Should I Use a Property Manager? A Guide for Landlords
Owning a rental property can be a great investment, but being a landlord comes with more responsibility than simply collecting the rent.
From finding and communicating with tenants to arranging repairs, keeping up with inspections and staying on top of changing legislation, managing a rental property can take considerable time.
So, do you need a property manager?
The answer depends on your circumstances, how involved you want to be and how much time you have available.
What does a property manager actually do?
A property manager can take care of the day-to-day responsibilities involved in running a rental property on your behalf.
Depending on the service you choose, this can include:
Marketing your property and finding suitable tenants
Organising viewings
Referencing prospective tenants
Preparing tenancy agreements
Managing rent collection
Communicating with tenants
Arranging repairs and maintenance
Carrying out property inspections
Keeping track of important compliance requirements
Managing issues that arise during a tenancy
Helping landlords understand their responsibilities
For landlords who want a more hands-off property management service, having someone manage these responsibilities can make a significant difference.
Do I need a property manager?
Not every landlord needs a property manager.
Some landlords enjoy being involved in the day-to-day management of their property and have the time and confidence to deal with tenants, maintenance and administration themselves.
Others find that managing a property becomes increasingly difficult alongside work, family and other commitments.
It can be particularly useful to consider professional landlord property management if you find yourself regularly dealing with:
Tenant enquiries and requests
Maintenance problems
Rent collection and arrears
Property inspections
Contractor appointments
Compliance paperwork
Tenancy administration
Changes to landlord legislation
The question isn't necessarily whether you can manage the property yourself. It's whether you want to spend your time doing it.
Property management for busy landlords
For many landlords, time is the biggest consideration.
You might have a demanding job, a young family or other businesses and responsibilities. You may simply not want your evenings and weekends interrupted by messages about a leaking tap or a broken appliance.
A property manager can act as the point of contact for your tenants and deal with many of these everyday issues on your behalf.
For busy landlords, this can provide a more convenient and hands-off property management experience.
What about first-time landlords?
Becoming a landlord for the first time can feel daunting.
There is a lot to think about before a property is even advertised, from getting the property ready and understanding the required certificates to finding tenants and setting up the tenancy correctly.
Once the tenancy begins, there are ongoing responsibilities to consider too.
For first-time landlords, professional property management can provide reassurance that the practical side of running the property is being looked after.
It can also give you someone to contact when you're unsure what to do next.
What if I only have one rental property?
You don't need to own a large portfolio to consider using a property manager.
Property management for landlords with one property can make sense if your rental property is an investment rather than something you want to actively manage yourself.
You may only have one tenant, but the responsibilities associated with that tenancy still exist.
If you work full time, live some distance away or simply don't want to deal with the day-to-day management, having professional support can make owning a rental property considerably easier.
What if I live somewhere else?
Distance can make managing a rental property more complicated.
If you're managing a property from another city, you may find it difficult to attend inspections, meet contractors or respond quickly when something goes wrong.
For landlords living further away — or even managing a rental property from abroad — having a local property manager can provide a practical point of contact.
A local manager can deal with tenants, contractors and property visits while keeping you informed about what is happening with your property.
What are the benefits of using a property manager?
There are several reasons landlords choose professional property management.
Less time spent managing the property
Instead of dealing with every tenant enquiry, maintenance request and administrative task yourself, you have someone managing these responsibilities for you.
A local point of contact
Having someone local can be particularly useful when you don't live close to the property.
Help with compliance
Landlord responsibilities can be extensive and legislation changes over time. A professional property manager can help you keep track of the requirements that apply to your property and tenancy.
Easier tenant communication
Some landlords don't mind dealing with tenants. Others would rather have someone else handle the day-to-day communication.
A property manager can act as the link between landlord and tenant, helping to keep communication organised and professional.
Support when something goes wrong
Problems don't always happen at convenient times.
Having someone managing the property means there is a person who can respond to issues and arrange the appropriate next steps.
Is a property manager only for landlords who don't have time?
Not at all.
Some landlords have plenty of time but simply prefer not to manage their properties themselves.
You might want to invest in property without wanting a second job managing it.
That's where a hands-off property management service can be particularly valuable.
The aim isn't to take away your involvement as a landlord. It's to take away the day-to-day workload.
What should I look for in a property manager?
If you're considering professional property management, look beyond the headline fee.
Consider:
What services are included?
Make sure you understand exactly what the management service covers.
How will they communicate with you?
Find out how you'll receive updates and how quickly they'll respond to questions.
Who deals with tenants?
Understand whether the property manager will be the main point of contact throughout the tenancy.
How are repairs handled?
Ask how maintenance is reported, authorised and arranged.
How local are they?
A local property manager can be particularly useful for inspections, maintenance and responding to issues at the property.
What experience do they have?
Look for someone who understands the local rental market as well as the practical responsibilities of managing a property.
So, should I use a property manager?
There isn't one answer that applies to every landlord.
If you enjoy managing your property, live locally and have the time to deal with the responsibilities, managing it yourself may suit you.
But if you're a busy landlord, a first-time landlord, live away from your property or simply want a more hands-off approach, professional property management could make owning a rental property much easier.
At Well Placed & Co, we provide thoughtful property management for landlords in Market Harborough, the Welland Valley and the surrounding areas.
We can look after the day-to-day management of your property while keeping you informed and involved in the decisions that matter.
Thinking about handing over the day-to-day management of your rental property? We'd be happy to have a chat.
