Whether you are a landlord with a single property to let, or a vast portfolio, protecting your investment by keeping your property well maintained, with good quality tenants is likely to be one of your highest priorities.
However for many, the time consuming process of both sourcing and vetting tenants, and then managing the tenancy itself in terms of inspecting, replying to enquiries and managing rental payments can simply be too onerous.
Therefore to protect your time it can be wise to choose to use a lettings management agency to take care of your tenancy. But how do know that your agency is the one? We uncover the key to finding the right property manager for your lets.
Do they understand the market?
Ensuring that you achieve the best possible rental income from your property is vital – however it’s a fine balance between achieving best price and potentially incurring additional void periods if the asking amount is too high. A good property management agency will fully understand the local market, including what type of tenants you can expect, up to date rental values in the area, and if there is a trend for a specific type of let. Ask questions and do your online research to check that your chosen property manager is up to date.
Depending on your circumstances you may require a different level of service to manage your property. For example, are you looking just for an agency to source tenants and collect your rent, or a full management service which includes inspections and liaison with the tenants throughout the lifetime of the tenancy. Make sure to agree terms that work for you.
What is their screening and advertising process?
Your investment relies on sourcing good tenants. Ask your potential property manager how they advertise and attract new tenants. Do they have an existing database, do they invest in advertising, or use property platforms. Additionally, it’s vital to ensure that they have an excellent screening process in place to ensure that the tenants that you choose are in a good financial position with a good track record.
What do they do when things go wrong?
In some cases, despite all possible screening and checks – you may get a tenant who is unable (or unwilling) to pay rent, or who does not adhere to the terms of the tenancy agreement – and this is where choosing the right agent really helps to protect your investment.
Ask your potential property manager about their process for eviction should a tenant become unable to pay, and how they manage tenant disputes. While many letting agents may be excellent and sourcing tenants, it’s their processes when there is an issue that really offers you a return on your investment.
Do they understand property?
If you are looking for a property management company who are likely to help to protect your investment, find out whether they really understand property. After all, they may be helping you to source your next investment, or make changes to your existing property to help to increase your returns. Ask questions about the market in general, where the best deals can be found and what areas offer good returns.
If you are looking for a property manager in the North West – get in touch with us today.