Is a fully managed property service right for your property portfolio?
If you are a fulltime hands-on Landlord, you will likely have two things in great abundance -time and tolerance.
Having these two things in abundance means you can keep a good handle on all your properties and their tenants. But if you are a part-time landlord or have multiple properties to manage your time and your tolerance quickly start to dwindle.
When a rental property is running well, your tenants are happy and everything is rosy time and tolerance and seem like an endless resource with little strain or pressure on either. You will likely have tenants you don’t hear from for months on end, … the rent rolls in every month with not a peep from the tenants … total bliss.
Back in the real world
BUT and it a BIG BUT. Things are not always so peaceful and tranquil.
Especially when you have new tenants going into a property, this is when you are likely to be inundated with phones calls, emails and messages asking about the smallest of things. This doesn’t mean your tenant is going to be a problem, trust me, in fact sometimes it can mean the complete opposite. The reason for all the calls is simply the tenants confirming things with you to ensure two things, firstly that you are aware of any potential issues so that you don’t think the new tenants have done something wrong, and secondly, so they can do their best to look after the property as you want them too.
These constant messages, calls and emails can quickly eat into your time and start to grind down your tolerance.
All of a sudden, those resources you once thought endless, time and tolerance, are becoming a scarce and valuable commodity. One you feel the need to protect at all costs.
This is where a letting agent can take some of the burden, and give you the space to regain both time and tolerance. Many high street letting agents are only able to offer either a fully managed or a tenant-find-only option. But what about when you want to keep control but just need a helping hand?
That is where we can help. At Bright Star, we offer a fully bespoke selection of letting services where you can pick and mix which services you need, for how long and how often. We can offer our pick and mix services both as a one-off or on a bespoke retainer package. We work with you to help whenever, and wherever you need us.
Silence is not always golden
On the other end of the communication spectrum, you are likely to have some tenant who you barely ever hear from. They are been with you for years in the property, paying the rent and not making a fuss. They are out of sight and out of mind, it is easy to assume that no news is good news.
Until you drive by the property and notice the garden looking overgrown, that there is rubbish piling up, and then you spot something … a dog … a dog at the window … a dog at the window that you didn’t know they had.
Silence is not always golden!
What about the cost of using a letting agent?
Using an agent to manage your property will of course incur a cost. If you choose a fully managed option it means that you lose a percentage of your rental income to that agent. But the real question is, is it worthwhile?
This depends on a few things, firstly as a landlord how much time and tolerance do you possess? How much is your time worth to you? And how much control do you want to maintain?
As we mentioned, and as you may have discovered, most High Street agents will only offer fully managed and tenant-find-only services. Fully managed is a great option if you have little time and little interest in your rental property. Maybe it was left to you by someone and you just want that little bit of extra income alongside your ‘’proper job’’ without any of the stress. If you are a full-time hands-on landlord who wants full control of your property portfolio, and you have boundless time and tolerance then tenant-find-only may suit your needs.
But there are a huge number of landlords somewhere in the middle, maybe you are one of those? You like the idea of being a full-time landlord and being hands-on but right now it’s part-time, your time and tolerance do have a limit. At Bright Star, we fill the gap for the Landlord that needs some help but still wants to be hands-on.
We offer services packages either individually or on a pick and mix basis depending on your requirements, and how hands-off you want to be. We can even create a bespoke retained package to suit your needs.
We have the time and the tolerance to fill the gap that you don’t have. Not to mention that using someone independent can also add that buffer between you and your tenant, always useful as your relationship with a tenant will change throughout their tenancy.
Find out more about our pick and mix services here