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Surbiton Landlords: Self-Managing Can Lose You Money

 
 
 
 
  01 Jul 2018

Being a landlord can be rewarding but it is far from easy. If you want to make the best of your opportunity, it is easy to see why you would turn to the experts and professionals for support. Whether you are new to the industry or you would like to use your spare time for fun as opposed to undertaking landlord duties, there is a lot to be said for hiring a property management company. However, these professionals represent an outlay, and to save and make money, many landlords decide that self-managing their property is their best way to achieve success.

If you only look at numbers on a balance sheet, it can be argued that self-managing is the smart choice. The less money you spend, the more opportunity you must make a profit but of course, the rental market isn’t as straightforward as this approach would suggest. In fact, Surbiton landlords should be aware that self-managing can lose you money.

You must provide great service to tenants

As a landlord, the income you can generate is dependent on many things but the quality of service you deliver to the tenant is a hugely significant factor. While there are concerns over rising rental fees, there is no denying that that many tenants will pay more money for a better service. The initial outlay on a property management company can be more than justified by the additional income that is generated by offering a better standard of service.

The saying “you have to speculate to accumulate” isn’t always true but when it comes to caring for your tenants and offering a dependable service, spending more can help you bring in considerably more in the long-term.

Property management firms provide considerable benefits

There is a wide range of benefits that come with hiring the services of a property management company as opposed to self-managing your property or properties, and these include:

  • More free time because the property management company is dealing with matters
  • Not having to deal directly with tenants
  • Increasing the chances of finding a better standard of tenant through the vetting process
  • Offering a better standard of service which sees tenants stay on for longer, minimising void periods
  • Complying with all regulations and tax matters for the property
  • Complying with all health and safety requirements for the property

All these benefits justify the cost of a property management company but if you are looking at the key factors that help a landlord generate profit, consider the importance of finding the best tenants and ensuring the best tenants remain at your property.

A property management company helps with both of these aspects. The vetting process is one of the most important aspects of the letting process. If you are not confident about this step or you don’t know what to do, you may find that you regularly let to tenants who represent a bad risk or who may damage your property. In the longer term, the benefits provided by a property management company will help you to enjoy greater profits than by going it alone.

Getting help and guidance from experts and professionals is always a smart idea and at Jezzards, we are delighted to help. Get in touch and we will ensure that you receive the support you need to be a successful landlord in Surbiton.

In this regard, the outlay for these professionals is more than justified by the better quality of service and additional income you can generate with your business. It is vital that you review your budget and determine what outcome is best for you, but the likelihood is that you and your tenants will be better served by calling on a professional property management company.

If you need help in providing a better standard of service to your tenants in South West London and Surrey, contact Jezzards Property Management on 03330 433 633 and we will be more than happy to help.


Author

Jezzards Estate Agents



 

 

Jezzards properties Hampton

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