When renting out a property, one of the first things you will need to make a decision on is, whether or not to hire a property management agency. This can be a big decision and there are several things to consider and questions to ask to help you come to your decision.
What Does a Property Management Agency Do?
A property management agency will work on behalf of you as a landlord, to essentially save you a lot of time by dealing directly with prospects and tenants, and basically anything to do with the property, so that you don't have to.
They will typically deal with:
- Marketing your rental property
- Property enquiries and viewings
- Contracts etc for new tenants
- Maintenance and repairs
- Property inspections
- Tenant enquiries and complaints
- Evictions, if necessary
When & Why Should I Hire a Property Management Agency?
Hiring a property management agency is not for everyone, and there are plenty of landlords who decide to go ahead and do rent out their properties privately, without an agency. However, there are many reasons why you might want to hire an agency, such as:
- Not having time - There is a lot of work that comes with renting out a property; arranging viewings, carrying out viewings, organising contracts, carrying out property inspections, dealing with maintenance and organising repairs... the list goes on. Hiring a property management agency can take all of these tasks off your hands; saving you a huge amount of time.
- Living out of the area - If you have purchased a property to rent that is an unrealistic distance for you, hiring a property management agency local to the property is the best way for you to rent it out. They will be able to deal with everything locally such as viewings and inspections, as well arranging trusted local workmen to carry out repairs and maintenance.
- Not having the right knowledge - There is a fair bit of admin and legal stuff that comes with renting properties. Therefore, the most ideal thing for you would be to hire a property management agency, who already have the necessary knowledge, to undertake all of these tasks so that you don't have to worry; especially when it comes to legal stuff, as you don't want to get that part wrong.
- You can afford to pay for an agency - This may seem like an obvious one, but some landlords don't want to pay for a management agency, even if they can afford to. However, hiring a property management agency can save you both time and money in the long run, so if you can afford to hire one, it's highly advised to do so; even if it's to save yourself the headaches.
- You don't want the hands-on management - If you're just renting out properties for investment purposes, you might not be interested in having a hands-on approach to managing the properties and tenants. This is where a property management agency can take all of that on, on your behalf. There will always be certain things they will run by you such as, repairs, or anything that is likely going to incur a cost to you, but other than that, they will deal with almost everything for you.
If you're still unsure about whether or not to hire a property management agency to rent out your property in Leeds, or you have any further questions, please feel free to contact the team at Diamond Properties who will be happy to talk you through anything you need to know.