If you're considering renting out your property, the big question is whether to opt for a let-only or a managed service. Let-only looks like the cheaper option, but is it the smartest move?
What happens if…
- The tenants don’t pay the rent, so you don’t have the money to pay your mortgage?
- The tenants call non-stop with maintenance issues or questions regarding the heating, or appliances?
- A tenant hurts themselves on an appliance that hasn’t been PAT tested?
- The tenants throw regular parties and the neighbours complain?
- Legislations change and you don’t realise?
- Your gas safety certificate expires?
- Items of furniture or appliances go missing?
- There’s an argument over the deposit at the end of the tenancy?
- Your property has been left in a rather sorry state and isn’t fit to be re-let?
You need to put a lot of thought into whether you have the time, experience and money, if needs be, to manage a property yourself, as there’s a lot more involved in property management than you may think.
Portico lettings packages
If you’re a new landlord, or you’re not based near your rental property, we’d recommend a managed package, (either Comprehensive or Concierge).
What's included in a managed pacakge?
- You’ll be assigned your own dedicated property manager who be available at the drop of a hat to personally deal with any maintenance issues or problems raised by your tenants
- When a maintenance issue comes in, it’s immediately recorded on our unique in-house system. This is key as it’s very important to have a log of all issues when the time comes to serve notice on a tenancy, as the De-regulation Act has made it extremely hard for landlords to end tenancies if there are outstanding maintenance issues
- One of the things that makes us a different sort of estate agent, is the fact that we have our own team of trusted in-house tradesmen. We do this because it is often difficult to find reliable contractors, so by employing a team of plumbers, handymen and gas engineers directly, we can get jobs done more quickly and make sure they are done to the highest possible standard
Ensuring our landlords comply with current legislation
- We ensure all our landlords comply with current legislation, and certificates are updated automatically. That means you can rest assured you will never be faced with a penalty or imprisonment for non-compliance
- More and more councils are requiring landlords to be licensed and HMO definition is widening – we can take care of all of these points
- Our in-house paralegal team also ensure that our tenants comply with current legislation and have the right to rent in the UK
Keeping the property in top condition
- We carry out inspection reports for every managed tenancy, so we know the exact condition of the property and ensure it’s returned in that condition.
- We also provide complimentary maintenance service between tenancies, to ensure the property looks fantastic when new tenants move in
- We offer a unique key holding service, so neither you or the tenant will need to take time off work to assess issues, allow contractors in, or wait for them to finish to lock up afterwards
- Portico landlords can spread the cost of fees by paying monthly, as you receive the rental income. This avoids the upfront payment at the beginning of a tenancy and helps you manage your finances
Will it save me money?
If you’re thinking of letting out a property for the long-run, it’s very likely it will save you money. Here’s why:
- We charge an extremely competitive rate for our managed packages, and our in-house handyman team cuts costs massively for maintenance
- Managed tenants are much more likely to renew their tenancy, and this reduces the landlord’s costs because they won’t have to pay for another Inventory or suffer void periods
- We’ll retrieve quotes for you so you feel you are paying the right price for works, and inspect works before payments if required
- We’ll handle the deposit return and hold the deposit via the DTS scheme. It is so easy to breach deposit protection rules with the de-regulation Act and the Superstrike ruling - just registering the deposit with a protection scheme is not enough. We’re proud to say that 99% of our deposits are returned without a dispute
- We’ll take the time to talk to our tenants and veto works which are not realistic or cost effective for our landlords
Securing The Best Possible Tenants
Whether you opt for a let-only or managed package, you can rest assured we'll secure the best possible tenants. That's because we understand that in many cases, your rental investment may once have been your home. Wego to huge lengths to find out everything we can about potential tenants, to make sure we find people who will look after the property just as well as you did.
It’s also the reason why we have an in-house paralegal team, who do the detective work on every tenant we place, checking bank statements, references, passports and carrying out credit checks. We only approve a tenancy when we’re adamant we’ve found the perfect tenant for the property. Find out more about renting to tenants.
If you’d like to let your property with us, or if you would like more information on the services we provide, give us a call on 020 7099 4000. Click here to get an up to date rental valuation to see how much rent you should be charging.