Over the last 15 years there has been a dramatic rise in the number of people who choose to invest in property for the purpose of renting. Buy to Let sales have become much more common. It is believed renting has become very popular among tenants due to the flexibility and freedom it offers, without the commitment of buying a home. For many, purchasing and letting property has become a very profitable investment. They provide a steady, reliable income as well as a steady rise in value of their property. The income from renting property should be enough to cover the landlords mortgage payments and make a profit.
Initially it appears that property investment and rental is a flawless way to a steady income and security but property management can be a complex area with its own set of risks and pitfalls but with the right knowledge and approach it can be very rewarding. Letting agents are a good way to have your property professionally managed for a small cost. They will generally take 10%-15% of your monthly rent, plus a one off management fee and will take care of all aspects of managing your property from arranging marketing, web site advertisements and property signboards, supervised viewings, credit checks, tenancy agreements and inventories, collection of rent, property inspections, and possibly a 24 hour emergency contact.
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• How many property managers do I want to interview? While the attached form allows you to compare 3, I recently interviewed 5 for my new property. A little exhausting to say the least!
• How will I find out who to interview? I find personal referrals from other property managers to be the best method.
• What are the most important areas to me in finding a property manager. Do you want the cheapest fees or the highest rent or is the service provided more important?
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