Five myths about property self-management

Whether you’re a seasoned property portfolio holder or want to venture into buy-to-let for the very first time, you may wonder if you should dispense with a letting agent altogether and go it alone instead. However, letting out a property can be a tricky business and that’s why we’ve compiled our top five myths when it comes to tenancy and property self-management,

You’ll save money

Think you’ll cut down on costs if you choose a DIY approach? Think again. Research by Endsleigh shows that landlords using a letting agent saved up to £1910 a year compared with if they had directly marketed a property themselves.
How? Well, the report suggests that a good letting agent will avoid potentially costly void periods, by proactively finding good tenants to fill the gap. Meanwhile, entrusting certain legal and financial obligations to an agent can also save thousands of pounds in the long run.

Understanding legislation is a piece of cake

Letting out a property means you’ve entered a complex landscape of regulations. And, any breach of legislation can carry heavy financial penalties.
Of course, if you have several years of managing multiple properties successfully you may feel confident in your legal knowledge. However, if you don’t have the time or inclination to keep on top of ever-changing rules, a good letting agent is an invaluable source of advice and support. And, most importantly, they will help you to stay on the right side of the law.

You’ll be able to create a passive income

Don’t underestimate the time property self-management takes. If you live nearby to your tenant, you may find yourself constantly ‘on call’ to deal with issues. Meanwhile, if you live in a different part of the country, it isn’t always easy to pop over to resolve problems.
However, if you choose a Fully Managed Service with Redrose, we look after your rental from start to finish so that it’s completely hassle-free. We also work with a pool of reliable, trustworthy tradespeople to make sure your property is maintained to the right standard and at a good price.
What’s more, unlike other agents, we do not make a margin on arranging maintenance on your behalf.

Greater demand means you can take your pick of tenants

It’s true that a lack of housing supply means that good quality rental properties are in greater demand than ever before. However, just because you may be able to easily find a tenant, finding the right one is another matter altogether.
In fact, we believe that a good tenant should be seen an asset – protecting your property and looking after it as if it was their own.
That’s why we take great care in reaching the right audience, implementing a rigorous referencing process and building great relationships with all parties involved.

All letting agents are the same

Not true. Here are just some of the reasons why we’re the market leaders in Buckshaw Village:

  • Proud to build positive relationships with both landlords and tenants
  • Great local knowledge and marketing expertise
  • Proactive customer service
  • Transparent, honest, professional

Want to find out more and book your free rental valuation? Call the Lettings Team on 01257 547062.

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