Support, Advice and Experience within the Property Market

What to choose for your rental property? Managed or non-managed?

From Robert Ulph on September 7, 2015

When you buy your investment property one of the choices to make is whether to use a Letting Agent.

At Pennington we do both managed and non-managed services and also a rent collection option as well.

So if you are thinking about renting out a property, why have an agent to manage your property? As someone who has been in the industry for over 25 years, the main area that Landlords who have decided to manage their property themselves fail to do is inspections. A tenant moves in to one of the most expensive assets you will ever own and the rent comes in every month with no issues but how are the tenants looking after the property? Without regular inspections you will never know.

All tenants will expect that you will want to view the property over the term of contract, but you must give them notice. We suggest at least 48 hours’ notice and a letter or telephone call to confirm is always good practice. Unfortunately we have seen what happens when Landlords don’t inspect over the years of a tenancy. Regular maintenance doesn’t get done which can often mean a small job can escalate into a costly problem.

With a property being managed by an agent regular inspections should be part of the service and an ARLA agents should be carrying these out as part of their terms of business and at least every six months. These inspections are a real window of opportunity to see just how your property is being looked after and will highlight any jobs that may need addressing. A good agent will always send you the inspection report with photos.

A further advantage of an agent managing your property is they can give 24-hour maintenance support. All agents should be offering this as part of full management. This 24-hour maintenance support could be the difference between you having to deal with a leaking boiler in the middle of the night or not!

At Pennington we are happy to use either our own trusted contractors for any maintenance work that needs to be done or any contractors specified by landlords at the start of the contract.

In the coming weeks I will be covering some of the many other advantages in having an agent to manage your property, but if you have any questions please contact me on the details below.