Managing your buy-to-let investment

Managing your buy-to-let investment

The priority for any new landlord is finding some tenants….the kind of tenants that will pay their rent on time, take good care of your property and, in an ideal world, want to stay there for quite a while. Void periods where you’re not receiving any rent are obviously best avoided and that’s why it’s of paramount important to get reliable tenants as soon as possible. Of course, managing this yourself can be a right load of hassle, especially if you’re not comfortable with vetting people etc so this is why many new landlords turn to agents. Agents will market the tenancy for you, screen any potential tenants and, most importantly, make sure that your rent gets paid on time. If you’re new to buy-to-let and you’re thinking of engaging the services of an agent, here are some of the services that they will provide:

  • A decent agent will normally have a waiting list of potential tenants that are looking for properties just like yours so this is something you should ask about in your initial meeting with them.
  • Agents will take care of any relevant licences you may need as well as ensuring that the annual gas, electricity and PAT certificates are all organised.
  • Agents will ensure that the utilities get paid, organise any property repairs, handle tenant complaints and chase rent arrears.
  • You will normally pay somewhere between 10% and 15% of the total rental yield for an agent to manage your property.

Working with an agent can take a lot of the stress out of being a landlord and allow you to focus on your next property investment. Although hiring an agent obviously bites into your profits, it can often be worth the price.