Should landlords manage their own properties or use a 3rd party?
Published: 9th October 2023
If you are letting out a property, or considering letting one out, you may find yourself wondering whether it’s best to manage it yourself or outsource management to a third party. Although many landlords prefer to manage their own properties, there are many advantages to outsourcing this work to someone else. Let’s take a look at some of the key advantages of enlisting a third party to manage your rental property right now.
Managing even just one rental property can be time-consuming, especially if you’re working around a full-time job. A third party can handle a host of tasks on your behalf, including tenant screening, maintenance requests and rent collection.
Experience and expertise
Another great reason for outsourcing property management to a third party is that property management companies tend to have a great deal of experience in this area. They are familiar with the latest legislation, market trends and best practices. This can help you avoid various costly errors and legal problems.
Tenant screening can also be carried out on your behalf by a third party. Screening can include processes like background checks and credit checks, and it can be very effective when it comes to helping you find reliable, responsible tenants. This can reduce the risk of tenants damaging your property or failing to pay their rent on time.
Marketing and advertising
Property management companies also have the resources and expertise to market rental properties effectively. They can use a wide range of channels and platforms to attract the kind of tenants you’re looking for.
Maintenance and repairs
Property management companies can handle maintenance and repair requests quickly. They normally have links to a wide range of trusted professionals who can carry out repair and maintenance work on your behalf and can sometimes negotiate very generous rates with them.
A further benefit of using a property management company is that they can often provide round-the-clock responses to emergencies. These can include electrical problems, leaks or security breaches. These services can ensure tenants feel well looked after.
Third parties can also carry out inspections on your behalf, identifying issues before they worsen and cost you more. They can also arrange for repairs to be carried out swiftly if any problems are identified.
Third-party property managers are also normally able to provide financial services including bookkeeping and financial reporting. This can make it much easier for landlords to track their income, expenses and profitability.
At Barnsdales, we can come to your assistance if you need a third-party property management service to help you save time, manage tenants, keep you compliant with legislation and oversee repairs and maintenance. You can reach us today by giving us a call on 01302 323 453 or by completing the form on our website. we’ll get back to you as quickly as we possibly can. We cover all aspects of residential property management, including properties ranging from large complex multi-let properties to blocks of flats.