to consider than just money – there’s also efficiency, tenant retention and your precious time to bear in mind.
Why full property management is the best option for landlords
If you’ve invested in buy-to-let property, you’ll already have calculated how much you need to make in rent to meet your mortgage repayments, pay agents fees and still get a good return on your investment. On paper, it probably looks like paying lower agents fees would ensure a higher return. But that’s not always the reality of the situation.
Estate agents can often save you money on necessary repairs. Because of strong, ongoing working relationships with repair companies and tradespeople, estate agents can usually command a lower price and a better timescale than an individual landlord can.
If a serious problem with the property arises and you, the landlord, are managing it yourself, it will be you spending your precious time phoning up plumbers, booking appointments with tradespeople, negotiating timescales with the tenants and generally sorting everything out. Whether you work for yourself or someone else, that’s a lot of time to give to something that you never intended should take up any of your time at all. Time is money (check your business plan!).
Why fully-managed properties are the best option for tenants
Imagine you’re renting a property and the boiler packs up. Your estate agent could get your new one installed much more quickly than your landlord could, using their professional contacts with Corgi-registered plumbers. Also, if the new boiler doesn’t work properly, you’ll have a clear reporting process to follow to ensure that the snags are dealt with.
What would this experience count for at the end of your tenancy? Most tenants would probably happily renew, knowing that they were receiving a good service from their estate agent. But imagine if you’d had to wait a fortnight for a repair because the landlord was away on holiday. You’d look back over the boiler incident and think long and hard about whether you wanted to stay on in the property.
Good, long-term tenants are like gold dust. All landlords want to hang onto them, so don’t mess around when it comes to repairs.
Let property in East London
Fully property management services are always the best option for landlords and tenants alike. To find out more about how Dockleys can help you let your property in East London, give me, Adam, a call today on 020 3633 4440.