At Waltham Estates, we have been providing an efficient and thorough letting service for many years, and our clients are always happy to rid themselves of the stress and long hours that can accompany property management. With this in mind, we thought we’d take a look at some of the advantages of using property management services.
Time-saving and stress-relieving
For those in search of a monthly rental income from their property/properties, it is often a good idea to employ external property management services. These companies deal with every stage of the rental process, meaning that property owners can enjoy a worry-free letting journey. A good letting agent will advertise the property, hold viewings, take payments, draw up contracts, conduct various checks and, well, the list goes on. Once all of that is out of the way the job of managing the tenancy begins. This can be a tedious process requiring management of repairs and ensuring compliance with an ever growing list of laws from property licensing to right to rent checks.
Helping to avoid those nightmare tenants
Finding honest and reliable tenants is one of the most important aspects of the property rental process. This is something which requires a certain amount of time and care. After all, if tenants move into a property and then refuse to pay, removing them can be a long and costly process.
This is where property management services come in particularly handy. They spend countless hours drawing up paperwork designed to prevent the ‘nightmare tenant’ situation. Rigorous contracts are signed by any potential tenants, who are also asked to provide details of their employer, previous landlords along with evidence of their financial standing. As well as this, some tenants have to provide a guarantor, meaning that the rent will be paid by the guarantor even if the tenants cannot find the amount owed.
Reputable maintenance teams in place
For property management services, phone calls along the lines of “the washing machine is broken” or “there is a leak in the ceiling” are common occurrences. Upon receiving such calls from tenants, our property management team will send in the appropriate contractor in a timely fashion.
With calls answered until 10 pm most days, we are in a prime position to handle urgent request without unnecessary delay. Having identified the repair we book one of our preferred contractors tackle the issue.
This kind of efficient action means that the property owner need not stress, or run around looking for a potentially unreliable handyman who would possibly overcharge. Organising a contractor efficiently can also avoid unnecessary additional damage to a property.
Fixed-term contracts to ensure long-term tenants
It is not uncommon for private landlords and landladies to take on tenants with no long-term contract in place. Their joy in the fact that someone is moving in can lead to them bypassing the signing of a proper agreement. Such a situation is likely to result in high tenant turnover, as well as other problems, all of which are very time-consuming.
On most occasions, we will not rent out properties unless the tenants agree to a minimum contract of 12 months (and up to 36 months in some cases), and can show that they are able to pay the rental sum every month. This ensures that the tenants are in the property for a longer period, meaning that extra time and money need not be spent. Let’s face it, nobody wants to be looking for new tenants unless absolutely required.
Why go with the ‘yes’ option and use property management services?
Renting out properties can often be stressful and time-consuming. Will the tenants look after the house? Will I receive the rent on time this month? Should I send out a rent reminder letter? Will they move out when they say they are going to?
In short, using property management services makes all of these worries go away, with more time available to plan that next profitable investment.
If you are a first-time property investor, or simply do not have enough time to deal with the many aspects involved in running a rental property, then our property management service may well be the way to go.
Over the past decade, we have been hard at work making sure that the name Waltham Estates is synonymous with excellence and professionalism. A fine example of this ethos is our letting service, which aims to deliver all the benefits listed above, and then some!