I have recently bought three apartments as an investment. A friend recommended that I use a management agency to look after them for me. What benefit will that give?
Whether you own a single apartment or an entire portfolio of investment properties, these all demand your time and attention. A management agency is a great way to ensure your investment is doing what it should at all times.
There are many reasons why you would use a management agency. I will list a few here that you might find beneficial.
Hassle-free asset management
Making sure you are in full compliance with all regulations. You will never have to worry about vetting tenants; Handle the collecting of all rents, no more delays or missed payments; No calls re property maintenance; Maximise your return on investment; Fees are tax deductible
One of the main areas a management company will take off is renewals.
They will ensure that both the landlord and the tenant are protected throughout the tenancy.
Without a fixed-term lease agreement in place, a tenant can withhold rent, leave unannounced, trash your property or sublet to friends and family without your consent.
This means both parties are legally compliant, both parties are PRTB compliant and your tenant is more likely to stay, as they are tied into a fixed-term contract.
There is nothing worse than sitting down to dinner after a hard day and getting a call from your tenant informing you that the toilet is blocked or there is a burst pipe, or that the heating or washing machine is not working.
A management agency will take care of all these things on your behalf. You can enjoy your free time with your family or friends.
A management company will handle all aspects of a lease on your behalf by liaising with your tenants.
We have been doing this for many clients with one or two properties or clients who have built up their portfolios.
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