Make sure you consider all the facts first…
Managing your own tenancy
Keeping direct contact with your tenant and visiting the property on a regular basis may be something you want to do as part of managing a successful rental.
If you are happy to combine this with keeping yourself regularly updated with the latest lettings legislation and ensuring you have all the safety certifications up to date there is no reason why you cannot successfully be your own tenancy manager.
Have you considered some of the not-so-obvious reasons?
Finding the time…
One of the main responses we receive from a landlord opting to swap over to one of our managed services is because they never realised how quickly situations can escalate when they are presented with a difficult maintenance issue or rent arrears to deal with.
The second most common difficulty a landlord experienced was trying to find the time to keep up to date with the latest legislation changes, which becomes a lengthy and exasperating task.
This is not without forgetting to schedule regular property inspections!
Direct contact with your tenant…
There are many landlords that are just not comfortable with the fact their tenants are able to call them at any time, day or night, to discuss an issue with their tenancy.
There is a requirement to provide your tenant with the contact details of the tenancy manager, so if you manage your tenancy you will need to understand your tenants must be able to contact you directly with any issues.
Typically, this ends up happening when you’re at work or maybe at a time in the evening or over the weekend, but worst of all it could happen when you are on holiday or enjoying valuable relaxation time?
General maintenance and inspections…
All properties require some form of maintenance to keep them in good condition.
Part of the process will involve routine inspections and contact with your tenant. You must not assume your tenant will automatically call you if there is an issue because they might not realise there is one!
Some tenants will believe they are making your life easier by not troubling you about issues like topping up the boiler pressure or noticing a small stain that has started to appear on the ceiling.
If an issue is not dealt with correctly it can lead to bigger problems like having to replace the boiler or a ceiling having to come down because it is beyond repair!
Keeping on top of all the compliance checks…
If a landlord manages their own tenancy, the first thing they must ensure they do is set up reminders of the renewal dates for all safety requirements.
It is also essential to make sure any tradespeople they use are adequately insured…it’s your responsibility if something goes wrong, not the tenants.
A landlord must also ensure the EPC is up to date and within the acceptable parameters.
Let us manage your tenancy for you...
At Fairfield, we manage a large portfolio of rental properties on behalf of our landlords, and we are well versed with all the legal and safety requirements to ensure your let complies with the law.
To ensure you have complete peace of mind we are members of and regulated by the key governing bodies for the industry.