Choosing a buy-to-let property is an enjoyable way to invest your money as you can watch the value of your asset grow over time.
But your dream of building a property empire can soon crumble when you discover the day-to-day realities of finding a tenant, managing costs and dealing with maintenance and repairs. With that in mind, here are six reasons why using a professional letting agency can save you time and money in the long term…
Being a homeowner is very different to being a property investor. As an investor, every decision costs you money and you will need to make sure your margins cover your costs. Letting agents can minimise costly mistakes and will find tenants as quickly as possible.
2. Time Costs Money
Remember that your time is valuable, so delegate day-to-day jobs to experts who can deliver a professional service quickly. From online conveyancing tools to cleaning companies, use experts to get your property ready and earning money as soon as possible.
3. Manage Your Markets
Employing the services of a respected letting agent is advisable if your properties are located in different areas, or cater for different markets (such as students or professionals). Savings made on management fees can easily be outweighed by time and travel costs when you need to shuttle from property to property.
The private rented sector has seen a flood of new legislation in an effort to stamp our rogue landlords and poor practice. As a landlord, you are expected to understand and to adhere to your legal responsibilities, otherwise you could land yourself with a hefty fine. Letting agents can guide you through the legal minefield and make sure your paperwork is up to date and compliant.
5. Scaling Up
For those who wish to become a property magnate with a portfolio of buy-to-lets, you simply won’t have the time to self manage. Pay someone to look after that leaking tap, so you can get on with researching your next market or arranging finance for the next property auction.
If you have a full-time job and are simply investing in property as a side-line, you will need the help of a letting agent from day one. Ideally, you will need expert advice before you buy so you can fully understand the local rental market, rental prices and the type of properties in highest demand.
If you are thinking of investing in a buy-to-let property, call Knight Property Management today on 01992 308181.