Landlords Top 10 Mistakes – no2

27 03 2010

Hope you found the last post helpful. Today we’ve got some more landlord mistakes for you. This another common mistake which you’ll want to avoid in order to maximize your returns.

Mistake number 2 – Going it alone

Ok, so this isn’t neccessarily a mistake. But it’s not something to be taken lightly either. Many landlords don’t like the idea of pay a portion of their rent to have their property managed. Which is understandable. But its not always a simpler decision as that.

Here’s some things to remember. A proffessional letting company… and you will want to use a letting company, someone who specialises in property management and knows how to look after their customers. A proffessional letting company will have have all of the right relationships in place to make sure your tenants are looked after.

For instance. They will have full time contractors. Chances are they will get better rates than you can when work does need doing, this saves you money.

Also, because they will be using their contractors regularly, and for a lot of jobs, they can coordinate better and in many cases they can get things sorted faster than you can. This helps ease the stress of the situation and keeps your tenants happy.

They can regularly inspect your property and make sure things are being looked after, and they have the experience neccessary to mediate any problems and help minimize the costs associated with bad tenants.

They are dedicated. They are open every day. You will almost certainly want to go on holiday at some point. Maybe some days you will leave your phone at home. If you have a property managment company looking after your tenant, you’ll never have to worry about your tenants not being able to get in touch with you.

As we discussed last time, keeping your tenants happy is number 1 priority, and if you use the right company, you can be sure your tenants will be kept happy, saving you yet more money. Not to mention taking all of the work out of it for you.

So you just get to sit back happy in the knowledge that your payments are on their way, your tenants are happy and your property is in safe hands. All in all then, maybe not using a management company is the costly option…

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